A wholely owned company of PMG involved ? DYOR

EARTHLY

I am always prepared to listen to an opposing view regarding XEL.............That's why I put Slappy the rent boy on ignore. Because all he delivers is one line, childlike soundbites.

Put the fool on ignore..

Posted on Christmas Day and Good Friday

Complete Tool

Certainly wouldn't want to be short. Oh, too late. That's a shame...

Please give this board some downtime from your incessant gurglings. My grandson doesn't spout as much inane drivel and spittle as you do.
Have a holiday, have a break and tell all the persons involved in your avatar name to have a cup of tea.
SLW

Statoil clearly want to secure DECC approval for the part of Bressay licence they need before July deadline, and Bentley reserves would add value to Statoil. DECC may knock a few heads together and having seen and in a way supported XEL's IP etc. on their Bentley submission...evidenced by Statoil paying $15 million...the link is there.

T/O or buying/farm-in Bentley (by Statoil) would make sense as they are both planned on a phased basis and as other poster has just mentioned there could be approval benefits with DECC and they would also gain by linking in with XEL IP. It appears to me and a few others on this BB that Statoil have been impressed with the Bentley data and saved them one heck of a lot of money by all accounts as they have indicated. Bressay was stalled until they again reviewed what they could now achieve, but it may need further IP which XEL has. With the sums saved because of the XEL data, it would be small beer and commercial logic to integrate with Bentley field especially now that they see XEL lining-up its team including Teekay (sp?) with whom Statoil have close ties. They have obviously seen that the Bentley field data has opened-up the window as to how to move Bressay forward....the Bressay declaration in the interview is great news from the new guy in charge (since February) .

Statoil can't tell it shareholders we just spent £1b on Bentley... They have a similar field and should use that money for Bressay. What they could do is subcontract Bressay to XEL and partners for phase one. It's a copy and paste job. For a fee of course. No need to buy XEL. Leave that to people like me. Thank you.

Statoil will not buy xel why should they

Lots of the jigsaw pieces coming together over the last 2 weeks,looks like Bentley and Bressay will be a similar project and seems like it would be a dereliction of duty if Statoil did not farm in or purchase Bentley before it becomes very expensive not only in terms of Bentley purchase price but also in lost time getting vital additional data to get Bressay remodelled before DECC Submission
They have to submit the FULL picture of the revised model for Bressay and the best way to get all the information is

To BUY THE COMPANY

Cynical, but it sounds like Statoil are spinning a few lines to ensure they get the Bressay license extended. Part of me wants to see the DECC give it to XEL, it makes more sense for Xcite and partners to get it to first base. .. It's just a copy and paste job.

So Bressay is still 2 years away. .? Not sure about the mad rush on Tuesday. Early 2016 sounds like when Bentley might also get going in a lean and mean way.. I do like the tightasss way in which these are being brought to production in a modular way. Alleviates all the concern about capital intensive expenditure early on. Some investors might think this is worth a punt again. Our market cap should double over late 2015, so I think we have another year plus to watch these low prices. I might buy a few more mid 2015. Certainly no rush on Tuesday, I'm sure Statoil have no interest in XEL from a takeover perspective, but hope to be proved wrong.

Rob you are clearly insane

Bentley and Bressay are linked

Physically ans STRATEGICALLY

Wouldnt like to be short on this now

Tuesday will be OUCH time

Hehe

Well done holders

Vermin about to be slaughtered

Mariner tick

Bressay tick

Bentley tick tock

Saying what?

Tuesday RNS? saying what lol

After the long Easter weekend, tuesday a good day for a massive rns.

He refused to be drawn on whether Statoil had intentions to get involved in UK junior Xcite Energy’s Bentley heavy-oil project, a close analogue of Bressay six kilometres to the south.
...........................
So he didn't say no we're not, heard that bit loud and clear

----------------------------------------

This has got Xcite INVOLVEMENT written all over it imo.

" There is momentum in the project," ....

means - we now have an exit plan to extract hydrocarbons

"he did say Bressay is likely to be phased, with the project being what he called “lean and mean” initially before increasing in scale later."

means - we will do a phased development of Bentley then extend this concept to other fields

"Statoil veteran who took up his post in February."

means, I'm the new guy and want to make an impression, so lets get this show on the road

"We are starting again now to see if we can unlock the project and get the break-even price down and less capex-­intensive, at least in the first years."

means, we know Xcite can do it for well below break-even, we have seen their data, so lets go with their phase1 development and then bring in economies of scale to improve the margins further

"company and its partners expect to submit an application to extend the Bressay licence to the UK authorities before the end of this month" ...

means, We don't want to loose this field £££££

"Last week, Xcite signed preliminary co-operation agreements with engineering and floating storage contractors to push Bentley forward on its own."

