The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Started: honestbob, 30 Jan 2024 10:36
Last post: honestbob, 30 Jan 2024 10:36
Board still here a case study for the perils of aim investing
Started: Rivendell666, 6 Jul 2021 12:29
Last post: highlandsbull, 10 Oct 2021 13:01
And Brent at $80/bbl now?!
Looks like they get to hold it for virtually nothing until as and when it can be exploited. For sure Enquest will be experts by now at massaging OGA, should not be much trouble re lease extension and further OGA waffle in the interim to cover same. Then ENQ will have relatively little development cost v the asset.
Kew's a bag of wind, he had the chance to develop the field with the right spec and permits for the right rig at the time if he and his incompetent colleagues had lined the ducks up properly in a row at the time, from permit to the rig and production. Jmo.
EnQuest has announced the completion of its acquisition of the Bentley field, one of the North Sea’s largest untapped discoveries, from Whalsay Energy.
The company announced back in April that it was buying the field from Whalsay for up to £30million, the majority of which would come through deferred payments depending on revenues from the field.
Bentley, once estimated to be able to produce up to 300million barrels using enhanced recovery techniques, lies within 10miles of the EnQuest Kraken field and the firm’s newly-acquired Bressay asset.
EnQuest said previously that the deal was conditional upon the Oil and Gas Authority granting an extension to the Bentley licence, P1078, whose term was due to expire on June 30.
Earlier this year, Steve Kew, a former director of the collapsed firm Xcite Energy which tried to develop Bentley, said he wished EnQuest success.
He said the field is not expected to be economic below $80 a barrel oil price and developing Bentley and Bressay in tandem would be “obvious”.
““That’s the key thing, it’s going to require a lot of wells to get the field developed. It’s not a field that can be drained with a few wells, it requires a lot of wells which is where the expense is”, he said.
EnQuest has already announced it is considering developing Bressay via the Kraken FPSO but hasn’t given the same clarification on Bentley.
Bentley lies 85 miles south-east of Shetland.
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Grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
From Energy Voice
Started: sadandskint, 27 Apr 2021 08:27
Last post: deano64, 26 May 2021 15:58
They were simply maggots without a care but for themselves. They had no fear and will sleep soundly.
Still don’t know to this day how Rupert and the rest of the robbers can sleep at night after what they did. Disgusting
Started: dickupham, 27 Apr 2021 02:19
Last post: dickupham, 27 Apr 2021 02:19
I hope you have had better luck since you wrote this post.
Reply to Jayar's post Tuesday 7.25:- Before including reference to you post in our email to our Member of Parliament we wonder how an honest working man achieved £704,450 in saving to purchase 193,000 shares in XEL at £3.65. Did you sell the family mansion or use winnings from the lottery or horse racing?
I'm afraid Rupes & co have done a runner with everyone's money mate - hopefully someone will track them down some day and, er, return the favour one way or t'other ...
Don't hold your breath......
I work in a factory. I've struggled for 45years labouring away. Listening to your claims of the share price "Doubling or trebeling" when it was at £3.65 I though I had a chance of investing into something that would end the drudgery of working life. I bacame the proud owner of 193,000 shares in XEL. Spured on by your optimism I traded this share all the way down. I managed at one stage to have 250,000 shares. Can you please take quiet moment and try and emagine what this is like for me now. I'm 60 years old. I have nothing left. I will now watch my money go to an organisation that is stinking rich. In my later years I will watch in horror as this field is developed and all my money will go to an organisation even richer than the bond holders who "Stole" it from me. Here is my email address if you would like to talk rob.wainwright@sky.com
Started: highlandsbull, 5 Jan 2021 22:56
Last post: highlandsbull, 5 Jan 2021 22:56
Keep wondering for sure as many others may do, as these bozos were always ace at protecting their backsides, why there never has been mention of Directors and Officers liability insurance. Were they trying to in the end to protect whoever issued this if it was, or the fact they never had it in the first place and were worried themselves of being sued directly for their regular acts of total incompetence or outright potential for implication of even worse.
For 2021 we have to view how the lease expiry pans out, can any oil price rise save them yet?
Started: highlandsbull, 16 Dec 2020 01:27
Last post: highlandsbull, 16 Dec 2020 01:27
Samuel and co. clocking up the miles on starvation wages, not.
https://www.energyvoice.com/oilandgas/north-sea/285787/oga-emissions-business-travel/
Started: highlandsbull, 20 Aug 2020 21:56
Last post: Spireite1955, 8 Dec 2020 22:11
Just noticed this bb light up again after all this
Just noticed this bb light up and my palpitations started all over again.
