Rupert Cole of Xcite Energy believes there’s still significant upside on asset value
Friday, March 04, 2011
http://www.proactiveinvestors.co.uk/companies/stocktube/686/rupert-cole-of-xcite-energy-believes-theres-still-significant-upside-on-asset-value-.html
Key highlights from Cole:
Well - outstanding success, beyond public conservative modelling assumptions
New reserves assessment report - model has to be rebuilt from scratch with increased in place volumes, and enhanced reservoir performance demonstrated from well test. Usually 6-9 months timeline, trying to complete in 3 months. Says categorically that reserves assessment has not bee done, nothing to hide. Targeting for end March Doing things as quickly as possibly can, but robust and efficient assessment for first stage production. Maximise value for shareholders. Don't get hung up on a particular date.
Value of Bentley - $1 billion company is reflection of asset value. Still significant upside in asset value and therefore share price. $4-5 per barrel asset price, target is $10-15.
Director sales at £3.84 - rebalance personal asset sheets, reasonable thing to do
Key highlights from Cole:
Well - outstanding success, beyond public conservative modelling assumptions
New reserves assessment report - model has to be rebuilt from scratch with increased in place volumes, and enhanced reservoir performance demonstrated from well test. Usually 6-9 months timeline, trying to complete in 3 months. Says categorically that reserves assessment has not bee done, nothing to hide. Targeting for end March Doing things as quickly as possibly can, but robust and efficient assessment for first stage production. Maximise value for shareholders. Don't get hung up on a particular date.
Value of Bentley - $1 billion company is reflection of asset value. Still significant upside in asset value and therefore share price. $4-5 per barrel asset price, target is $10-15.
Director sales at £3.84 - rebalance personal asset sheets, reasonable thing to do
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