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Xcite, Bentley oilfield en Fugro

1.234 Posts
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  1. [verwijderd] 31 december 2012 10:52
    Beste Xciters,
    Ook van mijn kant uit: héél goed 2013 voor iedereen!
    Wat Xcite betreft maak ik me geen zorgen, al kan het natuurlijk nooit snel genoeg gaan :-) Misschien is onderstaand positief artikel van Noroil over Xcite (op iii) jullie ontgaan. Noroil is een club die weet waar ze het over hebben:
    Noroil publishes four titles dealing exclusively with the North and northern seas oil and gas industries Three of these publications focus on current and future field development. Our sources include the national, local and specialist press, government departments, NGOs, the Internet and - most importantly of all - operators and contractors. Most Noroil subscribers are sales, marketing, business analysis or business development departments and executives who use our surveys as marketing guides in the search for new business opportunities.

    BRITBOSS SUPPLEMENT Published by Noroil Publications
    www.noroil-publications.com

    Update on UKCS field development projects - September 2012 - Page 14

    Comments: Xcite completed its first leg – phase 1A – of the Bentley heavy oil field development in block 9/3b, using the jack-up Rowan Norway, under the management of ADTI, in Sept, producing more than 147,000 b/d in an extended well test. The produced crude was stored in Teekay shuttle tanker Scott Spirit which has now left the field to discharge it. Xcite said the extended test, using the 9/3b-7 and 7z sidetrack, had proved up techniques for drilling, completion, production and exporting oil from the field and data obtained will be used to confirm a full field development plan. Both production bores are being suspended for possible future use. Permanent production begins with phase 1B, which is due on stream in Sept 2013 and will continue for three years. In this phase up to six wells – four producers and two water injectors – will be drilled and completed on a normally unmanned wellhead platform. Production will be transferred via a 1.7km pipeline bundle to a leased FPSO for processing. A further expansion will take place in phase 2, which calls for up to 50 wells on fixed platforms. Core area 2P reserves are 116m bbls according to Tracs. The crude is rated at 10-11ºAPI. The producers will be fitted with downhole electric submersible pumps. Both in the tanker and the FPSO, processed crude will be mixed with lighter oil to reduce the viscosity – this diluent will be provided by BP. The project is supported by the Bentley alliance, a group of suppliers willing to take some risk in the development in return for appropriate reward. Members include Rowan, Transocean-owned ADTI, Amec, which helped plan the production test, and Fugro, which drilled a geotechnical test well in 2010. BP will provide services for the offtake and sale of the crude, and assist with securing development finance, which will cost some £2.2 bn. Xcite already has financing arrangements in place to cover phases 1A and 1B.

    HAPPY NEW YEAR!!
  2. forum rang 10 DeZwarteRidder 1 januari 2013 18:21
    Statoil makes investment decision for the Mariner project
    Statoil has made the investment decision to develop the Mariner oil field development in the UK North Sea. The project entails investments of more than USD 7 billion and is the largest new offshore development in the UK in more than a decade.

    The Mariner Field is located on the East Shetland Platform of the UK North Sea approximately 150km east of the Shetland Isles.
    "Statoil has extensive heavy oil experiences from offshore fields in Norway and Brazil. The Mariner field was discovered in 1981 and Statoil entered the license as operator in 2007 with the aim of finally unlocking the resources. We are satisfied that we now are able to make an investment decision for a profitable development of the Mariner field," says Lars Christian Bacher, executive vice president for Development and Production International in Statoil.

    "The Mariner project is a good strategic fit for Statoil. We are the world's largest offshore operator and have a portfolio of attractive projects in some of the most prolific basins in the world. The North Sea is a core area for Statoil, and we look forward to taking a leading role in further developing also the UK part of this basin," Bacher adds.
    Pending final approval of the field development plan by the UK authorities, Statoil expects to start production from Mariner in 2017. The field is estimated to produce for 30 years, with average production of around 55,000 barrels of oil per day over the plateau period from 2017 to 2020.
    Lars Christian Bacher, executive vice president for Development and Production International in Statoil.
    Over its lifetime the project will generate substantial job creation and ripple effects for UK and the Aberdeen region. The project was positively impacted by the UK government's expansion of the Ring Fence Expenditure Supplement and will provide substantial tax income for the UK. An operating organisation for the Mariner field will be located in Aberdeen. UK content will be significant particularly within the drilling and well area and during the operations phase.

