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Xcite Energy Share Chat (XEL)


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highlandsbull
Posts: 5,607
Observation
Opinion:No Opinion
Price:0.00
RE: CV Fakers
Today 00:37
One has to ask why with the emphasis by OGA being put on Quad 9 and the key work done in that regard by XEL, knowing the parlous state of the UK o&g market through 2015/6 why did OGA not in late 2016 provide the option of a four year extension to the Bentley lease to XEL/R? Were they ever asked in the name of XEL/R?

Alternatively with the failure of XEL/R to obtain FDP prior to the lease termination end 2016 why did not OGA put the lease out to open tender. Why was Whalsay and the ex XEL/R staff that parachuted seamlessly into Whalsay given a lease extension that was seemingy not on offer to XEL/R. These people clearly had to have been negotiating this lease extension while still servants of XEL/R therefore a clear conflict of interest appears evident, apart from the inexplicable apparently secret action of OGA in this matter. Jmo.
 
highlandsbull
Posts: 5,607
Observation
Opinion:No Opinion
Price:0.00
RE: CV Fakers
Thu 19:04
The name change at XER and the subsequest 'acquisition' by WEHL throws up languge that clearly indicates negotiations on this restructuring, with institutional funds available to someone, had to have been discussed by XER execs who transferred to Whalsay and it's successor, and OGA well before the end of the XER Bentley lease in 2016 otherwise OGA would have been in breach of it's remit re this seeming seamless extension of the Bentley lease to Whalsay in it's various entities. Befoe any lease extension could be conttemplated by OGA surely a not only t/o of XER debt but a funding package or guarantee had to have been proposed and accepted.

Clearly as part of these negotiations this acceptable funding package seemingly was unavailable to XER. Why was a four year extension available to these people and not XER to enable them to at least solicit an extension of the Bonds expiry date. XER even still had Esousa funds availabe, it there had been notification of a 4 year extension on offer by OGA, the picture for XER shareholders and the sp could have been transformational, even to the extent of offer of a rights issue to enable XER to carry the project through 2018 at least. As mentioned many XER stockholders and those in ISA's would likely far preferred on a viable proposal to assist with further funds, rather that the gtz situation that XEL/R management engineered with their incompetence, being one way to describe it. Imo qestions need to be raised of both OGA and the XEL/R execs that parachuted into Whalsay re conflict of interest and disclosure ot the timing and discussions that led to this gift to Whalsay paid for by XEL shareholders with a double shafting from DECC/OGA. Jmo.

Interesting Mr. Warwick aso has had past Sinopec connections, have to wonder if RR has been somewhere in the background.. Good for him if he was.

http://whalsayenergy.com/
https://www.rms-recruitment.co.uk/2017/07/new-north-sea-firm-whalsay-to-develop-bentley-field/
ceilingcat
Posts: 2,868
Off Topic
Opinion:No Opinion
Price:0.00
CV Fakers
Thu 09:36
highlandsbull
Posts: 5,607
Observation
Opinion:No Opinion
Price:0.00
RE: Hammond
29 Nov '17
Still believe apart from foi concerning events surrounding th DECC jobsworth in 2011 questions also need to be asked of OGA concerning whether XER execs ever approached OGA mid 2016 with request to extend the Bentley lease by 4 years as was seemingly given without question to Whalsay, and prior to their employment being funded by Whalsay.

If this extension had been on offer to XER or asked for, what effect might that have had on XER being able to find a partner, refi the Bonds or even persuade shareholders by rights issue pump in money to clear off the Bonds. Shareholders in at the 1-4 level might have been amenable to this, as opposed to the actuality of the gtz situation that eventuated.

Clear impression has been given that there had to have been collusion/conflict of interest on the part of OGA and management, as they proceed on with employment by Whalsay, with this 4 year extension awarded by OGA, while the XEL shareholders who paid for the pre development of Bentley effectively shafted. Jmo.
toxicnerve
Posts: 2,636
Off Topic
Opinion:No Opinion
Price:0.00
Hammond
23 Nov '17
said in his budget how there is 250 million barrels left in the North sea basin & wants to encourage more firms to extract it...more Afren's, Xcites, Rockhoppers etc...Just Like Osbourne encouraged people to "Manage" there own pensions & invest in oil fields etc
highlandsbull
Posts: 5,607
Observation
Opinion:No Opinion
Price:0.00
RE: Paradice papers
12 Nov '17
Under foi minutes and conversations DECC v XER late 2011 leading up to the 12/11 letter from DECC Aberdeen office. Who was this phantom jobsworth 'I this and myself that' that led to the cratering of XER's draft 2011 FDP despite data from wells drilled up to that time, and the substitution of FSP/SSP with the EWT and 1A and 1B plan. Even through 2012 the cocksure tone of the XEL 6/12 financial statement as to all being well, the 10/12 Edison XEL update then the 2013 change of plan to big boy. Who intitiated that, leading to the cancellation of RBL with no funding substitution in place. A catalogue as it's transpired of developing management incompetence imo that beggars belief, but goes back to events leading up to the involvement of DECC, or not, in economically assisting XER in the progressing of the proposed FDP at the time they were supposed to be helping small oilcos.
ceilingcat
Posts: 2,868
Off Topic
Opinion:No Opinion
Price:0.00
RE: Paradice papers
11 Nov '17
Indubitably, given that the paradise papers have come from Appleby's and they have been involved with Xcite along with the bond deals.

Maybe worth approaching the ICIJ about it.
quilas
Posts: 8
Off Topic
Opinion:No Opinion
Price:0.00
xel
11 Nov '17
Before the release of the fabled CPR in May 2011,which fell way short of expectation,I saw Cole interviewed on some site.He looked nervous and shifty,he knew what was coming.
Gasoilina66
Posts: 311
Off Topic
Opinion:No Opinion
Price:0.00
Paradice papers
11 Nov '17
It would be very intresting to see if R.Coles account cropped up anywhere in them as I cant believe he was that inept.Or should we be looking for Decc officials or the CFO.
Gasoilina66
Posts: 311
Off Topic
Opinion:No Opinion
Price:0.00
Paradice papers
11 Nov '17
It would be very intresting to see if R.Coles account cropped up anywhere in them as I cant believe he was that inept.




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