Eurobench.com

[verwijderd] 30 maart 2012 15:23

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ABERDEEN, UK – Statoil and its partners Eni and Nautical Petroleum have selected a development concept for the Mariner heavy oil field project in the northern UK North Sea. They plan to install a 25,000-metric ton (27,558-ton) production, drilling, and quarters (PDQ) platform based on a steel jacket in 110 m (361 ft) water depth.

Oil will be sent to a ship-shaped floating storage unit (FSU) with storage capacity of 850,000 bbl moored 2.5 km (1.55 mi) away from the platform. The platform will import fuel gas via a connection to an existing gas pipeline

In addition to a conventional drilling rig, there will be a well completion and workover unit below the platform’s rig floor, with a cantilever jackup providing further well construction capability during the first few years of development.

Statoil estimates Mariner’s recoverable reserves at 300-500 MMbbl. However, the oil is ultra-heavy and viscous, with API gravities of 12.1°-14.6° and viscosities ranging from 67 cp in the field’s Maureen reservoir to 508 cp in the Heimdal reservoir.

Due to the low well flow rates and likelihood of early water breakthrough, Statoil says many wells are needed. The platform will have 50 integrated well slots – Statoil has drawn up 145 reservoir targets for production or injection, but this figure should be achieved through use of multi-branch wells, side tracks, and reuse of slots.

All the wells will be equipped with electric submersible pumps (ESPs).

The topsides process equipment will be designed to handle large liquid rates and oil/water emulsions. Additionally, the oil will be diluted with a lighter crude upstream of the ESPs to ease flow and oil/water separation.

FEED studies are under way, and Statoil aims for sanction of the development project and major contract awards toward the end of next year. If all goes to the current plan, the topsides and jacket would be installed by 2Q 2016, with first oil in the last quarter of that year.

At a briefing last week at Offshore Europe in Aberdeen, Peter Mellbye, executive VP for Development and Production International, said the company aimed to start development of the nearby Bressay heavy oil field a year after Mariner gets under way.

He estimated Bressay’s recoverable reserves at 200-300 MMbbl. Currently Statoil and partner Shell are examining two concepts, he added. One is a replica of the scheme for Mariner, while the other, involving an FPSO and wellhead platform, could be a lookalike to Statoil’s Peregrino heavy oil development offshore Brazil.

Here the gravity of the crude is 12° API, reservoir pressure is low, and there remains uncertainty at this stage over the subsurface and the number of wells that would be required.

The two projects, he added, would incur a probable gross investment of $9.5 billion, and annual operating costs of $238 million when the fields are in production. Statoil plans to establish a new operations center in Aberdeen for this program, with 700 personnel, some brought from Norway.

09/12/2011

[verwijderd] 30 maart 2012 15:28

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UK: Statoil Back on Track with Mariner and Bressay Offshore Projects
Posted on Sep 8th, 2011 with tags Back, Bressay, fsu, Mariner, News, Offshore, Projects, Track, UK Statoil .
The concept chosen for the Mariner heavy oil project on the UK continental shelf includes a production, drilling and quarter (PDQ) platform based on a steel jacket, with a floating storage unit (FSU).
Statoil expects a final investment decision in late 2012 and first oil in late 2016.
The Bressay heavy oil project on the UK continental shelf is also progressing according to plan, one year behind Mariner, to ensure transfer of learning and synergies.
The Mariner and Bressay projects were presented at a press briefing by Statoil’s executive vice president for Development and Production International, Peter Mellbye, at SPE Offshore Europe 2011 in Aberdeen.
“After a period of uncertainty, I am proud to be able to say that we are back on track with the landmark Mariner and Bressay developments. To be able to once again move these projects forward is important for Statoil and its partners, as well as for the UK and for the Aberdeen region,” says Mellbye.
The ultra-heavy oil projects will require pioneering technology in order to be developed. Since its discovery thirty years ago, the Mariner field has been subject to a number of development studies by different operators.
Statoil is the first company ready to put forward a development concept that will fully address the complexities of this field, in particular related to reservoir management, recovery rates and project execution.
Statoil has extensive heavy oil experience, including the successful development of the Grane field in Norway and the Peregrino field in Brazil.
Because of the low well flow rates and early water break-through there is a need for many wells, artificial lift, and a process designed to handle large liquid rates and oil-water emulsions.
A total of 145 reservoir targets for production or injection are planned for Mariner. While the number of well slots at the platforms is less, this will be solved through use of multi-branch technology, sidetracks and reuse of slots.
The Mariner and Bressay projects will entail a gross investment of roughly GBP 6 billion. Statoil estimates lasting employment of at least 700 individuals, mainly locals, directly involved in its operations, and the establishment of a new operations centre in Aberdeen. The indirect employment of numerous others in the supply and service sectors comes in addition to this.

