Xcite Energy Share Discussion Threads

[mclellan] 11/11/2014 07:27

Morning all- I hope the new graph is working to your satisfaction, Ianio...lol

[12trading] 11/11/2014 06:38

The P1 software will play a key role in Xcite’s strategic planning for the Bentley field

11 November, 2014

[puzzler2] 11/11/2014 06:06

mike - I can answer only one of those four questions: "The 39 Steps is an organisation of spies, collecting information on behalf of the foreign office of ..." - then Mr Memory is shot. :-)

[steve73] 11/11/2014 04:09

mike - I think you are mistaken in saying that the 7 well EFT was without ESP...

As I recall, the reservoir pressure is sub-hydrostatic, and so some form of artificial lift is necessary to flow the well at all...

As to the additional 50MMBls of reserves - this already identified additional production is beyond the 25 year life, which is why it is unable to be classified as P2 AT THIS STAGE... As to the politicians "misquoting", we already know that Bentley actually "contains" over 900MMbs - so clearly some significant upgrades are possible in the future, including, for exmple, EOR, as well as the possible (probable?) acceleration of that elusive 50MMb.

[simon seif] 10/11/2014 23:45

RELAYED MESSAGE---->>>>

Excellent work lads, .sucked in lots more mugpunter dosh today ,now need to reel it in slowly. Keep her keen,

[mikepage19] 10/11/2014 23:44

9/03b-7 2012 Xcite 2,214 ft oil section (horizontal) Extended flow test, peak 3,500 stb/day

What you have to remember about this well is, it flowed without ESP lift; very important.

Not to be confused by-

9/03b-7Z 2012 Xcite 2,042 ft oil section (horizontal) ESP lifted extended flow test.

One other question I forgot to ask-

Why did the first minister mention Bentley contained 300MMbls of oil?
If you look at TRACS, Feb 2014 revised estimate, adding Contingent Resources, we get, you guessed it- 300MMbls.
I take it a small upgrade on the P2 figure coming our way soon.

Page 8-

[mikepage19] 10/11/2014 23:25

10/02/2010 we have a letter of intent-


02/07/2010 we have entered into an agreement-


20/07/2010 we have entered into a binding contract-


So five months for this to mature to a contract status.

17/11/2010 we have entered into a binding letter of intent ("LOI")


16/12/2010 we have extension to the binding letter of intent ("LOI")


14/01/2011 we have another entered into an extension to the binding letter of intent ("LOI")


01/02/2011 we have yet another


14/02/2011 entered into a binding drilling contract


So this took four months to mature to contract status.

I will do a comparison timeline for this years MOU dates tomorrow.

[mikepage19] 10/11/2014 22:55

Remember Statoil have been involved since May 2008-

[mikepage19] 10/11/2014 22:52

Questions I would be asking if I could.

1- Why after 18 months since Bentley received an official RAR of 250+MMbls of oil, all-of-a-sudden, the first minister decided to use Xcite and Bentley as a tool against parliament? So who by and why, was the first minister briefed on Bentley/Xcite? Something very big is going down on that front.

2- What is the importance of the drill rig contract, that on only a rumour, the share price shot-up?
After all we have signed very, and I mean very important MOU's since April and the share price has collapsed.

3- Why would the Chinese version of said rumour, indicate XER trade on the London and Singapore Stock Exchange?

4- What are the 39 steps?

[mikepage19] 10/11/2014 22:32

Interesting post from LSE-

It's certainly true that the Norwegian government are happy to reduce their 67% stake:

"Securing reserves that could be exploited at low production costs per barrel might be the way forward. That can come through acquisitions and the currently depressed oil price and oil companies’ share prices must be giving Statoil and its new CEO a number of interesting options.

Take the North Sea, for example: Enquest, Ithaca Energy (already producers) and Xcite Energy (with proven reserves and at pre-production stage) with whom Statoil is already in some form of collaboration over the Bressay and Bentley fields, could provide good fits to such strategy and they could go some way to filling its cash flow and reserves gaps.

The share prices for those companies – already battered by the uncertainty preceding the Scottish referendum – were then even further hit by falling oil prices and now stand to be 47% (Enquest), 46% (Ithaca Energy) and 39% (Xcite Energy) lower than at the end of June this year. Enquest, in particular, benefits from strong cash flow of over US$500m p.a. (US$318m in the first half of 2014) and 2P reserves of over 200m barrels of oil equivalent.

