- Business Highlights
Key Business Highlights for 2014
- Uplift in Bentley 2P oil reserves from 250 MMstb to 257 MMstb in February 2014, with a further 48 MMstb of Contingent Resources assigned
Signed Memoranda of Understanding with AMEC, Aibel, Arup, Baker Hughes, COSL and Teekay.
Signed collaboration agreements with Statoil, Shell and EnQuest to evaluate potential development and operational synergies with neighbouring fields.
Re-financed balance sheet, with new debt financing of US$135 million of secured 12% coupon Bonds, with repayment of the existing US$80 million unsecured 12.5% loan notes.
Extension to the Bentley field licence from the Department of Energy and Climate Change until 31 December 2016.
Key Business Highlights for 2013
- Material uplift in Bentley 2P oil reserves from 116 MMstb to 250 MMstb in April 2013, subsequently revised to 257 MMstb of 2P oil reserves in February 2014.
- Signing of a memorandum of understanding with AMEC, setting out commercial principles for future cooperation to support the development of the Bentley field.
- Sale of technical well data for US$15.0 million (£9.8 million) to a third party.
- Strengthened balance sheet, with new debt financing of US$80 million unsecured 12.5% loan notes, with repayment in full of the existing US$60 million unsecured 14% loan notes.
Continuation of the process to secure a development partner for the Bentley field.
- Development of commercial principles with industry service providers to share the financing, risk and reward of the Bentley field development.
Key Business Highlights for 2012
- 116 MMbbls 2P Reserves assigned for Core Area
- Successful completion of pre-production well test as part of the Phase 1A work programme on the Bentley field
- Safely produced over 149,000 bbls of Bentley crude from two horizontal wellbore sections
- Issue of US$60 million of Unsecured 14% Loan Notes managed by West Face Capital Inc.
- Signing of a US$155 million Reserves Based Lending Facility which shall be used for a substantial part of the overall funding of Phase 1B of the Bentley field development
Key Business Highlights for 2011
- Successful fundraising of £63 million
- Achievement of reserves status for Bentley
- New financing facilities secured for a £60 million Equity Line of Credit
- Significant progress on Field Development Plan with DECC and on the First Phase Development of the Bentley field
Key Business Highlights for 2010
- Successful fund raising of more than £50 million
- Successful testing of 9/3b-6z horizontal well on Bentley
- Full data set obtained, with stabilised flow rate of 2,900 barrels per day
- Successful 9/3b-6 pilot well, giving higher eastern flank reservoir column
- Increase in Standby Equity Distribution Agreement facility to £100 million
- Contracted the Rowan Norway jack-up drilling and production rig
- Planning under way to commence the First Stage Production on Bentley
Published : Monday, August 24, 2015 3:28 PM UTC