[verwijderd] 30 maart 2012 15:49

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Nautical plans to sell stake in Kraken oil

13:30:09 BST
By Sarah Young
LONDON | Mon Oct 17, 2011 11:56am BST
(Reuters) - Nautical Petroleum (NPE.L) plans to sell off a stake in its Kraken oil project to help fund the development of the North Sea field, the British oil explorer's chief executive told Reuters.

"We can see ourselves coming down to at least 35 percent and that'll go some way towards the equity portion of the funding," Steve Jenkins said in a telephone interview.

Nautical, which on Monday swung to a profit in the twelve months to June 30 after offloading a stake in its Mariner licence, currently owns a 50 percent stake in the licence.

Developing the first stage of the Kraken oil field will cost a total of around $900 million (571 million pound) according to analysts, who have questioned how the firm plans to fund the project.

"It's a very big resource it's going to be of interest to most sizes of company. If you're talking about 160 million barrels so far, you're in majors territory, but large independents as well," Jenkins said.

Jenkins said he didn't expect any deal to take place until after the first quarter of next year.

Nautical is also involved in another big North Sea project-the Catcher oil field where it owns a 15 percent stake.

One of Nautical's partners in the Catcher field, Encore Oil EO.L, was recently acquired by larger player Premier Oil (PMO.L) leading to media reports that Nautical could also be a target.

"Yes we are a target," Jenkins said, adding that the company had not received any approaches and that Nautical was not looking to sell itself.

"We want to be a production operator, we want to bring Kraken onto production, we want to be in Catcher when it produces."

Jenkins also said Nautical was looking to expand its scope beyond the North Sea.

"We've got applications (for licences) in the Mediterranean. They're pending. We've got a new area of interest opening up there," he said, declining to be more specific on the whereabouts of the opportunity.

Shares in Nautical traded down 1.7 percent to 313.5 pence at 11:43 a.m., valuing the company at 279.9 million pounds.

[verwijderd] 30 maart 2012 15:53

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UPDATE 1-Nautical sells Mariner stake for 87.5 mln stg

Thu Sep 23, 2010 2:46am EDT
* Proceeds earmarked to fund development of Kraken, Catcher
* Statoil buys 20.7 pct stake, leaves Nautical with 6 pct (Adds detail)

(Reuters) - British oil explorer Nautical Petroleum (NPE.L) said it had raised 87.5 million pounds ($137 million) to help pay for the development of two significant North Sea oil finds by selling off a portion of another licence.

Nautical said on Thursday that it had signed an agreement to sell a 20.7 percent stake in a block which contains the Mariner discovery to the majority owner of the licence, Norway's Statoil (STL.OL), leaving Nautical with a 6 percent interest.

The proceeds of the sale will be used by Nautical to help pay for the development of Kraken and Catcher, two oil discoveries Nautical made earlier in 2010 alongside its partners.
"The partial sale gives Nautical continued exposure to the potential upside of the Mariner development," said Chief Executive Steve Jenkins.

"We have a number of exciting opportunities in our portfolio including Catcher and Kraken and we are now well resourced to see them through to development."

Shares in Nautical, which have risen by 550 percent since the beginning of the year, on the back of the Kraken and Catcher discoveries closed at 312 pence on Wednesday, valuing the company at 270 million pounds.

[verwijderd] 30 maart 2012 16:02

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quote:
ZwarteZwaan schreef op 30 maart 2012 15:53:
UPDATE 1-Nautical sells Mariner stake for 87.5 mln stg
Thu Sep 23, 2010 2:46am EDT
* Proceeds earmarked to fund development of Kraken, Catcher
* Statoil buys 20.7 pct stake, leaves Nautical with 6 pct (Adds detail)

Mariner heeft ca 500 miljoen barrels, 20% hiervan wordt verkocht voor ca 88 M pond.

Het olieveld van Xcite zou dan een theoretische verkoopwaarde hebben van ca 100 M pond, maar omdat Bentley veel kleiner en dus onrendabeler is, denk ik dat de theoretische waarde ergens tussen de 25 en de 50 miljoen pond ligt.

