Ann: OFF-MARKET TAKEOVER BID FOR XCD ENERGY LIMITED, page-58

Having now listened to a * podcast on XCD and its strategy, it is even harder to see the merit
https://unauthorised investment adv...-off-oil-searchs-success-and-xcds-year-ahead/
Bad link, you will have to google it
Negatives
The acreage selection is based on reinterpretation of VINTAGE 2D seismic, so much higher risk than modern 3D. Importantly no 3D seismic has been done, even with modern 3D failure is common, as we have just witnessed. The level of proof of prospect here is very low, making all the claims on prospective barrels equally unproven.

The proving strategy is inverse to normal, XCD were planning to drill cheap wells first ( two for US $12-15 million), then do the 3D seismic if they strike. Its an old strategy from before 3D seismic was developed, and has a very poor strike rate.

Developing cheap wells is an unproven technique on the tundra North slope. Truck mounted and helicopter delivered drilling equipment is experimental, with all the experimental risk on XCD

88e is unlikely to be this cavalier/stupid, which puts it back on to the long term slow pathway of 3D first, then farmout.