Means, STATOIL, get a move on TAKEOVER or FARM-IN (on Xcite terms)


IMO, GLA

Well, it's all going on over at the GKP board. They've had a rerate of the OIP and dissertation by the mighty Gramacho. Most importantly, the KRG and Turkey have finally shaken hands on a supply deal out of Kurdistan. These pieces of news are, in theory, the details that PIs have been waiting for – they know the parameters of the business now. Our parameters are still to be determined. We know what we have OIP, but we are still waiting for that hand shake over production.

Statoil would have done their research on BOD.That's why they have plenty of time

Do not feed the vermin....................Simple really.................AOW............my villa in France is my workshop at the bottom of the garden, making things with wood is therapeutic .............its a paradise to me...........GLAH

Somewhere between £1.2bn and £3.6bn

Most likely XEL already in play..STATOIL want it .they need it..so what's left... a lowball offer to start with to see where it leads and then, when most small shareholders have sold.. move in with a final knock out offer..the larger holders will sell, of that I am sure..just like KNOC as with Dana..with regards the price its anyones guess...but think that is how it will happen...when, well thats a mute point however as others have pointed out Statoil have deep pockets... but don't have time on theirs hands..so sooner than later..... probably working on it right now... all IMO

EARTHLY

With the sp around 68p our market cap is around £200 million.
What is the Bentley field worth to Enquest, or should I say Statoil, or maybe Dragon Oil?
What is a realistic value for selling the whole Bentley field?

All IMHO.

How can you use Slippery-Turnip and Intellectual in one sentence?

LOL

If you must answer the irriate you may need to use smaller words and always no more than 4 together.

IMO that will not progress Bressay until they have firmer links with XEL. Key regulatory milestones anyone. I doubt they have unlocked it, it most certainly will include operational effort and information not just modelling with data sold. Statoil would have used the data to make projections and decide whether the cost pbbl is likely to be significantly reduced given the secret ingredient they know XEL has.

Maybe they are happy to wait in the slipstream but I think that they will ensure Bentley goes ahead and the longer they leave it the more expensive it gets not the other way around...IP is key here.

GLA holders
TIE

Statoil know what Bentley's worth and they want involved, it makes good business sense for them.

It will happen, Of that I have no doubt. I know what other oil majors are spending for a lot less oil than Bentley holds.

Reidser

Has it really with statoils expertise?Don't think so

Not exactly slippery 'This has been done without compromising the Company's intellectual property '

Yes xel showed them how to do it for peanuts.Now statoil have the key goodnight xel

Flossofa

This is how they were going to develop the field originally (from last year)

"Drilling will involve up to 70 horizontal production wells – via two sidetracks - drilled via 35 production wells, plus four water injectors, and a single waste/disposal well. These will be drilled through 40 drill slots on the PDQ platform on which ten spare slots will also be provided."

Now I see they are adopting a "phased" option, wonder where they got that idea from

Thanks Chappi: `However, he did say Bressay is likely to be phased, with the project being what he called “lean and mean” initially before increasing in scale later'.

I take that to mean that they will check that SKIP will indeed result in less cost than the original FDP before using the resulting data to complete a revised FDP using fewer wells (perhaps with

Flolymer)

A top notch post.. I retired from my daily trudge at 44, invest in property and stock market now. Love it and more of the life we should all have.

This is better:

Here it is again....

STATOIL is working with renewed momentum on its Bressay heavy-oil development off the UK, six months after the Norwegian company put the project on hold for a rethink.
Gunnar Breivik, Statoil’s new vice president for its western Europe business unit, said he is optimistic about the scheme and hopes it can be sanctioned as soon as 2016.

“It’s moving again. There is momentum in the project,” Breivik said.

The project is still in the concept select phase, although Breivik would not go into detail about the development scenarios now under consideration.

However, he did say Bressay is likely to be phased, with the project being what he called “lean and mean” initially before increasing in scale later.

“At least, that is our plan today,” said Breivik, a Statoil veteran who took up his post in February.

He added: “We are starting again now to see if we can unlock the project and get the break-even price down and less capex-­intensive, at least in the first years.”