En alleen buurman Statoil heeft misschien ooit nog eens interesse voor Bentley, maar die wachten natuurlijk rustig totdat Xcite vastloopt en er mee op moet houden.

[verwijderd] 10 april 2012 15:43

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Xcite Energy raises US$50 mln from loan notes
7:24 am by Jamie Ashcroft Xcite is currently drilling the first development well on the Bentley heavy oil field
Xcite Energy (LON:XEL) today told investors that it has raised US$50 million through the issue of unsecured loan notes.
The loan was agreed with Canadian investment group West Face Capital. It initially runs for a 360 day period and may run an additional 360 days.
“The funds raised by the issue of these loan notes strengthen the Company's balance sheet and provide additional contingency funding during the important Phase 1A work programme on the Bentley field,” Xcite said.
Xcite will pay 14 per cent per annum interest on the loan. This can either be paid or rolled up into the loan principle for repayment.
The company says it will use the loan for working capital and general corporate purposes.
Xcite is currently drilling the first development well on the Bentley heavy oil field, located around 160 kilometres east of the Shetland Islands.
Phase 1A of the development programme will see Xcite drill two development wells and carry out an extended production test, which is expected to last 90 days in total.
This will be a technical test, not a headline flow rate test, with around 30 days flow being expected to confirm and calibrate the reservoir model.
In February, Xcite upgraded the Bentley field’s oil reserve estimate. Xcite increased 2P reserves from 28 to 116 million barrels of oil. These reserves are estimated to be worth US$1.46 billion, it said.

[verwijderd] 10 april 2012 15:47

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quote:
ZwarteZwaan schreef op 10 april 2012 15:43:
Xcite Energy raises US$50 mln from loan notes
7:24 am by Jamie Ashcroft Xcite is currently drilling the first development well on the Bentley heavy oil field
Xcite Energy (LON:XEL) today told investors that it has raised US$50 million through the issue of unsecured loan notes.
The loan was agreed with Canadian investment group West Face Capital. It initially runs for a 360 day period and may run an additional 360 days.
“The funds raised by the issue of these loan notes strengthen the Company's balance sheet and provide additional contingency funding during the important Phase 1A work programme on the Bentley field,” Xcite said.
Xcite will pay 14 per cent per annum interest on the loan. This can either be paid or rolled up into the loan principle for repayment.
The company says it will use the loan for working capital and general corporate purposes.
Xcite is currently drilling the first development well on the Bentley heavy oil field, located around 160 kilometres east of the Shetland Islands.
Phase 1A of the development programme will see Xcite drill two development wells and carry out an extended production test, which is expected to last 90 days in total.
This will be a technical test, not a headline flow rate test, with around 30 days flow being expected to confirm and calibrate the reservoir model.
In February, Xcite upgraded the Bentley field’s oil reserve estimate. Xcite increased 2P reserves from 28 to 116 million barrels of oil. These reserves are estimated to be worth US$1.46 billion, it said.

Xcite heeft 'gelukkig' een hedgefund/loan shark gevonden om geld te lenen tegen een rente van 'slechts' 14%.
Hiermee steekt XCite z'n kop in een strop; er hoeft nog maar iets fout te gaan en XEL is failliet.
Het wordt nu alles of niks voor de aandeelhouders, die zoals gewoonlijk positief reageren op vrijwel ieder bericht.

[verwijderd] 10 april 2012 23:42

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Onzin ZZ, lees het forum van interactive investors, zowel positieve als negatieve geluiden, en die strop "er hoeft maar iets fout te gaan" ja zo lust ik er ook wel een paar. Er komen nu in ieder geval (voorlopig) geen nieuwe aandelen bij. Alles of niks, nou dan ga ik voor alles :-) jij waarschijnlijk voor niks, ook prima, jouw keuze. Wie uiteindelijk gelijk krijgt, de toekomst zal het leren. Maar ik snap niet zo goed wat je eigenlijk op dit forum doet, wat is je lol, alleen maar negatief doen. Als je Xcite niets vindt, dan is dat jouw goed recht en dat mag je ook nog een keer zeggen als je dat niet kunt laten. Maar wat wil je hier nou verder, die paar Xcite beleggers van hier overtuigen van jouw onmetelijke wijsheid, kom je aandacht tekort of zo. Ga op het interactive investors forum je mening ventileren, daar reageren ze vast wel op je.

