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Can anyone here explain to me and maybe others the RBL agreement we had. To what extent would that of helped Xcite get to the next stage. It seems criminal that Rupert Cole cancelled the agreement telling share-holders we wouldn't need it. And how many people still read this board.
Same old same old imo, more or less back to the original plan, Basically they are still looking for an investor, keep them in their jobs forever with yet another plan revival. In the meantime time is running down once more to lease expiry..
https://www.offshoreenergytoday.com/whalsay-energy-seeking-operating-partner-for-bentley-oil-field-targets-first-oil-for-2023/
Looks like the old management are looking to develop the Bentley Oil Field, we original shareholders got ripped off.
https://www.upstreamonline.com/field-development/whalsay-readies-bentley-development-plans-in-north-sea/2-1-685822
Sadly it's gone and a lot of it mine. Looks like Sound Energy is going the same way as we did.
Good video of startup, makes one really angry to compare this to the XEL dolts and what could have been from a bunch of deserted skunks or in hiding somewhere. No doubt lot of hiccups along the way for Equinor but they made it their way. Oip is now being projected in the range of 2-3bn bbls..
https://www.offshoreenergytoday.com/video-first-oil-flows-from-equinors-mariner-field-in-uk-north-sea/
More impotyant wheres our MONEY???
What has happened to the old posts from 2010/2011?
Sorry this post came out 3x, must be LSE new beta in action!
Of course one more item in the accounts was the sight of RBS Aberdeen as the main banker. At least RBS has some familiarity of the company and the aborted previous funding exercise they successfully established that the company (XEL) in turn tossed aside.
Interesting read. $1.93m loss, as expected shareholder/lemder bumped up their working capital facility by $10m to $25m to carry them through to 6/21 concurrent with lease expiry. Note 4 interesting re the 'agreed' release by former parent XEL in 2016 of the intracompany net debt liabilities due to it of $329.55m.
Also deferred tax asset balance now stated to be $252m net based on previous UK tax losses, to be offset against future production. Guess that also was donated by previous management as part of the $1 cost.
Note 5 interesting as well, directors/staff costs still running at $2.2m level, of which sole director on near $500k. Also first item in the Directors report refers to the corporate indemnity given to Directors, and the Directors and Officers liability insurance firmly in place. Nothing is stated as yet re sign of any prospective funder or partner.
https://beta.companieshouse.gov.uk/company/04560068/filing-history
Interesting read. $1.93m loss, as expected shareholder/lemder bumped up their working capital facility by $10m to $25m to carry them through to 6/21 concurrent with lease expiry. Note 4 interesting re the 'agreed' release by former parent XEL in 2016 of the intracompany net debt liabilities due to it of $329.55m.
Also deferred tax asset balance now stated to be $252m net based on previous UK tax losses, to be offset against future production. Guess that also was donated by previous management as part of the $1 cost.
Note 5 interesting as well, directors/staff costs still running at $2.2m level, of which sole director on near $500k. Also first item in the Directors report refers to the corporate indemnity given to Directors, and the Directors and Officers liability insurance firmly in place. Nothing is stated as yet re sign of any prospective funder or partner.
https://beta.companieshouse.gov.uk/company/04560068/filing-history
Interesting read. $1.93m loss, as expected shareholder/lemder bumped up their working capital facility by $10m to $25m to carry them through to 6/21 concurrent with lease expiry. Note 4 interesting re the 'agreed' release by former parent XEL in 2016 of the intracompany net debt liabilities due to it of $329.55m.
Also deferred tax asset balance now stated to be $252m net based on previous UK tax losses, to be offset against future production. Guess that also was donated by previous management as part of the $1 cost.
Note 5 interesting as well, directors/staff costs still running at $2.2m level, of which sole director on near $500k. Also first item in the Directors report refers to the corporate indemnity given to Directors, and the Directors and Officers liability insurance firmly in place. Nothing is stated as yet re sign of any prospective funder or partner.
https://beta.companieshouse.gov.uk/company/04560068/filing-history
I should like to point out that the article posted previously refers to the general failure of various regulatory and legal bodies to investigate cases of fraud and to protect investors and shareholders. It does not in any way allude to our current efforts to bring the matter of the conduct of the BOD of Xcite and others to account for this travesty, which is still ongoing..
Victims of fraud are being let down by the police, according to a damning new report from Her Majesty’s Inspectorate of Constabulary and Fire and Rescue Services (HMICFRS).
HMICFRS warns that ‘inconsistent’ policing across England and Wales is leaving members of the public at risk of scams. However, the report acknowledges that police forces have a number of competing priorities.
HM Inspector Matt Parr says: “One officer told us that fraud does not ‘bang, bleed or shout’ and, as a result, it is not considered a priority. Nonetheless, people are more likely to be victims of fraud than any other crime.”
He continues: “The current model of local investigations supported by national functions is the right one. But processes need to be much more efficient, and performance must be managed to provide the best possible service that available resources will allow.
"We did find examples of local investigators providing victims with excellent service, but they are hampered by the lack of government or national policing strategies for tackling fraud.
"This has profound implications in how forces understand roles and responsibilities, how the public is protected from fraud and how victims of fraud are treated by police forces.”
Of the 11 police forces inspected only four were able to provide evidence of the demand placed on them by fraud. Staff often felt it was their duty to reduce demand on the force, with cases being dropped despite strong evidence for the crime.
Mr Parr adds: “While we acknowledge the pressures on the police service, this simply cannot be acceptable. So we are calling on the police service to make a choice.
