RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:another raise?These recent threads were started with someone claiming a new financing was coming. It was clarified by those that attended the last AGM that question was addressed and XOP said it raised enough to go through 2017 and the Nigerian play is being debt financed in ShoreCan and was not going to use financings from XOP. So no new financing short term.
With Block 13, Art said that they hoped Exxon could do more than one well with the carry as drilling costs were way down. Seadrill's website proves the cost went down from $634K a day to $225K a day. So it looks good for us to be carried for 2 wells.
In January, the first well will be completed. There are two zones to this play. The first well is not intended to be production tested. The big question is going to be whether Exxon proceeds with the second drill. If that occurs, that will be a great sign for us. After the second well - that would be when production testing would occur.
If this oil play composition proves it will be economic to produce, then the big question is what does XOP do next with its share of this? Because that is when the real monetary committment will have to be made by Exxon and we will be on the hook for 17% of it.
GLTA