    "This project will entail substantial job creation in the Aberdeen region with more than 700 long term full time positions. Of these around 200 will be onshore jobs at the operations centre in Aberdeen and more than 500 will be offshore positions. We aim to recruit most of these positions locally. We are planning to start the first recruitments already early in 2013," says Bacher.

    The Mariner Field consists of two shallow reservoirs, the Maureen Formation and the Heimdal Sandstones of the Lista Formation, with nearly 2 billion barrels of oil in place and expected reserves of more than 250 million barrels of oil . Both formations yield heavy oil of around 12 to 14 API.
    The heavy oil project will require pioneering technology in order to be developed. Since its discovery in 1981, the Mariner field has been subject to a number of development studies by different operators. Statoil became operator for Mariner in 2007 and is, together with its partners, Alba Resources Limited, (a wholly owned subsidiary of Cairn Energy PLC) and JX Nippon Exploration and Production (U.K.) Limited, the first company ready to put forward a value creating investment case based on a development concept that fully addresses the complexities of this field, in particular related to reservoir management, recovery rates and project execution.
    Bilde

    The field will be developed with a production, drilling and quarters (PDQ) platform, based on a steel jacket, with 50 active well slots, and a floating storage unit (FSU) of 850,000 bbls capacity. In addition a jack-up rig will be used for the first 4 - 5 years.

    Because of the low well flow rates and early water break-through there is a need for many wells and a process designed to handle large liquid rates and oil-water emulsions. All production wells will have stand-alone sand screens and electric submersible pumps (ESPs) for lifting.

    The contract award for engineering, procurement and construction (EPC) of the steel jacket has been issued to Dragados Offshore S.A. , who will cooperate with UK-based company SNC Lavalin Ltd.on detailed engineering. The contract award for the topside has been awarded to Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) with UK-based CB&I og Rig Design Services (RDS) as engineering subcontractors.

    A significant part of the contracts are procurement and will provide ripple effects for even more qualified sub-suppliers. The estimated total value for the PDQ and jacket is appr. GBP 1.2 billion, not including potential options. The contract awards are contingent on final approval of the field development plan by the UK authorities.

    Anders Opedal, senior vice president for projects in Technology, Projects and Drilling in Statoil.
    "We have seen a lot of interest from the supplier industry for the Mariner project. Selecting the right suppliers who can deliver on cost and time, with the right quality has been critical for the development to be realised", says Anders Opedal, senior vice president for projects in Technology, Projects and Drilling in Statoil.

    Statoil has earlier awarded contract for heavy lift operations to Saipem in the UK. The contract for a floating storage unit (FSU) and a drilling rig (cat J) will be awarded in Q2 2013. Invitation to tender for contracts on risers, pipelines, umbilicals, flowlines, power cables and marine operations will be issued in December with planned contract awards in Q2 2013.

    Since Statoil entered in 2007, the company has developed a lead heavy oil position in the area, being operator with 65.11% equity in Mariner and 81.6% equity in the Bressay field. Statoil expects to make a final investment decision for Bressay in 2013. Through applying technology and competence, the value of the area has increased substantially.

    Statoil is a key energy security partner for the UK and pursues a broad range of activities relating to energy production and sales in Britain. Statoil have a sales office for crude oil in London, and are a substantial supplier of gas to the British market. In addition to being operator for the Mariner and Bressay fields, Statoil is partners in the producing fields Schiehallion, Jupiter and Alba as well as in several exploration Licences offshore UK., including the oil and gas discovery Rosebank.

    Statoil was awarded seven licences in 27th Licence Round both in the UK North Sea and the UK Shetland basin. Together with Statkraft, Statoil has developed the Sheringham Shoal offshore Wind Farm and recently acquired the Dudgeon offshore Wind Farm project. Statoil is also partners in the Dogger Bank offshore wind project. Statoil's business area for Global Strategy and Business Development is based in London and Statoil has around 400 employees in the UK.