[verwijderd] 11 april 2012 12:10

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quote:
Bara schreef op 10 april 2012 23:42:
Onzin ZZ, lees het forum van interactive investors, zowel positieve als negatieve geluiden, en die strop "er hoeft maar iets fout te gaan" ja zo lust ik er ook wel een paar. Er komen nu in ieder geval (voorlopig) geen nieuwe aandelen bij. Alles of niks, nou dan ga ik voor alles :-) jij waarschijnlijk voor niks, ook prima, jouw keuze. Wie uiteindelijk gelijk krijgt, de toekomst zal het leren. Maar ik snap niet zo goed wat je eigenlijk op dit forum doet, wat is je lol, alleen maar negatief doen. Als je Xcite niets vindt, dan is dat jouw goed recht en dat mag je ook nog een keer zeggen als je dat niet kunt laten. Maar wat wil je hier nou verder, die paar Xcite beleggers van hier overtuigen van jouw onmetelijke wijsheid, kom je aandacht tekort of zo. Ga op het interactive investors forum je mening ventileren, daar reageren ze vast wel op je.

Bij oliewinning (en zeker op de Noordzee!) gaan voortdurend allerlei zaken mis en dat is ook wel gebleken bij XEL.
De kans dat ze deze lening binnen 2 jaar kunnen terugbetalen is volgens mij bijna nihil.
En denk maar niet dat ze ophouden met aandelen dumpen op de beurs, dat gaat gewoon door.

[verwijderd] 11 april 2012 13:09

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11 April 2012 Xcite Energy Limited
("Xcite Energy" or the "Company")
Additional Listing and Total Voting Rights
Further to the announcement in relation to the draw down on the Equity Line Agreement issued on 5 April 2012, the Company announces that it has received approval of the share issue by the TSX Venture Exchange and it has therefore made an application for the admission to AIM ("Admission") of 1,866,813 ordinary shares of no par value in the
capital of the Company (the "New Ordinary Shares").
The New Ordinary Shares shall rank pari passu with the Company's existing issued ordinary shares of no par value ("Ordinary Shares") and dealings are expected to commence on 13 April 2012.
Following Admission, the Company's enlarged issued share capital will comprise 241,244,031 Ordinary Shareswith one voting right per share.There areno shares held intreasury.The total number of voting rights in the Company is therefore 241,244,031.
This figure of 241,244,031 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interestin, or a change in their interest in, the share capital of the Company under
the FSA's Disclosure and Transparency Rules.

[verwijderd] 11 april 2012 20:17

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Howdy do folks?

Een tijdje on the road and offline geweest, maar nu back in town.

Dank aan ZZ, 't duurt lang voor ie in z'n sop gaar kookt, een taaie rakker kan gesteld worden, voor het plaatsen van Xcite's laatste 2 persberichten.

Vorige week werd er eerst een update van de no. 7 development/early production well gegeven. Alles hunky dory.
Daar het een eerste produktiebron betreft is er flink gecementeerd in de bovenste delen van de bron. Men ligt op schema. Goed zo, doorgaan.

Donderdag jl eerst de mededeling dat er 1,9 miljoen aandelen zijn onttrokken uit de Esousa deal, gevolgd door de late mededeling in Toronto dat er een 50 m.$ 'unsecured loan' is afgesloten met een Canadese investeringsclub. De achtergrond van die kleine Esousa onttrekking,in het licht van de 50m$ lening, is niet geheel duidelijk. Wellicht om voldoende balanskapitaal te hebben om de lening af te kunnen sluiten.
Het goeie nieuws is dat hierdoor verdere onttrekkingen uit de SEDA met Esousa niet meer nodig zijn.
Verwatering stopt.
In totaal nu 241 miljoen aandelen uitstaand.
De lening is een belangrijk punt van vertrouwen in de toekomst van Xcite.
En kan vanaf medio Augustus as worden terugbetaald. Met de opbrengst uit de 1e produktietest. Zeg 500,000 barrels @ 100$= 50 m$.
De weg naar verdere 'reserves based loans' lijkt hierdoor ook vergemakkelijkt te worden, zeker na een suksesvol verlopende fase 1A.

Citerend uit het PB, door ZZ hier geplakt:
“The funds raised by the issue of these loan notes strengthen the Company's balance sheet and provide additional contincy funding during the important Phase 1A work programme on the Bentley field,” Xcite said.