Let rotten dogs lie please!!
Prefer to approach the OGA saying shareholders got s*rewed last time by these Bondholders with OGA connivance that promised everything to secure a licence extension from OGA and have delivered nothing in 3 years now to the extent the licence sure to come up finally for delivery elsewhere next year.
When most all the previous exec clingers on have jumped ship elsewhere from Whalsay except the remaining resident 'expert' Bower. best try to secure new funder but increasing problem in Scotland now re O&G expansion with wee krankie and her cohorts still around building windmills.
Bentley Field 9/3b
Strong Buy if you can get back aboard XEL via the Whalsay Gravy Train......
Let's suppose the current Corporates (previously the Bond Holders) wanted to encourage PIs' to join in again.....
Would you play ball a second time ?
Bentley was a circa 250MMstb field in 2012.... When PIs got written out of ownership
Now Bentley 9/3b is claimed to be 912 MMstb (P50), 10°-11° API oil with well-connected and well-defined reservoir with excellent aquifer support.
Nice little earner for those Bondholders - with relatively limited *capital input at the time - who took possession...
*And relatively limited capital input in the interim..... #shufflingpaper !!
Current Investors - Blackrock - QVT - Warwick - Whitebox - will no doubt max their gain from all that PI 2009/2010 XEL investment/support.
Once Brent Crude returns to better entry level....
Here's the Whalsay Teaser for your investment..... Best if you go in as a Bondholders this time !!....
https://whalsayenergy.com/wp-content/uploads/2019/10/Whalsay-Energy-Bentley-Teaser-08102019.pdf
GLA previous holders.... Oilf.
Unfortunately their malfeasance will be like water off a ducks back, hides of rhinos all, glad to have escaped any justified retribution from creditors and shareholders. Will be really good to see the bondholders in a gtz situation as well by listening to these clowns and securing their 'bargain'. But most likely it's all been funny money in play, except ours.
One just hopes the directors & cohorts go on to have the life that they fully deserve & feel at ease with themselves...
Started: highlandsbull, 2 Aug 2020 20:20
Last post: highlandsbull, 2 Aug 2020 20:20
Enquest buy in and tie back proposed to Kraken. At what they have paid and with the current price of oil they will just have to sit out next year and pick up Bentley for near zero when Whalsay's lease finally expires.. Jmo.
https://www.offshore-mag.com/regional-reports/north-sea-europe/article/14180830/enquest-eyes-potential-kraken-tieback-for-north-sea-bressay-oil-field
Started: highlandsbull, 8 Jun 2020 11:58
Last post: highlandsbull, 8 Jun 2020 11:58
Normally posted by April for the previous year, not yet out. They are about to enter their final year of the Bentley OGA lease, so far all talk and no action. The revised yet again operating plan looks rather similar to what XEL failed to implement as funded plan A in 2012. This also the final year of bondholder executive funding advance.. At reported $33/bbl b/even range on $730m cost to first oil at the current price for Brent must continue to be a hard sell for the 'skilled' industry executives.. Jmo.
Started: highlandsbull, 7 Mar 2020 23:50
Last post: highlandsbull, 7 Mar 2020 23:50
Started: highlandsbull, 6 Feb 2020 19:51
Last post: highlandsbull, 20 Feb 2020 11:25
Yes, looks like the lucky bondholders are going to have to replenish the Whalsay coffers. More importantly for them lease time is drawing to an end so how will their friends in OGA react to once again undertakings made and broken. Going back to DECC days of 2011 and how XEL was shafted by them then this does not show huge competence on their part in the intervening years in facilitating Bentley moving to production.
Yes HB you are right about who the only person is to hold that, he appears to have all the qualities of the average leech. I know they used to read these BB's so I hope that that certain person might pop in for a read and remember Tony. As for Fairclough I'm not surprised with all his bluster that he managed to find another pond. He added zero to XEL but then upon reflection I'm not even sure if they ever really intended to do much more than draw their large salaries and perks and it looks pretty much like it "situation normal" at Whalsay. Having said that I'm quite happy to see them working through the bondholders cash. Lets hope that the company he has landed at deserves him :)
Under AIM rules under their appointment notification Serinus had to declare to their shareholders Faircclough's past involvement with a dissolved company, XEL, that owed creditors £125m never mind the additional loss to it's shareholders.
http://serinusenergy.com/wp-content/uploads/2020/01/2020-01-23-Serinus-Energy-CFO-Appointment-Final.pdf
Thats OK Deano , but be prepared for a torrent of abusive as was heaved out towards myself & Ceiling Cat etc when we had the tumerity to question the Bod here!