    The Mariner Field is located on the East Shetland Platform of the UK North Sea approximately 150km east of the Shetland Isles. Statoil acquired 44.44% and operatorship for Mariner from Chevron in 2007. Statoil acquired a further 20.6667% of Mariner from Nautical Petroleum in 2010. JX Nippon Exploration and Production (U.K.) Ltd(28.89%) and Alba Resources Limited, (6%) are partners in Mariner. Alba Resources Limited are a wholly owned subsidiary of Cairn Energy PLC.

    Published 2012-12-21, 10:37 CET. Updated 2012-12-21, 10:43 CET.
  3. forum rang 10 DeZwarteRidder 1 januari 2013 18:25
    Gezien bovenstaand bericht van Statoil (investering 7 MILJARD) kan Xcite het wel schudden.

    Het idee dat een mini-bedrijfje zonder geld en met 5 man personeel, in staat is om zo'n soort olieproject te ontwikkelen is absurd.

    Als Statoil een beetje geduld heeft kunnen ze tzt het project van Xcite voor een prikkie van de schuldeisers kopen.
  4. [verwijderd] 2 januari 2013 01:45
    Nog een aardig artikel, wederom van iii:

    found this publication 'Petroleum Review', which also mentions a possible start date during September 2013. I presume this information must have some factual basis and originated from an official body such as DECC etc.

    Interestingly it shows the crude having an API of 13 - could it be the oil has proved to be lighter in the area where the recent drill took place?

    Also reserves are shown as 132mb instead of 116mb - possible increase due to the new additional oil column that was found?

    Could be a lot more once the new data has been fully analysed and the reservoir further evaluated.

    Plus 25.5bn cf of gas reserves are also shown.

    Petroleum Review September 2012

    (Page 15)
    On stream 2013 section

    Field Oil/Gas Block Operator Start-Up Oil Reserves Gas Reserves
    Bentley heavy oil 13° 9/3b Xcite Sep-13 132mn b 25.5bn cf

    Prodn System Peak Prodn (yr)
    EPS with FPSO, then 2 pfms 10,000 b/d

    free.yudu.com/item/details/582396/Pet...

    (Link may need to be cut and paste) en zoek op xcite dan kom je op de juiste pagina met een kolom met bedrijfsgegevens waaronder bovenstaande.

    Grtz Bara
  5. [verwijderd] 21 januari 2013 18:30
    Howdy Xciters.
    Met name Neut en Bara.

    Wegens internetconnecieproblematiek (scrabble!), veel reizen en weinig nieuws vwb Xcite heb ik me de laatste tijd wat koest gehouden.

    Overigens nog dank voor alle goede nieuwjaarswensen. Insgelijks!
    Ik verwacht een opwindend jaar voor Xcite en hun aandeelhouders, waaronder wij.
    Billen bloot in Q1.

    2012 werd medio December door CEO Rupert Cole met een, scheefhoofdig, gesproken persbericht afgerond en hij blikte vooruit.
    De pre-productiontest 1A is boven verwachting goed afgerond, ze zijn veel verder gegaan dan een 'normale' extended welltest. En dat heeft een schat aan gegevens opgeleverd. Alsmede het bewijs dat Xcite alle facetten van deze dikke olie uit de grond oppompen, via behandeling/separatie, naar tanker pompen, mengen met diluant en aan een raffinaderij verkopen voor een beter dan verwachte prijs beheerst, veilig en zonder problemen ook.
    Mede dank zij hun Intellectual Property.

    De onderliggende watervoerende laag (acquifer) staat in open verbinding met de Noordzee, weliswaar op 50 km afstand, maar dat doet er niet toe, dus zal altijd opwaartse druk blijven leveren, goed voor long life productivity.
    Een negatieveling zou kunnen zeggen: behalve als er weer een ijstijd komt zoals de laatste. Toen stond de Noordzee nl nagenoeg droog. Voer voor Zwarte Kniesoren wellicht.:-)

    Wel, dit had de markt nodig en DECC ook.
    Petje af deze keer, Neut.:-)

    Binnenkort zien we wat dat betekent voor reserves/resources in Bentley en aanliggende velden die in de 26e en 27e licensierondes zijn verkregen.
    In 2012 verkregen nieuwe 3d seismiek over alle licensies wordt ook in beschouwing genomen.
    Al die nieuwe gegevens worden door TRACS in een nieuw Reserves Assesment Report/CPR verwerkt. En dat is een fikse klus dus neemt wat tijd in beslag.
    Dit rapport zal een opwaardering geven vwb reserves/resources zoals tot nu toe bekend. Binnenkort in dit theater!

