After midnight in Voorburg.
Of all places...
Na mijn eerste huwelijk in Dec. 1972, ondertussen al weer 41 jaar geleden, woonden we in een eerste woning, een bovenwoning in Voorburg.
De historie herhaalt zich. Soms, niet altijd.
Maar dit terzijde.
De titel van de bovenvermelde pagina op Xcites website is: About Xcite.
Nou, een nuchtere titel, dus.
Met de hoofdlijnen van hun doelstellingen. Met veel upsides.
Ze hebben 't nog even niet over de poen, benodigd om die doelstellingen te bereiken.
De volgende pagina op Xcite's website die van belang is voor investeerders, zoals ik en, mogelijk U, heeft de titel:
Investment proposition.
Nu komen de financials aan bod.
Een reality check. Tsja, zonder poen gebeurt er nix, immers.
Komt ie:
Investment Proposition
Xcite Energy is an oil appraisal and development company. Its primary asset, the Bentley field, is a discovered heavy oil reservoir located 160 kilometres east of the Shetland Islands on the western edge of the Viking Graben, covering an area of approximately 70 square kilometres.
Oil Reserves and Resources
As announced by the Company on 08 April 2013 and as set out in the Reserves Assessment Report ("RAR") effective as at 31 December 2012, the Bentley field has been independently assessed by TRACS International Consultancy Limited and has assigned:
Petroleum Initially in Place for the Bentley field for the Mean, 1P, 2P and 3P or approximately 909 MMstb, 768 MMstb, 907 MMstb and 1,052 MMstb, respectively;
Oil reserves of the type 1P, 2P and 3P of approximately 198 MMstb, 250 MMstb and 312 MMstb, respectively;
NPV10 (after tax) value of oil reserves of approximately $1.496 billion, $2.170 billion and $2.803 billion on a 1P, 2P and 3P basis, respectively*.
*See "Cautionary Language" below for a general explanation of the method and assumptions used in these calculations.
Future Potential
In addition to the reserves already assigned to the Bentley field and the subject of the future development costs set out above, the Company plans to undertake enhanced oil recovery ("EOR") tests which, if successful, will be followed by the implementation of an EOR programme for the entire Bentley field as soon as practicable during First Phase Development. It is anticipated that the EOR programme will incur additional costs to be met from cash flow being generated at the time, but will give rise to additional recoverable crude oil that, when sold, will generate additional revenue in excess of the associated costs.
Reserves estimates only include volumes that are currently planned to be produced within an initial facilities service life of 35 years. It is intended that the assigned Contingent Resources assumed to be produced in the 20 years after this period will be the subject of optimisation and either brought forward within the initial facilities service life, accelerated and captured by implementation of the EOR facilities, or produced through life extension methods employed during the later stages of field life. Funding for such work programmes is assumed to be available from cash flow generated from previous production from the field. It is expected that these work programmes, if successful, will give rise to additional reserves being assigned to Bentley.
It is planned that prospective resources currently contained within the adjacent and other prospects will be the subject of separate appraisal and development programmes in due course, with funding for such work programmes assumed to be available from cash flow generated from the core area of the field. It is expected that these work programmes, if successful, will give rise to additional reserves being assigned to the Bentley field.
Funding Strategy
The Company concluded discussions with a group of commercial lending banks in June 2012 to secure a USD$155 million Reserves Based Lending facility (the "Facility"), to provide significant project debt to be used as a material part of the overall funding required for Phase 1B. The Company regards this as an important component of its future funding structure, and given the updated development plan has resulted in a significant increase in reserves on which it can potentially increase the borrowing capacity of the project, it intends to hold discussions with both existing and potentially new lenders to fuly utilise this additional capacity.
With the updated reserves assessment completed, Xcite Energy intends to commence a farm-out process to ascertain interest in the development plan from one or more suitable business partners. The farm-out together with an extended RBL facility, is intended to provide the funding required to commence the development of the field.
Cautionary Language
The RAR, as audited by TRACS, is based on forecast and prices effective as at 31 December 2012 from McDaniel & Associates’ 1 October 2012 Brent oil forecast, less a 12% discount for Bentley crude (www.mcdan.com).
The calculation of the NPV10 (after tax) for the Core Area disclosed above takes into account the following: (a) UK Corporation Tax is charged at the rate of 30% on net taxable income; (b) UK Supplementary Charge Tax ("SC") is charged at the rate of 32% on net taxable income; and (c) heavy oil allowances of up to £800 million have been applied to offset the SC to the extent possible.
Glossary
"1P" means proved reserves.
"2P" means proved plus probable reserves.
"3P" means proved plus probable plus possible reserves. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves and there is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.
"Core Area" means FPD and SPD.
"DECC" means UK Department of Energy and Climate Change.
"FPD" means First Phase Development in the core area of the Field, or Phase 1B.
"MMstb" means millions stock tank barrels.
"NPV10" means net present value in money of the day using a 10% forward discount rate, which values do not represent fair market value.
"SPD" means Second Phase Development in the core area of the Field, or Phase 2.
"$" means United States dollars.
"$MM" means millions of United States US dollars.
Published : Wednesday, April 10, 2013 2:49 PM UTC
Wel, genoeg over Xcite, @ this moment in time.
It's summertime and the living is easy.
I love it when a plan is coming together.
Oh, gaat 't toch weer over die Xciters.:-)
Z. te N.