Hhhmmww, additional contingency funding during the important Phase 1A work programme.
Wellicht, hopelijk, de door mij eerder gewenste appraisal boring(en) in Bentley East/South terwijl de 1e olieproduktie plaats vindt. Dit is immers een unieke capaciteit van de Rowan Norway rig. Produceren en boren tegelijkertijd.
Teneinde de reserves verder op te krikken richting 200m barrels.
(even rekenen: 200mx10$/b=2000m/241m aandelen=8$ aandeelwaarde potentieel.
Wel, 4x zo veel als nu. En 10$/b is erg konservatief.)

Ik wacht al het nieuws rustig af.
Komt goed.

Z. te T.
Long Xcite.

[verwijderd] 12 april 2012 00:56

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quote:
Zandeman schreef op 11 april 2012 20:17:
Howdy do folks?
Een tijdje on the road and offline geweest, maar nu back in town.
Dank aan ZZ, 't duurt lang voor ie in z'n sop gaar kookt, een taaie rakker kan gesteld worden, voor het plaatsen van Xcite's laatste 2 persberichten.Z. te T.Long Xcite.

Ja, Zandeman, als de kat van huis is dansen de muizen op tafel.

lol

[verwijderd] 19 april 2012 09:46

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19 April 2012
Xcite Energy Limited

Operations Update and Bentley Phase 1A Work Programme
The Company is pleased to provide an update to the market in respect of the current drilling operations and the Bentley Phase 1A workprogramme.

Current Operations Update
As previously announced, the well was spudded on 18 March 2012, with 20 inch casing now having been set down to approximately 2000ft below the rotary table. Preparations are being made to set the blow out preventer
and to continue the drilling of the 17.5 inch hole.

Summary of Bentley Phase 1A Work Programme
Following the successful completion of the 9/03b-6 and 6Z wells (as announced in December 2010), the Company has invested significant resources designing and engineering the next phases in the development of the Bentley field, the Phase 1A and Phase 1B work programmes.

The Bentley Phase 1A Work Programme has two principal objectives:
1. The 9/03b-7 and 7Z wells are planned to demonstrate the mechanical and operational aspects of the drilling, completion and flowing of the proposed well design for Phase 1B. The 9/03b-7Z well is planned to be sed in Phase 1B as the first full production wellbore.
2. To collect additional reservoir and production data to improve the calibration of the reservoir model, including data with respect to enhanced oil recovery techniques. This data with be used to further increase the certainty with respect to the longer term oil, gas and water production profiles and recoverable reserves from the Bentley
field.
The Phase 1A work programme on the Bentley field has been planned to achieve the two principal objectives set out above and comprises the following key operations:
* Drilling of a horizontal motherbore well in the geological formation immediately overlying the reservoir. This motherbore is planned to be approximately 2,000ft in length.
* Drilling of the toe extension well (9/03b-7 well), being a horizontal wellbore from the toe of the motherbore, with a reservoir section of up to 2,400ft in length. This well is planned to be positioned approximately at mid-height in the reservoir at an elevation above the oil-water contact such that, when produced at an oil rate of at least 1,500 barrels of oil per day ("bopd"), it should initiate water breakthrough at the well and subsequently develop sufficient water cut (to approximately 50%) within the flow test period. This well will be plugged and abandoned at the end of the production test.
* The 9/03b-7 wellbore is planned to recover a minimum cumulative volume of 45,000 barrels of oil during the flow test period to help ensure that the data gathering will be as effective as possible. This flow test is planned to be up to 90 days in length and to be conducted at a range of different flow rates (specifically not 500 barrels per
day for 90 days), again to assist in the data gathering programme. This flow test is expected to commence in the second quarter of 2012 and, for the sake of clarity, it is not a headline flow rate test, it is a data gathering exercise.
* Drilling of a lateral well (9/03b-7Z well) from the side of the motherbore, being a horizontal wellbore with a reservoir section of approximately 2,450ft in length. This well is planned to be positioned as high in the reservoir as possible, being similar in design and completion to the successful 9/03b-6Z well. This wellbore will be drilled after the toe extension well, but not flowed until after the
toe extension well has been flowed to achieve sufficient water cut.
This lateral wellbore will be cleaned up and then flowed at a rate of at least 1,500 bopd for a minimum period of one day, prior to being suspended as the first full production well on the field in Phase 1B.
This flow test is expected to be completed in the fourth quarter of 2012.
* Crude oil produced from the 9/03b-7 and 7Z wells will be marketed by BP Oil International Limited, the Company's marketing and offtake partner.
* The results and data gathered from the 9/03b-7 well will be used to calibrate the existing reservoir model and update the Reserves Assessment Report. This update is likely to take a number of weeks to finalise after the Phase 1A work programme has been completed.
* In parallel to the update of the Reserves Assessment Report, the Field Development Plan for the Bentley field is expected to be updated for re-submission to the Department of Energy & Climate Change as soon as practicable.
The Company will continue to keep shareholders fully informed during the coming months, which will include the filing of its NI51-101"Statement of Reserves Data and other Oil and Gas Information" as required in Canada by the end of April 2012.