    Verder kunnen we een aangepast Field Development Plan tegemoet zien, positief aangepast, zonder twijfel;lekker goedstromen, lagere kosten/hogere produktie. En, na goedkeuring hiervan, de ratificatie van de RBL.

    Uit Cole's woorden is ook duidelijk dat, na tot nu toe 100% eigenaar te zijn geweest, na de validatie van de assets dmv 1A, de tijd rijp is een farm-in partner te vinden.
    Hopelijk levert dat voldoende poen op om fase 1B te kunnen starten. En daarmee de koers te laten stijgen richting reeele waarde.

    Op de BB's wordt eindeloos gespekuleerd over de toekomst. Ik doe er niet aan mee en wacht het rustig af.
    1 ding weet ik zeker. Upside! En niet zo'n klein beetje ook.

    Las heden nog een artikel over olieproduktie in de Noordzee-UK.
    In 2012 zijn 9 nieuwe velden in produktie genomen met recoverable reserves van 153mmb in totaal. Dat is gem. 17 mmb/veld.
    In 2013 zullen 21 velden met een totaal aan reserves van 638 mmb in produktie worden genomen. Dat is gem. 30 mmb/veld.

    Dan vraag ik U af (met de woorden van de legendarische Koot gesproken) of we met Bentley, met 116mmb, binnenkort 160/200mmb, recoverable reserves, een muis of een oliefant bij de staart hebben.
    Damn, ga ik toch nog spekuleren.
    Als je een oliefant bij de staart hebt kan je die overigens het beste loslaten en de oliefant door laten rennen, dat is veel veiliger heb ik hier te lande geleerd!
    Een andere story dan met een muis.

    Gegroet.
    Z. te T.
    100% XEL.

    P.S.De vorige week gegeven presentatie van Xcite bij TD Securities is op hullies website geplaatst.
  6. forum rang 10 DeZwarteRidder 24 januari 2013 13:52
    quote:

    spotterke schreef op 24 januari 2013 09:24:

    @dezwarteridder ; wie is die olifant?...is wel een gigantisch beest!Vergelijkt u appels met appels en...
    Met OLIEfant bedoel ik de gigantische kosten van dit project.

    Het verhaal van Zandeman was ook wel leuk: daaruit blijkt dat ze de halve Noordzee moeten opzuigen om hun olie uit de grond te krijgen; wie gaat dat betalen....???
  7. [verwijderd] 7 februari 2013 09:37
    Howdy Xciters.

    De wachtwoorden hier zijn al sinds September jl: Early 2013.

    Als je een jaar verdeelt in early, mid en late, dan kan dit betekenen: wachten tot 30 April. Dat zou dan wel een heel speciale Koningsdag/Bekroningsdag worden!

    Waar wachten we op?
    *Nieuw Reserves Report/Competent Persons Report.
    *Aangepast Development Plan 1B.
    *Ratificatie Reserves Based Lending facility @ 155m$.
    *Mogelijk farm-out nieuws
    *En ja, een overname (totaal/gedeeltelijk) behoort ook nog altijd tot de nogelijkheden.

    Een plakkertje van een artikel in ProactiveInvestors uit Oct. 2012, nav een Brokernote van Liberum. Liberum werd trouwens in December jl(?) benoemd tot companybroker, ter vervanging van Numis(?).
    Geheugentest hier.
    Er van uitgaande dat Liberum gevoed is met company informatie mogen we hun uitspraken en toekomstvisies als betrouwbaar zien.
    Aan de andere kant willen companybrokers nog wel eens overoptimistisch zijn in hun koersdoelen...
    Ik vind ze realistisch voor de goede orde.

