Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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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
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.
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.
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.
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.
It would be very intresting to see if R.Coles account cropped up anywhere in them as I cant believe he was that inept.
...Not to mention the "Crew" on here bullshitting non stop lies...about their hedge fund mates etc...
so say a lot of us. The word then fom the crew 'managing' the company was that they were merely recovering their investment cost up to that time and were still heavily in. Wish we all had had that option.
why on earth didn't I sell my holding in Dec 2010 when two directors sold a million shares at about �3.80?Even my wife advised me to as it was all downhill after that.What a prat I was.
Or even, faced with losing all as the only final alternative offered up by the 'management', knowing there was a four year extension on the table from OGA shareholders be asked for a rights issue, combined even with the funds still available via Esousa, to pay off or extend date and cost of the Bonds.
Through 2010, the 6 well, and into 2011 XER were consistently promoting FSP/SSP for the Bentley field development. That was the gist of the 2011 draft FDP submitted to DECC late 2011. Unfortunately they clearly never brought DECC on board with this plan before going public on it, and for which on spec effectively they expensively had contracted the RN, a rig the size of which was to enable them to combine drilling and production at the same time of an initial number of wells. The jobsworth at DECC made ot clear in his 12/2011 letter that there were 'remaining uncertainties in future reservoir performance'. He did not sanction XER's draft FDP. Clearly this negated XER's planned FSP/SSP approach by which they intended to go straight into production. So faced with the necessity to provide data that if they had known about it could have come from extended time on the 6 well, and having a rig on the horizon with no approval for FSP, there was no face saving alternative to proposing and selling to DECC and shareholders the expensive 'benefit' of an EWT, against the success of which they had no prior partner lined up to at least part absorb the cost. Whalsay is XER with a changed name. I'd like to know under foi when OGA were approached to sanction a four year extension to the Bentley lease. This had to have been under negotiation for several months in advance of XER's demise With the same key management there was a clear conflict of interest, negotiating their future while still under the flag of XER. Why could not XER been given this extension months in advance of expiry of the Bonds. What effect might that have had on availability of new funding or partner.
I though that DECC said in the end that they did not force/instigate the EWT onto XEL & it was Ruperts own doing ?
Especially also it was at the instigation of DECC/OGA in the first instance that XEL were prevailed on to have to spend the fortune they did in 2011/12 on the unnecessary EWT.
With Brent oil at $61/bbl now the question might well be asked in the lead up to XEL management folding why was Whalsay able to get a four year lease extension and not XEL having spent all the exploration $$$. What difference to funding sourcing or prospective partners interest could that have made if it had been obtainable by XEL. Did XEL ever even put the question to OGA, and if not why not. Someone else clearly did. There is, except two, the same management incumbents at Whalsay as were in XEL, clear conflict of interest imo particualarly by the ex XEL CFO who must have known what was going on.
Sorry to those that got burnt here. I made a small amount here and sold for 110p, put it in RKH and well.....now 24p, but I still have something. Oil price drop and World Governments going to war on Diesel cars killed this , CEO knew it too I'm sure, this died 2 year ago
the names and map, pretty clear who has been playing to XEL's management stuff ups, probably going all the way back to the DECC draft FDP fiasco and XEL being 'persuaded' to invest hugely in the unnecessary EWT, full dance card, RBL funding dump, the Norwegian Bonds give away the farm terms accepted by the useless ceo, and cfo, who amazingly surprise surprise, still remains in a job. Jmo.
Assume you mean on tax return .If they are in an ISA you cannot have relief of any sort . If not you can put the loss on them against any capital gains profit you have but not income tax If you have no capital gains at present you can still notify the inland revenue - i think with a supplemental sheet to your tax return - then you can carry that loss until you have a capital gain to put against it .You only have a certain amount of time to register the loss - you would need to look up - them it is lost for ever Hope this helps - is only my understanding and would check on inland revenue website or give them a ring
When can I show these shares in my accounts as been sold at zero. Can I put these through as a loss on this years books 2017 /18 ? For me about �12000 loss
Still in shock likely for most, kind of hard to fathom quite how useless and bombastic XEL management turned out to be in spending $450m+ in eventually proving up a huge asset, then donate same for someone else to own and develop.
Where have all the 'watch & learn' experts gone that said this POS would come good?
order. Even the shipyard in trouble. http://splash247.com/court-wind-parent-company-titan-petrochemicals/
this newco must have taken on with OGA in securing the lease extension a guarantee for sea bottom cleanup that was to be undertaken before commencement of the unfunded Mk. 10 plan.
Ditto I received the same standard bull.... Reply
...well like warm really. I posted off a few letters had nothing from my own MP but received this Guff from this lot of comfy cats. Business, Energy and Industrial Strategy Committee 11:24 (22 hours ago) to me Dear Mr Toxicnerve Thank you for your email regarding Xcite Energy Ltd. The BEIS Select Committee normally does not launch inquiries into specific cases or companies. Presently, we are still awaiting for the Members of the Committee to be appointed and for them to agree an agenda for over this Parliament. As you can imagine, there are a number of issues that the Committee might decide to focus on and the Committee might continue to be concerned by the impact of the UK’s withdrawal from the EU on the various policy areas that fall under its remit. You may wish to consider referring your case to the UK Listings Authority (FCA), if you feel that Xcite made misleading statements about what they could deliver and/or their performance. Information about making a complaint to the UKLA can be found at: https://www.fca.org.uk/markets/ukla/contact/complaint-against-issuer. Thank you taking the time to contact the Committee. Ian Cruse Ian Cruse | Committee Specialist | Business, Energy and Industrial Strategy Committee House of Commons, London SW1A 0AA Tel: +44 (0) 20 7219 4320 Text Relay: 18001 20 7219 4320 Web: www.parliament.uk/bis |Twitter: @CommonsBEIS Subject: the Conduct of the Board of Directors of Excite energy and also the role of the Business, Energy and Industrial Strategy Committee beiscom@parliament.uk
On Excite IT'S OVER give Rupert hell if you meet him. Well paid for failure yes, but that's life, move on. Good luck to all shareholders.