[verwijderd] 19 april 2012 10:48

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Xcite dekt zich al heel aardig in tegen tegenvallende flowrates met allerlei mooie technische verhaaltjes.

Ik vraag me af, of de aandeelhouders blij zullen zijn met slechts 500 barrels per dag, een getal dat bovendien sterk zal gaan dalen, omdat zoals bekend de eerste productie vrijwel altijd de hoogste productie.

En een watercut van 50%....???
Dat zit iedereen op te wachten.......

[verwijderd] 20 april 2012 18:19

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Water cut study during the EWT presents Xcite with an opportunity to improve the performance of the reservoir during the main production phases of the Bentley project.

Highlander100 et al,

“As far as i understand it, Drill 7 and perform EWT from this, P and A
Drill 7z quick DST then plug.”

They will only P&A the horizontal section of 9/03b-7 well – the toe extension part.
This horizontal section is to be drilled approximately mid-height in the reservoir section above the OWC such that it should eventually produce 50% water cut when it is allowed to flow at approximately 1500 bopd.

I am of the understanding that this particular horizontal well is not positioned for optimum production in the early stage production (1b) and hence will be abandoned after the EWT. It is being done only to obtain vital information and data for calibrating the reservoir model and EOR studies.

“Early water intercept could be a disaster for the well test.”

This is a highly unlikely scenario in my opinion. Gramacho mentioned that they don’t want to be getting something like 80% water cut but the positioning of this well is deliberate to the point of wanting to produce some water cut. I don’t know what the probability of such an outcome is but it has to be extremely low and I know the guys at Xcite and TRACS have enough confidence in their existing data to know what is to be expected and I take comfort from the fact that nearly 96 MMstb have been assigned to 1P reserves and therefore a 90% certainty of recovering that amount of oil. Not withstanding, this is a figure that looks set to be revised upward after the EWT results are analysed and quite possibly by a considerable amount.

I would welcome further comments about the water cut behaviour and whether at some point during the production life of the reservoir, stable water cut could play a role in enhancing oil recovery due to the point that ESPs will help to emulsify the oil/water and consequently lower the viscosity (Something that Vernesk mentioned yesterday).

DECC’s concern wasn’t along the lines of doubting what Xcite have proposed will work – it was more to do with being satisfied that the proposals are the most effective.
Think about it – DECC would have never produced a letter of comfort expressing their satisfaction of the principle of Xcite’s proposals if they have had any serious concerns about the water table management. This letter is an expression of confidence not doubt.

“Also they still don't achieve the goal of proving the ability to drill multi laterally until late on, granted this sounds like a lower risk approach to getting an EWT.”

Not sure I understand what you are saying. For this 1A phase, all the drilling will most probably be done by June. They will drill 9/03b-7z immediately after completing the toe extension well and hence will have two laterals. This is clearly stated in the RNS. This will be sufficient to demonstrate the drilling method for 1B.

It might be that funding won’t be sorted until after the EWT is completed. Xcite are comfortably funded for the entire 1A program plus contingency thanks to $50 million loan note which hopefully negates the need to call upon further dilutive funding. Why rush to secure full financing? Might as well be armed with all the new data accumulated from the EWT, get the RAR upgrade and full FDP approval from DECC and then negotiate a lending deal against the upgraded reserves. Then they will be in a considerable position of strength to negotiate a partnership that will allow Xcite to not only eventually enjoy revenue from Bentley but also from other heavy oil fields thanks to their heavy oil know-how that no other operator in the land possesses.

While I can’t predict at what point XEL will re-rate I wouldn’t like to bet on it staying at these grotesquely suppressed levels all through the summer.

[verwijderd] 22 april 2012 16:42

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Howdy do folks?

Hier een artikel uit Offshore magazine, dd Dec. 2011.

Statoil gaan de Mariner en Bressay heavy oil fields in produktie brengen.
Bressay ligt ca. 5 km ten NW van Bentley met identieke olie. Mariner 150km ten ZW van Bentley.

