A clear strategy to develop Bentley A strategy that allows us to retain control of the progress of Bentley MoUs with development partners contracts to follow Minimise upfront cash requirement leverage asset value Reservoir is…
Where are we today - 257 MMstb 2P Reserves + EOR 2008 2010 2012 9/3b-5 9/3b-6/6Z 9/3b-7/7Z Well Well Well NPV10 NPV10 2.17bn 2.11bn 6 7 MMstb 450 NPV10 400 1.46bn 5 NPV10 350 1.36bn 4 300 NPV10 250 781m 3 200…
Key reservoir and development questions answered Question How Xcite has addressed this Is there sufficient oil in the ground for a Mapping has consistently shown large in-place volume. viable development Current P50 = 907…
Bentleys position in the UK North Sea Bentley is currently one of the largest, proven, undeveloped assets in the UK North Sea Long reserves production profile extending to 35 years, and beyond to 50 years assuming contingent resources…
Significant progress in 2013 Outlook for 2013 (2012 Annual Report) Continue planning and scheduling of First Phase Development of the Bentley field Update the FDP with DECC Commence farm-out process of the Bentley asset…
Evolving strategy to address the current circumstances Farm-out environment How are we addressing these Restrictions on new development spend in MoUs with initial development partners the North Sea - AMEC, Arup, Teekay Full…
Technical and financial capability to take Bentley through FDP Bentley Development Group Technical and Financial Capability Partners to take/share development risk/reward Production Operator to assist alignment and maximise value…
Utilise the long term production profile: 35+ years P50 recoverable volume (2P Reserves) of 257 MMstb of oil First Phase wells deliver 67% of the P50 Volume (172 MMstb) FPD Extension wells deliver 7% of the P50 Volume (18 MMstb)…
Upfront engineering is intended to de-risk future costs and schedule Field Development Plan Approval Extended Well Test IDENTIFY SELECT DEVELOP EXECUTE OPERATE Decision Identify Y/N Y/N Decision Operations Y/N Makers Makers…
Bentley Development Partners - evolution of First Phase concept First Phase Development AMEC, Arup and Teekay have joined the development group to undertake pre-FEED/assurance engineering with Xcite and move Bentley through FDP…
ACE self-installing platform: proven Arup design Arup Concept Elevating (ACE) platform MoU signed with AMEC and ARUP for the design and development of Arups self-installing ACE platform for the Bentley field production facilities -…
Bridge-linked FSO proven Sevan/Teekay design Sevan bridge-linked FSO MoU signed with Teekay for the supply of a bridge- linked Sevan FSO facility for the life of the Bentley field - Front-end engineering through fabrication,…
2014 work plan and expected field development timetable 2014 Key work plan FDP Approval Platform & Topsides Cost & Schedule Assessment ACCELERATED NEW BUILD Platform Assurance Scope Costs Defined Platform - New Build c.36…
A clear strategy to develop Bentley A strategy and a plan that allows us to retain control of the progress of Bentley MoUs with development partners contracts to follow Minimise upfront cash requirement leverage asset value…
THANK YOU Strictly Private & Confidential 2014 XEL AGM 17
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