GREY:ROAOF - Post by User
Post by
coffinraideron Dec 28, 2008 7:37pm
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Post# 15668849
Oilexco's loaded down asset base
Oilexco's loaded down asset base
Oilexco, the most active driller in the North Sea in the past 5 years has at their disposal numerous prospects that can be sold or securitized while retaining 2 or 3 key near term production blocks.
Retaining the January start-up 100% owned Shelley Field with a 12500 bbl/d potential output along with their current producers -100%owned Brenda and -70%owned Nicol producing 18000 bbl/d to 30000 bbl/d flow potential, along with Balmoral producing 1800 bbl/d of API light sweet crude and a flow potential of up to 8000 bbl/d,...there remains a huge asset base that can be sold off to keep Oilexco up and running over the next 2 years.
The sale of Huntington field with their 40% claim on this vast reserve of 500 million barrels of oil is one option but isn't in any danger of being sold off.
Oilexco may choose to seperately offload their 50% controlled Moth prospect showing a gas condensate flow rate potential 11800 barrels of oil equivalent per day (boepd) and or package the Mallory and Bugle prospects, Mallory being considered an extension of Huntington Field 4 miles to the Northeast, with Bugle an 8 km extension to the North of Huntington Field with a recoverable 50 million barrel reserve.
They could include any number of a dozen more of their other holdings such as Delta for instance with its 10 million barrel gross recoverable reserves or the Morro/Corrondo discovery tested to 7400 bbl/d of 44 degrees API sweet light crude.
Take their pick of yet another 10 more prospects held by Oilexco similar to these.
Oilexco is no short supply of assets to deal.
RBS is working with Oilexco and is not seeking an overall liquidation of assets.