En ja, ze gaan, evenals Xcite, ervan uit dat er flink wat multilateral bronnen nodig zijn om de recoverable reserves er uit te zuigen.
En dit gaat gepaard met opzuigen van flinke hoeveelheden water, waardoor er ook grote olie/waterscheidings installaties op het platform of de FSPO unit nodig zijn.

Wat Xcite nu doet in Fase 1A is testen hoe ze op de beste, meest ekonomische manier de produktie in Fase 1B an later uit kunnen voeren.
Het gaat dus niet om headline flowrates.

Later meer, nav het uitgebreide PB met update van 1A plannen.

Pr. Zondag verder.

Z. te T.
Long Xcite.

PS, nog bijna vergeten het artikel:

ABERDEEN, UK – Statoil and its partners Eni and Nautical Petroleum have selected a development concept for the Mariner heavy oil field project in the northern UK North Sea. They plan to install a 25,000-metric ton (27,558-ton) production, drilling, and quarters (PDQ) platform based on a steel jacket in 110 m (361 ft) water depth.

Oil will be sent to a ship-shaped floating storage unit (FSU) with storage capacity of 850,000 bbl moored 2.5 km (1.55 mi) away from the platform. The platform will import fuel gas via a connection to an existing gas pipeline

In addition to a conventional drilling rig, there will be a well completion and workover unit below the platform’s rig floor, with a cantilever jackup providing further well construction capability during the first few years of development.

Statoil estimates Mariner’s recoverable reserves at 300-500 MMbbl. However, the oil is ultra-heavy and viscous, with API gravities of 12.1°-14.6° and viscosities ranging from 67 cp in the field’s Maureen reservoir to 508 cp in the Heimdal reservoir.

Due to the low well flow rates and likelihood of early water breakthrough, Statoil says many wells are needed. The platform will have 50 integrated well slots – Statoil has drawn up 145 reservoir targets for production or injection, but this figure should be achieved through use of multi-branch wells, side tracks, and reuse of slots.

All the wells will be equipped with electric submersible pumps (ESPs).

The topsides process equipment will be designed to handle large liquid rates and oil/water emulsions. Additionally, the oil will be diluted with a lighter crude upstream of the ESPs to ease flow and oil/water separation.

FEED studies are under way, and Statoil aims for sanction of the development project and major contract awards toward the end of next year. If all goes to the current plan, the topsides and jacket would be installed by 2Q 2016, with first oil in the last quarter of that year.

At a briefing last week at Offshore Europe in Aberdeen, Peter Mellbye, executive VP for Development and Production International, said the company aimed to start development of the nearby Bressay heavy oil field a year after Mariner gets under way.

He estimated Bressay’s recoverable reserves at 200-300 MMbbl. Currently Statoil and partner Shell are examining two concepts, he added. One is a replica of the scheme for Mariner, while the other, involving an FPSO and wellhead platform, could be a lookalike to Statoil’s Peregrino heavy oil development offshore Brazil.

Here the gravity of the crude is 12° API, reservoir pressure is low, and there remains uncertainty at this stage over the subsurface and the number of wells that would be required.

The two projects, he added, would incur a probable gross investment of $9.5 billion, and annual operating costs of $238 million when the fields are in production. Statoil plans to establish a new operations center in Aberdeen for this program, with 700 personnel, some brought from Norway.

09/12/2011

[verwijderd] 22 april 2012 16:52

0

quote:
Zandeman schreef op 22 april 2012 16:42:
Howdy do folks?
The two projects, he added, would incur a probable gross investment of $9.5 billion, and annual operating costs of $238 million when the fields are in production. Statoil plans to establish a new operations center in Aberdeen for this program, with 700 personnel, some brought from Norway.
09/12/2011

Let even op beste XEL-believers:

Per project gaan de buren ca 5 MILJARD investeren.....!!!

En ongetwijfeld zal dat in de praktijk nog veel meer worden.

Het wordt steeds duidelijker dat het XEL-project nooit echt van de grond zal komen en zal neerstorten als een Noord-Koreaanse raket.

Theoretisch is het nog wel mogelijk dat fase 1B bereikt zal worden, maar dan zal blijken dat de netto-opbrengsten van fase 1B niet voldoende zijn om een volgende fase te bereiken.

[verwijderd] 24 april 2012 22:58

0

Interessante reactie van Hub op een mogelijke overname van Bentley door Statoil. Sluit aan op de stukjes van Zandeman en ZZ.

Grz. Bara

I'd be very surprised if Statoil hasn't already made an approach to Bentley BoD's. I think the DECC are keen to see data shared where relevant and Statoil are the only players in the area which the DECC would deem that 'sharing' relevant.