Although Enquest’s enterprise value, at just under US$2.5bn, appears only marginally discounted compared to the five times multiple of its estimated debt-adjusted cash flow from operations – a benchmark around which some of its more sizeable peers are currently valued – it could provide still a useful boost to Statoil’s cashflow.

Xcite Energy, whose current market valuation including debt stands at US$1.4 per 2P barrel and has 2P reserves of over 250m, is expected to commence production in 2018 and could also be seen as a compelling takeover target.

After all, it was only a few months ago that the Norwegian government indicated that it would be happy to reduce its 67% stake in Statoil. A takeover or merger in the form of a share swap would provide a politically acceptable way forward as an alternative to a cash take-over.

The jury is out for Statoil. It remains to be seen whether the new CEO and his crew will be as decisive as Alexander the Great."

hxxp://www.acquisitionsdaily.com/2014/10/28/statoils-gordian-knot-2/

[mikepage19] 10/11/2014 22:25

I wonder if BP will be doing more than offtake Bentley crude-

BP’s New Core Flood Robot Enhances Oil Recovery Techniques

Release date: 10 November 2014
BP announced today that it is now operating the world’s first robotic coreflooding system. The Core Flood Robot is the most recent addition to BP’s programme of enhanced oil recovery (EOR) research facilities.

Coreflooding is one of the most important techniques used to identify and evaluate EOR technologies. It measures the effectiveness of water or gas injected into an oil-bearing rock sample to displace oil. This can be used to assess the potential for water flooding in an oil field.

“The EOR technologies being developed by BP are vitally important to help increase global oil supplies,” said Ahmed Hashmi, BP’s head of upstream technology. “We believe this step-change in our core-flooding capability will hugely improve the speed and efficiency with which we can deploy new technologies to recover more oil from reservoirs.”

BP has had a large-scale in-house coreflooding laboratory in the UK for many years, where reservoir samples can be tested at high pressure and temperature ‘reservoir conditions,’ and different reservoir types can be evaluated. The new robotic coreflood system operates for 24 hours a day, seven days a week.

The complete automation and work-flow optimisation in the new Core Flood Robot enables hundreds of coreflood tests to be performed each year, rather than dozens as in the past, and greatly enhances BP’s ability to evaluate a continuous stream of new EOR technologies. This should reduce the time spent developing new technologies by at least 50 per cent.

The Core Flood Robot is operated by the same team that developed LoSal® EOR, BP’s breakthrough reduced salinity waterflooding technology. More than 45 coreflood tests were performed in validating the LoSal EOR effect, before field trials in Alaska. BP and its partners are now deploying the technology at scale on the Clair Ridge project in the North Sea. BP was awarded the 2014 Offshore Technology Conference Distinguished Achievement Award for the Clair Ridge LoSal EOR project, recognising the company’s specialist EOR technologies.

[mclellan] 10/11/2014 22:16

I think their hands are less than clean.
Work in progress.

[carla1] 10/11/2014 22:13

yes mc i have noticed that....they have provided or been involved in the playground and it looks like the temperature is getting to hot for them !!

QPP....crazy shorting there ...the BB full of trolls..BOD loading up big time..

everything on track but they are going CRAZY....i see the BOD taking action there ??

[mclellan] 10/11/2014 21:39

Naughty, carla

[ben144] 10/11/2014 19:30

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[pensioner2] 10/11/2014 18:17

Wishful thinking there carla. The chart looks wicked. If they do drop it first thing, you might have to be quick imo.

[sharetrojan] 10/11/2014 18:16

Excellent day. All the signs are starting to show and the pieces falling into place. I am lucky to have this opportunity, I know many must be under water.

It's an incredible situation being able to buy at these prices...

[pensioner2] 10/11/2014 17:14

As far as I can see Tigmi, there's no such thing as a drilling licence. See link below to DECC where the various licence types are described.

[carla1] 10/11/2014 17:12

Evening REAL ONES....

What a day...GKP...XEL and QPP 93-107 :-)

they can drop it first thing....it would be rude not to :-)

Good luck all longs

[tigmi] 10/11/2014 16:47

Can someone enlighten me as to why DECC have not approved the drill licence? I thought it was meant to be approved 12 months ago?

Tiggers