    Komt ie:

    "Xcite Energy (LON:XEL, CVE:XEL) offers a compelling opportunity for investors to access rare heavy oil expertise, says City broker Liberum.
    It is currently on the cusp of developing the Bentley heavy oil field in the North Sea, with first production possibly coming next year.
    Two weeks ago Xcite completed the first part of its development programme for the oil field, which comprised a number of production tests designed to gain an insight into the field’s longer term production profile.
    It was a significant milestone the field’s development that moved Xcite closer to securing remaining project finance, which should in turn lead to approval from the UK Department of Energy and Climate Change (DECC).
    And it will mark the end of a period of perceived uncertainty for investors, according to Liberum analyst Andrew Whittock.
    Highlighting the significant volatility in the shares over the last two years, Whittock says there were legitimate concerns over the value of the Bentley driven by the perceived difficulty, cost and technical issues associated with heavy oil.
    But he now believes there should now be greater confidence in the commerciality of the field following the recently completed testing programme, as well as the initial financing arrangements that have been put in place – which includes a $155 mln reserves based loan (RBL) from a banking consortium.
    “The due diligence undertaken by the banks will have included a thorough assessment of technical risks and the offer of a debt facility demonstrated confidence in the project’s long term viability,” Whittock said in a note.
    “We believe the recent extended well test should have addressed any residual concerns and anticipate this will be confirmed by the unconditional availability of RBL funds, expected to be announced early next year.”
    As such Whittock believes the investment case has been de-risked and there is significant upside in the share price.
    In today’s initiating note the Liberum analyst rated the North Sea firm as a ‘buy’ and set a 242p a share price target – which is some 135% more than the current price of 102p.
    Looking forward the Liberum analyst reckons there will be significant potential further upside too as Xcite upgrades its reserves further as the field development advances.
    And while he says that some funding concerns may remain through part of next year Xcite will be able to secure the necessary capital.
    “We believe that between debt markets, industry partners and equity markets there is little doubt the financing can be raised. The only question is, given markets at that time, which source(s) can provide best value for shareholders.”

    Kijk, weten we weer waarom we wachten.

    Gr.
    Z. te T.
    100% XEL.
  8. [verwijderd] 7 februari 2013 10:05
    Moguh Xciters.

    Nu ik toch bezig ben:
    Uit een artikel verschenen in Offshore.no.

    "EPC Offshore links up for Bentley

    Posted 18.12.2012 09:35:12 av John Bradbury

    "A further stage of development for the UK North Sea Bentley heavy oil field is to be steered by a UK contractor.

    EPC Offshore, which is head quartered in Aberdeen, is to team up with field operator Xcite Energy to provide project management and field support services for the next phase of the field development which is aiming to tap and estimated 550 million barrels of heavy oil at Bentley.

    “As well as Xcite’s Bentley field, there are a number of other heavy oil projects moving towards development, namely the Mariner, Bressay and Kraken fields, and we are delighted to have been chosen to support the selection of the optimum concept for developing this dynamic project,” said EPC chief executive David Wallace."

    Belangrijkste zinsnede:"We are delighted to have been chosen to support the selection of the optimum concept for developing this dynamic project,” said EPC chief executive David Wallace."

    Na de buitengemeen suk6volle fase 1A Pre-production welltest zijn er veel keuzes mogelijk.

    Afwachten wat er uit de bus/hoge hoed komt.

    Goede wacht.

    Z. te T.

  9. forum rang 10 DeZwarteRidder 9 februari 2013 15:04
    Al die zwaar betaalde 'analisten' moeten af en toe natuurlijk reclame maken voor Xcite, omdat ze betaald worden zijn ze echter per definitie onbetrouwbaar.

    Over de financiering wordt niet gepraat, want dat zal Xcite nooit voor elkaar krijgen.

    Het is inmiddels ook wel duidelijk dat de kandidaten voor een farm-in niet in de rij staan, er zijn immers meer dan genoeg andere projecten te koop, waar meer mee te verdienen valt.

    Hoe zit het trouwens met die lening van de loan-shark die in 2013 moet worden afgelost....???