I also think NPE's farm out to Enquest on Kraken was interesting as it came at a time when XEL were talking to Socious and co. Enquest pen'd the deal with NPE just a few weeks after XEL pen'd with Socious.

Were Enquest talking to XEL first? Why didn't Statoil take on an interest in Kraken? They already have a shared asset in Mariner with NPE - albeit 6% interest for NPE. But NPE did flog 21% to Statoil in 2010 for £87.5mln.

So there's your little trio to ponder.

The only reason why I think Statoil avoided Kraken - is because they already have Mariner and Bressay nicely nestled together. But having Bentley added to those two would really make the economic story read better and better. Indeed, the DECC would be much much happier with Bentley in Statoil's hands imho.

The sp is trading around in a 20p range of late. That suggests to me that it's more 'traders' action but also someone else accumulating on the cheap levels. That's why you are getting bounces off 103p as someone is cleaning those shares up.

In the past - the sp games have been largely down to the seda or the likes of socious etc.

If XEL can use the bank loan note funds instead of future socious draw downs, then we might see some loosening of the handcuffs on the sp.

I don't think XEL will be below 120's for much longer as success with EWT will come in many different stages and forms.

There's a decent chance that the reserves will be raised by Tracs once XEL have given them the data they need to upgrade their numbers.

Statoil simply want to improve the commercial story for Mariner and bressay - I think they'd be mad to let XEL slip into some koreans hands. $3.50pb is bonkers for 1p reserves.

XEL's tax losses are even more valuable to statoil.

HUB

[verwijderd] 24 april 2012 23:08

0

quote:
Bara schreef op 24 april 2012 22:58:
Interessante reactie van Hub op een mogelijke overname van Bentley door Statoil. Sluit aan op de stukjes van Zandeman en ZZ. Grz. Bara

Zoals al eerder gezegd, zal Statoil op z'n vroegst een bod doen als XEL failliet is of zonder geld zit. Statoil weet donders goed dat Bentley alleen waarde heeft voor een buurman en ze laten XEL lekker nog wat dure boringen doen.

En als XEL heel veel mazzel heeft, krijgen ze net genoeg om hun lening mee af te betalen.

Het is natuurlijk het zoveelste sprookje om de moed erin te houden.

[verwijderd] 25 april 2012 15:56

2

Howdy do Xciters?

Ook ziek geworden van de aanwezigheid van een zwarte vogel, die in Aasgier een veel beter alias had kunnen vinden?
Ik wel.

Du moment dat iemand hier wat schrijft/plakt kwakt ie er een negatief verhaal/commentaar tegen aan. Meestal binnen 10 minuten.
Een zielig figuur die 24 uur per dag achter z'n computer zit, is mijn konklusie.

En nog liegt ook en gegevens uit de pers verdraait.

Hier een voorbeeld van een paar dagen geleden:

"Xcite dekt zich al heel aardig in tegen tegenvallende flowrates met allerlei mooie technische verhaaltjes.

Ik vraag me af, of de aandeelhouders blij zullen zijn met slechts 500 barrels per dag, een getal dat bovendien sterk zal gaan dalen, omdat zoals bekend de eerste productie vrijwel altijd de hoogste productie.

En een watercut van 50%....???
Dat zit iedereen op te wachten......."

Einde van zijn bullshit.

Om te beginnen schreef Xcite, nav een minimum production of 45,000 b of oil in de max. 90 dagen durende flowtest: dit is NIET een produktie van 500 b/d.
Overigens schreef Xcite in het PB op hun eigen site Minimum, onderstreept. In werkelijkheid zal het veel meer zijn imho.

En 50% watercut proberen ze te forceren tijdens deze test! Zij zitten daar idd op te wachten...

Tot slot: ik heb Zwarte Zwaan, toen ie nog anders heette voordat ie gedwongen werd z'n alias te veranderen wegens wangedrag op diverse BB's nog een veer in de kont gestoken een paar maanden geleden. Een witte veer.
We hebben nu van doen met een Zwarte Zwaan met een witte kontveer.
Na enig gegoogel begrijp ik nu dat dit een zeer bedreigde vogelsoort is.
Er is wereldwijd 1 exemplaar waargenomen. In de Rotte Meren.

Ga lekker buiten zwemmen, zwartkijker en laat ons hier met rust.

Z. te T.

PS. Ik wou dat ik die veer er destijds een stuk dieper had ingedouwd.

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