The company and its partners expect to submit an application to extend the Bressay licence to the UK authorities before the end of this month, he said.

“That means we are now finalising the working programme for 2014 and 2015,” Breivik said.

He refused to be drawn on whether Statoil had intentions to get involved in UK junior Xcite Energy’s Bentley heavy-oil project, a close analogue of Bressay six kilometres to the south.

However, he did say the recent Wood Review — in which former Wood Group chairman Ian Wood set out plans for maximising recovery from the UK continental shelf — could benefit Bressay, Bentley and another nearby project, Kraken, being developed by EnQuest.

This could be in the form of sharing ideas and information and did not necessarily mean combining the developments in any way.

Last November, Statoil called time to reassess its $5.5 billion development plan for Bressay, just as it was expected to sanction a concept similar to its nearby and more advanced $7 billion Mariner project.

Statoil’s realisation that it might be able to simplify its plans came after it bought and evaluated the results of last year’s extended well-test carried out by Xcite on Bentley. Statoil paid $15 million to secure that data from Xcite.

Statoil holds an 81.625% stake in Bressay, with Anglo-Dutch supermajor Shell on 18.375%.

Last week, Xcite signed preliminary co-operation agreements with engineering and floating storage contractors to push Bentley forward on its own.

Forgive me if I say you don't strike me as a typical "City" type, AOW.
No offence intended. Family and quality of life first - and rightly so.
I can't see there being a surfeit of individuals with similar values in the Square Mile.
Good to have your contributions on here, when you can fit them around the gardening.

Good luck,
ArtemisSA

By the way, how's that old back of yours today?! ;-)

semperpate: `I was hoping that their presentation was going to throw some light on their IP'

Interestingly, SKIP was not even mentioned although the size 900 MMstb, gravity 10-12 API and viscosity 1500cp were all quoted. But bear in mind that this was an `academic' paper quite possibly conducted by undergraduates under supervision at the University of Texas and you don't really want to arouse ideas in anyone but potential partners or

cusFlomers.

He refused to be drawn on whether Statoil had intentions to get involved in UK junior Xcite Energy’s Bentley heavy-oil project, a close analogue of Bressay six kilometres to the south.
...........................
So he didn't say no we're not, heard that bit loud and clear

courtesy of York09 on LSE:

STATOIL is working with renewed momentum on its Bressay heavy-oil development off the UK, six months after the Norwegian company put the project on hold for a rethink.
Gunnar Breivik, Statoil’s new vice president for its western Europe business unit, said he is optimistic about the scheme and hopes it can be sanctioned as soon as 2016.

“It’s moving again. There is momentum in the project,” Breivik said.

The project is still in the concept select phase, although Breivik would not go into detail about the development scenarios now under consideration.

However, he did say Bressay is likely to be phased, with the project being what he called “lean and mean” initially before increasing in scale later.

“At least, that is our plan today,” said Breivik, a Statoil veteran who took up his post in February.

He added: “We are starting again now to see if we can unlock the project and get the break-even price down and less capex-­intensive, at least in the first years.”

The company and its partners expect to submit an application to extend the Bressay licence to the UK authorities before the end of this month, he said.

“That means we are now finalising the working programme for 2014 and 2015,” Breivik said.

He refused to be drawn on whether Statoil had intentions to get involved in UK junior Xcite Energy’s Bentley heavy-oil project, a close analogue of Bressay six kilometres to the south.

However, he did say the recent Wood Review — in which former Wood Group chairman Ian Wood set out plans for maximising recovery from the UK continental shelf — could benefit Bressay, Bentley and another nearby project, Kraken, being developed by EnQuest.

This could be in the form of sharing ideas and information and did not necessarily mean combining the developments in any way.

Last November, Statoil called time to reassess its $5.5 billion development plan for Bressay, just as it was expected to sanction a concept similar to its nearby and more advanced $7 billion Mariner project.

Statoil’s realisation that it might be able to simplify its plans came after it bought and evaluated the results of last year’s extended well-test carried out by Xcite on Bentley. Statoil paid $15 million to secure that data from Xcite.

Statoil holds an 81.625% stake in Bressay, with Anglo-Dutch supermajor Shell on 18.375%.

Last week, Xcite signed preliminary co-operation agreements with engineering and floating storage contractors to push Bentley forward on its own.

They got 20 billion in cash.Still not interested in xel umm