Xcite Energy Share Discussion Threads

[carla1] 04/11/2014 08:17

morning mc.... yes terrible language,and advfn allow it !!

[mclellan] 04/11/2014 08:16

Just had a look at the normally filtered IrnBru posts.
Apologies for the highly offensive language he uses.
I cannot moderate a blue poster

[irnbru2] 04/11/2014 08:01

Yep, mcl, oil price tanking.

[irnbru2] 04/11/2014 07:59

Red, you say.

[mclellan] 04/11/2014 07:58

A dip down in Brent Crude price today.

[carla1] 03/11/2014 21:52

and the beat goes on....

Do your Best.... tomorrow is a red ONE :-)

[mikepage19] 03/11/2014 20:16

This is a interesting article, if you have a look at their reserves gives you an idea just how big XER could/will be-



A grand total in two countries = 30.1 MMbo of 2P reserves +
20.5 MMboe of 2P reserves = 50.6 MMbo of 2P reserves.

We have 257 MMbo of 2P reserves in one field in the UKCS.
Bring on FDP approval...

For Salamander Energy, which has assets in Thailand and Indonesia, it really is like the much quoted proverbial story about the number six bus. You wait for half an hour when one is promised every ten minutes and then suddenly three arrive at once.

London-quoted Salamander put itself up for sale some months ago (in May in fact). On October 26 the Sunday Times newspaper had a leak that Salamander was in play or about to be. On Monday the October 27 the company said it noted the press speculation and confirmed that it had received a conditional proposal from Ophir Energy, with respect to a potential offer for the company, the terms of which Salamander is seeking to clarify.

In addition, the company said it is also in receipt of an approach from a consortium led by Compania Espanola de Petroleos (CEPSA) and Jynwel Capital (the CEPSA Consortium). Salamander added that its Board had not received the detail of the CEPSA Consortium’s proposal or confirmation that any offer will be forthcoming.

On the Friday before the Sunday Times leak the market cap of Salamander was £207million (US$333 million). On October 27 the shares rose by 24.6 per cent, making them the top percentage gainers on the London Stock Exchange that Monday morning.

By the end of the week they had risen further – by another six per cent or so to a 32.1 per cent rise and on last Friday evening they closed at 106p. The Sunday Times speculated that Ophir and CEPSA were preparing takeover bids that could value Salamander at £275 million (US$442 million).

But these details were not the end of this chapter of the story. Salamander also reminded shareholders that on July21 2014 the company signed an agreement under which SONA Petroleum Berhard would acquire an effective 40 per cent working interest in the B8/38 concession (containing the Bualuang oil field) and the surrounding G4/50 concession, both located in the Gulf of Thailand.

Contrary to remarks in the press, Salamander said, the SONA transaction remains on track for completion before the end of 2014, in keeping with the timetable and strategy previously outlined. The US$280 million proceeds from the SONA transaction would strengthen Salamander’s balance sheet and would put the company in a strong position to benefit from opportunities arising from the current market conditions.

Subject to the outcome of the ongoing discussions described above the company says board continues to believe that completion of the SONA transaction is in the best interests of the shareholders.

What do others think? Analysts at Macquarie Research says against the backdrop of an oil price that has fallen from US$115 a barrel in June to US$85 a barrel currently the Sunday Times article suggests that some SONA shareholders are questioning the merits of approving the US$280 million acquisition of a 40 per cent stake in the Bualuang oil field from Salamander. The deal was agreed by Salamander in June during its Formal Sales Process when a full sale of the company was also under consideration. At that point the share price jumped to 140p, only to fall back to 80p before the recent speculation.

In one respect the deal makes sense for Ophir. Ophir’s CEO Nick Cooper was formally CFO of Salamander and would know the assets well. Ophir has been moving East, picking up Block AD-03 in Myanmar back in March and it is not a big step therefore to take the company into Thailand and Indonesia. With US$1.3bn of cash on the balance sheet at June 30, it is also well financed for such an acquisition.

Macquarie feels it also makes sense for Cepsa to bid. Cepsa was strongly linked with Salamander back during the Formal Sales Process and the acquisition of the company would expand its footprint in the Gulf of Thailand following its purchase of Costal in Nov-13 for US$2.3bn.

Analysts at another broker Liberum feels differently to Macquarie. Liberum said, according to the Sunday Times, “Ophir and Salamander may be a financial fit , but , at first sight, it is difficult to see where significant value could be added. Ophir shareholders may prefer to put their own assets in the shop window.”But, however and whatever, there is a growing feeling that with the price for Brent Crude in the low US$80’s a barrel and Salamander’s share price at, say, 103p, a bidder might be able to get their hands on Salamander for less than the US$280 million already on the table.

Under the City Code on Takeovers and Mergers, Ophir and Cepsa is required by no later than 5.00pm on November 24, to either announce a firm intention to make an offer for Salamander or announce that it does not intend to make an offer.

[irnbru2] 03/11/2014 19:40

Anyway,

XER and RC are poison.

What a combination.

[irnbru2] 03/11/2014 19:26

Carla,

I hope your partner likes you,

[irnbru2] 03/11/2014 19:24

Scam, coplete corruption,

Who has allowed this to happen.

Now let me think.

------

If Carla and hubby, are runing a real, estate, lol, ileagal, sca, they should be done.

[irnbru2] 03/11/2014 16:55

P2, have you corrupted the share of xER.

Come back.

[irnbru2] 03/11/2014 16:52

Themguys on

This wil

[carla1] 03/11/2014 16:51

:-) are tommy and GAZZ playing out ??

[irnbru2] 03/11/2014 16:49

Carla,

I like you.

If in ABZ, I would talk to you.

Just give me a call, you dimm bint.

Serious.

[irnbru2] 03/11/2014 16:46

CArla,

What you sayin Gil.

[irnbru2] 03/11/2014 16:44

Looking at Gov


All members of Army, oney.

[carla1] 03/11/2014 16:42

Someones excited !!!

[irnbru2] 03/11/2014 16:39

The Cowboys have it.

[irnbru2] 03/11/2014 16:38

Don't think tooooo hard, while you count your money.

[irnbru2] 03/11/2014 16:35

This is a criminal share.

[irnbru2] 03/11/2014 16:30

I cry.

SCam