GREY:ROAOF - Post by User
Post by
coffinraideron Dec 31, 2008 12:17pm
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Post# 15674537
I want to read it one more time
I want to read it one more time
Oilexco's loaded down asset base
coffinraider
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12/28/2008 7:37:23 PM | | 477 reads | Post #25487752
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Oilexco,the most active driller in the North Sea in the past 5 years has attheir disposal numerous prospects that can be sold or securitized whileretaining 2 or 3 key near term production blocks.
Retainingthe January start-up 100% owned Shelley Field with a 12500 bbl/dpotential output along with their current producers -100%owned Brendaand -70%owned Nicol producing 18000 bbl/d to 30000 bbl/d flowpotential, along with Balmoral producing 1800 bbl/d of API light sweetcrude and a flow potential of up to 8000 bbl/d,...there remains a hugeasset base that can be sold off to keep Oilexco up and running over thenext 2 years.
The sale of Huntington field with their 40% claimon this vast reserve of 500 million barrels of oil is one option butisn't in any danger of being sold off.
Oilexco may choose to seperately offload their 50% controlled Moth prospect showing a
gascondensate flow rate potential 11800 barrels of oil equivalent per day(boepd) and or package the Mallory and Bugle prospects, Mallory beingconsidered an extension of Huntington Field 4 miles to the Northeast,with Bugle an 8 km extension to the North of Huntington Field with arecoverable 50 million barrel reserve.
They could include anynumber of a dozen more of their other holdings such as Delta forinstance with its 10 million barrel gross recoverable reserves or theMorro/Corrondo discovery tested to 7400 bbl/d of 44 degrees API sweetlight 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.