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hearsay this buyout came as shock to most in Maersk Oil, suspect reason was failures in other parts of their business, containers, logistics etc.
fronted up as a buyer for XEL, wanted out rather than expand.. http://splash247.com/maersk-oil-sold-total-7-45bn/
Just let them know you invested in a speculative non-revenue generating oil company 8 years ago and didn't bother to sell out when it was riding high or later as the oil marked collapsed because people on discussion forums continued to say what a great bet it was, and that the chief executive made lots of noncommittal but positive sounding statements at AGMS, in RNS's and video presentations and that they finally ran out of money because it's a horrible market to try and bring an offshore heavy oil field to production that needs huge sums of investment due to the collapse in the price of oil.
It would help if you got the company name correct - "Xcite Energy Limited" (a company incorporated in the BVI)
I have sent my letter to the clerk of Commons Committee and also cc my MP. I have received a reply from my MP asking for more information so he can investigate further. I know there are alot of people on here and III who have a wealth of information and knowledge regarding Xcite which would be more than i can provide. Would anyone be willing to share so i can forward to my MP who can hopefully take this onboard. Thanks in advance
I would like to ask all interested to write to the clerk of Commons Committee asking them to request a motion be put forward for a commons select committee enquiry into the conduct of the Board of Directors of Excite energy and also the role of the OGA in this matter. http://www.parliament.uk/business/committees/committees-a-z/commons-select/business-energy-industrial-strategy/contact-us/ Wouldn't hurt to cc your MP either.
Letter sent Blue City
plus near the end game, d/d saga, the funder and guarantor issue, who killed that?
Just yet another of the oblique comments made by this ceo incompetent, the rig was under construction, just not for XEL until they could have had the FDP funding in place to afford to contract it. Imo focus more on ON 'successful' flow test, DECC/OGA 2011 and thereafter, Quad 9(!) the phantom funders that allowed RBL to be cancelled, the full dance card, NDA's, etc., etc. Jmo..
Hear you loud & clear Diver but this gimp has had 14(?) previous failings...how on earth he was seen to be fit & able to be a CEO is beyond belief. But hey ho we had the comfort from a few in the know guys here ...Legends could not praise him more if he was Rupert's Dad!
But R.Cole has got to be brought before the courts because of the lies in the RNS 'S he used to put out for one.What about the rig being built ?,And the price will be multiples of it.Its in black and white,What I would give to have 5 minutes with that man. I hope that his money which he has shifted is some how taken away from him.I'm probably hoping ,but if there is any justice in this world I hope one day he suffers so badly.
of course the liquidators sanctioned the very people that caused the disaster to execute the auction, wow, no bidders?! They were about as successful at that as they were in mismanaging the company, or was it just another component of the plan?
yep, questionable donation to the bondholders at a fraction of the valuation at the time, thanks for spending $450m, agree these terms, sign the company over and we'll see you right.. Mind you, even they might have had concerns at the seeming lack of interest in the asset auction, but retaining the clowns that executed the shareholder disaster probably have got what they deserved. jmo.
UK all over...
So that is it,Cole & Co get away with it scot free,shocking !!
The exit of RR and the editing of the Paris was it AGM voice record, failure of shareholders to pin down Smith and Kew re the 2011 draft FDP fiasco that led to the huge unsupported EWT either by partner or plan B funding when they had RBL in place, highlights also the complete ineptitude of the subsequent ceo and the appointed cfo and the bullkaka that was being fed to shareholders re 'progress' of both funding and FDP under their watch.
Yes, hindsight is wonderful but I'm afraid stupidity can be viewed as endemic in XEL and the BoD going way back in time to 2007/8, covering both operations and finance. The end result substantiates same, huge asset proved, eventually, but $450m gone in the process, and the company broke with little valuation being given to what has been proven.
What's the old saying, never attribute to malice that which can adequately be explained by stupidity. Given the outcome I'm pretty sure the BoD screwed themselves and us through incompetence not through being corrupt.
F***k me CC , steady on , tell you what lets have a whip round for the poor Barsteward
I have to say repetitive evasion and stupidity would feature strongly in the retrospective assessment of ther capabilities.
Remind us now, who exactly is corrupt? Surely not the ex-bod who lost their jobs and their shares and, well, everything. I don't believe Rupert Cole even owns his own house.
Corrupt immoral illegal baskets.
The man should be hung, drawn, & quartered, Can anyone tell me why he sticks two fingers, to Ecite shareholders & walks free. I am so disillusioned with England. So long as you don't use an offensive weapon, It,s legal !!!!! The man has wasted over $450 million dollars walks free & starts up a new Company & It's legal Why !!!!! We need a Donald Trump in England ASAP.
Ticking clock analogy made me smile Must admit if I was he I would keep a very low profile . There are a lot of upset shareholders here and sooner or later one or other will trawl though the posts to see if anyone has wittingly or unwittingly produced a post that can be construed as unauthorised investment advice . Whilst I think the clock has been punished enough others may not - or have bought or delayed sales against the contents of his posts
Hello Toxic, Got your email.