  10. forum rang 10 DeZwarteRidder 17 februari 2013 10:51
    Statoil to develop heavy oil field offshore UK
    Norway's Statoil to develop heavy oil field offshore UK, expects to invest $7 billion

    Associated Press – Fri, Feb 15, 2013 12:13 PM EST

    OSLO, Norway (AP) -- Norwegian energy company Statoil ASA says it has received approval from the British government to develop the Mariner heavy oil field, the U.K.'s largest new offshore development in more than a decade.
    Statoil says it expects production to last 30 years starting in 2017, with an estimated initial daily output of 55,000 barrels.
    CEO Helge Lund said Friday that the North Sea is Statoil's "core area" and it welcomed "taking a leading role in further developing also the U.K. part of this basin."
    Staoil expects to invest $7 billion in the Mariner field. It says it has developed a leading position in heavy oil extraction that requires special equipment because of its viscosity. The company will open an operations center in Aberdeen, expecting to create 700 full-time jobs.
  11. forum rang 10 DeZwarteRidder 17 februari 2013 10:52
    Statoil Gets Consent for $7 Billion Mariner Development Plan
    By Mikael Holter - Feb 15, 2013 12:26 PM GMT+0100

    Statoil ASA, Norway’s biggest oil and gas producer, got approval from the U.K. government for its plan for the Mariner project, the largest offshore development in the U.K.’s North Sea in more than a decade.
    Statoil, based in Stavanger, will spend more than $7 billion developing the Mariner heavy oil field with its partners, which include Japan’s JX Nippon Oil & Gas Exploration Corp., it said in a statement today. The field will start production in 2017 and plateau output is seen at about 55,000 barrels a day, Statoil said.
    While Mariner was discovered about 30 years ago, it’s only recently that the technology has become available to exploit it, U.K. Secretary of State for Energy and Climate Change Edward Davey told reporters in Oslo. “We’ve had to wait for Statoil to innovate.”
    Mariner will be developed with a production, drilling and quarters platform on a steel jacket, and a floating storage unit with a capacity of 850,000 barrels, Statoil said. The company will set up an operations centre in Aberdeen with the creation of more than 700 full-time jobs, it said.
    The contract for engineering, procurement and construction of Mariner’s jacket, used to fix the platform to the seabed, was awarded to Dragados Offshore SA. Daewoo Shipbuilding & Marine Engineering Co. won the contract for the topside, the upper part of the platform. The two agreements are valued at a total of 1.2 billion pounds ($1.9 billion).
    Mariner is located about 150 kilometers (93 miles) east of the Shetland Isles in the North Sea. Statoil has a 65.1 percent stake in the field and 81.6 percent of Bressay, also in the North Sea. The Norwegian company expects to make a final investment decision on Bressay at the end of 2013, it said.
  12. forum rang 10 DeZwarteRidder 17 februari 2013 10:58
    Iedere persoon met een gezond verstand die bovenstaande berichten van buurman Statoil goed leest zal algauw begrijpen dat alle berichten over een eigen ontwikkeling van Bentley door Xcite volkomen onzinnig zijn.

    Een minibedrijfje met ca 5 man personeel en NUL geld in kas kan niet serieus genomen worden.
  13. forum rang 10 DeZwarteRidder 27 februari 2013 16:58
    Extension to Maturity Date of Unsecured 14% Loan
    MarketwirePress Release: Xcite Energy Limited – Wed, Jan 30, 2013 2:00 AM EST

    XEL.L 102.83 0.08

    ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - Jan 30, 2013) -
    30th January 2013
    Xcite Energy Limited
    ("Xcite Energy" or the "Company")

    Extension to Maturity Date of Unsecured 14% Loan Notes

    Xcite Energy has extended the maturity date of the Unsecured 14% Loan Notes (the "Loan Notes") issued to a fund managed by West Face Capital Inc. ("West Face").

    The maturity date of the Loan Notes, the terms of which were announced on 10 April 2012 and 8 August 2012, has been extended for a period of 275 days to 31 December 2013 which, subject to the approval of West Face, may be further extended for an additional 90 days to 31 March 2014.
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