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Market analyst Rajan Dhall talks about the financial market Watch here

Market analyst Rajan Dhall talks about the financial market


Xcite Energy Share Chat (XEL)


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toxicnerve
Posts: 2,618
Off Topic
Opinion:No Opinion
Price:0.00
RE: Four more years...
Sat 09:55
I'd like to say that this shocked me but unfortunately it hasn't, surprised yes...what a shower this country has become.
There was a time when Britain stood for quality ie Sheffield steel etc & above all integrity...good god!
 
highlandsbull
Posts: 5,580
Observation
Opinion:No Opinion
Price:0.00
RE: Four more years...
Sat 08:51
Stinks by the incumbents of a fix to get rid of XEL shareholders imo, hey ho $450m gone, off we go again clear of pesky shareholders and debt. Why is OGA being shown to be a party to being complicit in this, the owners and management for whatever reasons were a failure to bring Bentley to production as per their declared intents and timeline, so they can't unless all together be allowed to continue.
highlandsbull
Posts: 5,580
Observation
Opinion:No Opinion
Price:0.00
RE: Four more years...
Sat 08:42
Why at the time of OGA allowing XEL/XER a six month extension to Bemtley in 2016 was XER not at that time given this huge 4 year extension. Surely with what XEL/XER had expensed to that time that would have made a huge difference to XEL/XER's ability to negotiate revised Bond or other loan terms and bring in an approved FDP.
highlandsbull
Posts: 5,580
Observation
Opinion:No Opinion
Price:0.00
RE: Four more years...
Sat 08:36
Under FOI OGA should be made to release details as just who is supporting Whalsay and why they have not with the affinity of that management to the previous failed incumbents, awarded any extension of Bentley to what is in actuality the same persons, rather than being re-tendered. A complete cop out and slight by OGA to the shareholders who invested in XEL/XER in good faith and lost so much, to allow any further involvement by this XER management in development of Bentley.
highlandsbull
Posts: 5,580
Observation
Opinion:No Opinion
Price:0.00
RE: Four more years...
Sat 08:24
So the fix is in. These jokers in OGA have not, with the demise and failure of XEL/XER to develop the field as per their proposals submitted to DECC, despite numerous extensions awarded and failure by that entity to perform within the specified timeline, awarded yet a further extension to these clowns of 4 years. Beggars belief, the leas expired, the field should have been put out to open tender through repeated failure of the previous incumbents to perform, not re-awarded to the same bunch of numbnuts.
highlandsbull
Posts: 5,580
Observation
Opinion:No Opinion
Price:0.00
RE: RE: toxic
Sat 08:10
Macondo was 4/2010 well before XER even drilled the 6 well and 18 months before the hiatus with DECC over Bentley fsp/ssp. Even the clo*n at DECC could surely recognise Bentley HO flow characterisitcs for what they are. Any issues re Macondo should have come from DECC long before XER went in to submit their draft fdp.
toxicnerve
Posts: 2,618
Off Topic
Opinion:No Opinion
Price:0.00
RE: Four more years...
Fri 19:40
& they say Columbia is corrupt!
Did we ever find out why & what we were paying the pet MP for?
LEGENDS
Posts: 1,588
Off Topic
Opinion:No Opinion
Price:0.00
RE: toxic
Fri 16:53
highlandsbull: It was all to do with the BP Gulf spill. DECC bottled it...

EXL attended a meeting with DECC with a jar of Bentley crude. The meeting got very heated and the jar was turned upside as proof that Bentley could never spill; ever.

Decc are very much to blame for this fecking disaster, the share price tanked in May 2011 and never recovered. King Cole is the main culprit though. He went against the recommendation from the management team and signed Bentley over to WARWICK instead of pursuing the RBS RBL. WARWICK then shafted Cole two years later. He also refused a very handsome offer by Statoil back in the summer of 2013; pure greed. He also got numerous offers in late 2015 from a previous employee and his African based backers to pay the bond (and part of an African gas field as a sweetener) on the condition the previous employee was reinstated on the BOD. He refused stating he didn't require the money as all was still in hand. Guess what? In late 2016 he went crawling back to said employee but was told to jog on.

Cole will get what's coming to him......
Cuchulainn
Posts: 113
Off Topic
Opinion:No Opinion
Price:0.00
Four more years...
Fri 15:56
highlandsbull
Posts: 5,580
Observation
Opinion:No Opinion
Price:0.00
RE: toxic
Fri 12:04
I'm commenting on the usual civil servant evasiveness of OGA with respect to their recent response to upanchors re the actions of DECC in 2011 by their refusal at the time to accept the XER fsp/ssp plan submitted on 25/11/2011 that led directy to this unsupported hugely expensive EWT being this useless XER BOD response and solution to DECC refusal at the time to support the XER proposed plan. Clearly this was a blank refusal, not mere 'advice', as OGA try to purport was the reason given.

Of course the absolute incompetence before and since of the XER BoD that led to this, in both having contracted a rig in advance of any development plan approval, and subsequently proposing an expensive EWT without funding or partner support to further develop the likely success of same, has led to the huge expense and eventual liquidation of the parent XEL as matters now stand. DECC cannot escape imo their direct responsibility and involvement in this fiasco. Jmo.




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