"Either continue with the current inconsistent approach, which puts members of the public at a high risk of becoming victims of crime or look at ways to improve that will start to make a difference.”
In particular the report says forces need stronger strategic leadership to tackle fraud, without which fraudsters will continue to act with impunity and victims will feel increasingly disillusioned.
Commenting on the report, Gareth Shaw, head of money at Which? says: “Fraud can have long-lasting and devastating consequences for victims, so it should be a top priority for the government and authorities – but our research has shown that fewer than one in 20 cases reported to Action Fraud is being solved.
"Too often, victims are left feeling abandoned and confused as investigations drag on with little sign of progress.
“To show they are serious about winning the battle against increasingly sophisticated fraudsters, the government, police and banking industry must establish a more coordinated approach and make scams a top priority.”
And of course as is often proven the case incompetents are not generally known for recruiting replacement subordinates that are going to show them up. Hence XEL shareholders were gifted with AF, who despite his brilliant track record self promoted on Whalsay, brought absolutely nothing of competence imo to XEL in terms of funding success, as evidenced by the collapse of the company of which by then he was cfo.
Imo he was the perfect gullible dream stooge for them, track record of multiple failures, working way above his pay grade. Apart from the cr*p decisions RC and the XEL BoD consistently made re execution and funding from 2009 on, the new Bondholders (or old lenders in another guise) surely could not have believed their luck when they were able to get Cole as ceo by then to put pen to paper to an agreement that after the company spending $450m+ on a huge proven oilfield, gave them the opportunity to acquire it all for $150m on a default after two years.
Since then it's cost Whalsay a mite more, but if they are back to the old plan A then lower development costs should make prospective partners and funding easier to find, even dare one say it, another float off a proven base.. What a crock this has proven to be for shareholders in XEL.
Good work...One reason they did not worry about the SP taking a dive is the fake news item that set the ball rolling which if you recall ,actually set this ball rolling like a juggernaut all over Rupee....It may have been Junior Oil disembarking , but I feel WIESS are & have been the culprits all along. We had the RBL, as you said, before we had Yorkville ,which to my thinking meant we were at the time doing OK at that time. But someone had to upset the apple cart by unsettling Yorkville with that well report, no one can tell me this was not intentional. How on earth did they not know that the Canadian reporting is only on core figures ...we were told by the boiler gang, how these guys Rupee & co running us had 30yrs experience in the oil business....looks pretty amateur to me, plus they also left out that Cole has ended up in mostly bankrupt companies when he was CFO...a perfect firt for WEISS!!
Quite agree. Most likely of course they were shorting/selling stock acquired as soon as the XEL cash demands went in. But as major shareholders or nominees of same as they had to have become at some point, there was never any public concern expressed by them as the company headed for the bricks. Nor any apparent attempt even being made by management to rescue the sp and in turn utilise the balance of funds still available from that source as part of any rescue package. Just a total silence.
Still beyond me how back in 2011 Smith and Kew failed to get the FSP/SSP approved by DECC after the 6 well in advance of contracting the RN, totally irresponsible, then being held to ransom over a perfectly viable conservative phased plan for a non HPHT field, same broad plan now approved by OGA, necessitating then a $250m EWT. Alternatively why once the RN was in place and EWT concluded they did not proceed on forthwith to FSP, instead packed up and left. Followed up of course by the new CEO cancelling the RBL in place at the time with nothing to support this unfunded big boy plan B other than signing off on a bond agreement that risked, as happened, lock stock and barrel the total demise of the company. This is year 1 BA accounts fail.
"One or two of these mentioned characters makes one reflect on the Socius/Esousa experience and any possible links to same.."The bad smell will be from the shadow at the back of the room...WEISS is still all over this & their ex -con director...
over 8 years on and essentially back to the plan that DECC did not then accept..
Have to wonder from the disclosed now list of investors just when did they front up for their stakes, were any one or all part of the original bondholders group, or was Nordic and the Norwegian connection just a front for US investors via their local lawyers through which to run their investment. One or two of these mentioned characters makes one reflect on the Socius/Esousa experience and any possible links to same.. jmo.
The impression is given however that in the absence as yet of any reported industry partner, Warwick has hardly surprisingly, managed to twist his shareholders arms to release the $5m loan balance to maintain Whalsay as a going concern past the audit mentioned concerns to that effect of end 2018.
Would you believe it, the plan being pushed out now appears to be back to the old FSP, of 112 MMstb P50 projection at $33/bbl cost over 23 year lifecycle. Fairclough self promotion as CFO concerning his success in managing the restructuring of the unmentioned XER and securing additional investment from new owners to support the future strategy of the company, No mention of his abject failure to effect this for his self same previous employers.
Some more clarity forced out also re the investors in Whalsay said to include BlackRock, QVT, Warwick CP, and Whitebox out of the US SEC as investment manager for it's own shares in Whalsay.
http://whalsayenergy.com/operations/
Just watched this and maybe of interest of people on here.
https://unitynewsnetwork.co.uk/claims-of-massive-international-fraud-by-u-k-establishment/?fbclid=IwAR2zSvG7f__z73Rdw-MVe7dDitPkadBS62vmQk-V9WnR-yL48BuDA2xnS4g
Can somebody tell me what's going on I was a shareholder in Xcite and lost thousands.
Thank You
Hello Toxic,
Sorry to hear you did not get a reply. Please write again. We had quite a rush of emails recently. Diver, we received your email this morning and will respond asap.
OK, thanks Deano.