.

oh dear......another "Top analyst" coming.,.

lol

now now boys an gals.
anyway wheres my dictionary, a couple of words i need to look up.and no Bb not one of yours-;)
and why does S have to have a claim to fame?
just wondering and just my view and opinion as always.
regards to you all.
jkd

Notes from AGM

- Bentley East was not part of the 2009 cpr
- it is not part of the core as it has not yet been drilled - will be appraised in FSP by a sidetrack, it is a pinch out in the field.
- oil has spilled into the core from Bentley east & south into the core from se to nw. If pressure connectivity can be established in this appraisal then it will be added to the core area
-Also believed that there is a channel connecting to Bressay to the nw
- the fsp area is defined only by what will be drained by the no of wells in the fsp
- D West is the asset manager doing the DECC application
- only thing stopping all P becoming reserves is the DECC approval
- subtle differences between staged and phased ??
- where's the 200mmboe? It is still there on the upside of the areas which are not currently 1P or 2P but must be more careful in the terminology used now??

DECC approval
- 2 stage plan has been put forward to DECC - 2 stages because XEL will learn from stage 1 fsp
- fpso discussions underway and DECC APPROVAL is expected by the summer
- 200mmBoe is being used internally by management for sizing

Funding
- they know how much bank debt (mezz or project finance) is available
- split of equity & debt is being discussed and expects to be settled in the next 4-8 weeks ie there is likely to be some kind of modest placing

IP
- there is $100m invested in how to do what XEL has done
- there are directly comparable fields in the north sea so this is worth a lot
- further approaches for data sharing have been received
- no well data sharing has been agreed with Statoil for the 6z well

No clear answer to what management will do differently to avoid the communications disaster happening again - disappointing answer on this.
- RS is very keen to emphasise the asset value is now fully derisked at $1.35m
- "there is a gap between asset value and SP and the market will figure this out" - this seems to be the comms strategy

cost per barrel is significantly more fsp than 2009 cpr and more than ssp

slippage on first oil to Q1/Q2 2012 dependent on whether wells are batch drilled or drilled and brought into production simoultaneously.

- significant interest in the contractor community to be involved in incentive based participation in the Bentley alliance

Totally de-risked with an asset worth $1,350,000,000 / 163.2million = $8.27/5.11

My view, were the board of directors to big to ask for help. Now look at the cost. I would have thought top advisors would have gone over the report before it being made public. It was just to important to not word or get it over to the investors, in a understanding way.

m
are they your notes?
if not maybe you would like to confirm who's and when, as you give no details or references whatsoever.
many thanks
jkd

Number of broker notes are saying "still very risky".

That says it all.

I have no claim to fame, and indeed shun such self- aggrandisement,I do however have a Bsc., Geology being an integral.

I also have a modest holding in XEL.

The ref to " a modest placing" will spook the market, this has to impinge upon the banal sp, and from notes I have read from the AGM,it was not a bundle of laughs.

We shall see.
Oh and anyone using the word " derisked" to describe an investment should be boiled in the oil they haven`t yet landed, as Samuel Goldwyn probably didn`t say

brokers - what do they know lol! time and again they are wrong so i'll take a broker view and compare to my information and general information available

after agm glad i am in long here - interesting start to the day again

I presume the directors won the vote to continue our largesse to them for virtual freebies?

there's a lot ofd companies out there like that i'm afraid ..... on the other hand, AFR (which i hope you hold) quietly gets on with things and delivers the goods

Have You De-Risked Recently?

ah thanks skinny , might have known the word was coined by an American BS merchant.

Another word for the dictionary dustbin, along with de-ramp.

Does de-cynic exist?

well the post agm opinion is that xel have been very conservative in their valuations and sp is in fact at least 50% below reality - blue may firm more today - yeeeeeeehaaaaaaaa!

try "rose-tinted"

tend to agree, that`s a first

Very low volume suggests the old cliche " buy on the run up to, to sell after theAGM"
works well

wouldn't want to be outof these..........

I would ?