Serinus are listed on Aim I'm sure their shareholders would love to know how we got on with Fairclough.
Started: toxicnerve, 4 Feb 2020 14:37
Last post: toxicnerve, 4 Feb 2020 14:37
Shares - this is where it gets difficult! Share are simply investments in companies. They are also often referred to as stocks or equities (and can come in different classes, such as preference shares), but in the main owning shares in a company means you own part of it, however large or small that part you own may be. Shares usually give you a regular dividend yield (income) and capital growth as the company share price grows (and capital falls if the company share price falls). These are easily the best long term performing asset, but carry greater risk (as would be expected for the greater rewards).
Doesn't this make you feel sick to the pit of your stomache, it does me & I guess the anger is directed back at me...or that snake with the neck...jeeez I'd snap it if I could getmy hands around that pencil neck !!
Started: toxicnerve, 20 Dec 2019 11:58
Last post: Blue-Eyes, 20 Dec 2019 12:19
Yeah I saw that. Gotta look after the hedge funds. Happy Christmas to you too :)
I see Bailey has been grafted into the BoE Govenors job as a "safe pair of hands" well he certainly was for XEL bods! Didn't do a damned thing...happy Christmas everyone.
Started: andreww128, 11 Oct 2019 14:42
Last post: highlandsbull, 3 Dec 2019 21:31
He sure completely lost the plot in 2010/11, compounded errors just at the wrong time though clearly not the only one, a cadre of professional and commercial morons.
highlandsbull - "I think it more likely Smith was given the heave ho by his two fellow conspirators" spot on. Dickie was not pulling his weight and had lost interest was what I had heard.
Not at all. Hopefully what goes around comes around to these guys, it often does to give some form of modest satisfaction at least, eventually. If they don't find an investor soon the 'experts' in OGA, who have just spiked fracking, will no doubt at lease termination with no progress move to pass the field to Equinor, surely just waiting to pick it up for nothing.
Yeah I do recall another poster who unearthed something that made the eventual transfer easier. I think initially because they were reinvesting part of what they originally took out especially RC you (I) always assumed they believed in the company prospects but the longer it went on whilst they achieved little other than kicking the can down the road you then added up what they were taking in terms of salary, pension, office rental etc etc and the scales kinda tipped back again. When things fail through sheer bad luck they you live with it - you are essentially making a gamble albeit you think you've done your research I just think that to continue saying some of the things that were said wasn't right any way that you look at it. When a certain employee told a stricken shareholder how excited he was about taking Bentley to production I believe that person knew full well that it wasn't with Xcite , there is a special place in hell for you. Interestingly the one bought in to sort the finances out and who made the comment at that last AGM is still incumbent too. I can live with the lower oil prices quite happily even though it impinges on my other investments if it means that those that remain never get that oil out of the ground. Does that sound spitefull!!!!! :))
Far be it from me to contradict your invariably succinct comments Blue-Eyes but I think as events have transpired one of the few truths to have come out of the mouths of the BoD is just how closely they were allied to the interests of the Bondholders as evidenced by setting up a structure for easy transfer of the asset, then donating the company to then for $1 and promptly jumping ship themselves with terminal gratuities and new jobs in what became Whalsay.
What started me worrying about AGMs was when they began to edit the oral feeds and q&a's.
Started: highlandsbull, 17 Nov 2019 22:02
Last post: highlandsbull, 17 Nov 2019 22:02
Curious as to what's gone wrong at Premier's HO Solan field. In 2016 at start up they were predicting 20-25k/beopd whereas currently it's only at abt 3.6k/beopd. Did that field not have a curious recovery method to a sea bottom tank.
http://www.premier-oil.com/premieroil/media/press/solan-first-oil
I was a regular poster here back in the day..... regularly (on a daily basis) defending the company and performance (more out of blind hope and belief in the story and progress, or lack of). The facts and issues are more obvious when you look back in the cold light of day. I do think the BOD should have been criminally persued and investigated. Its not just the BOD - at the time there were armies of false accounts on here spreading discontent and false hope (it was difficult to understand what was true and what wasnt) - equally plenty of examples where posters on here had official news before the markets (which again was illegal) - think: when the drill bit was dropped and that was on here a day before the official news.
I have so many examples of AIM stocks which have wiped out their faithful followers: GKP etc etc etc you can almost write the script - I have one in the bottom drawer which started as a Copper Mining Co and has reincoprated several times (its now a life science company)
I was actually listening to a BBC podcast yesterday (Crypto Queen) which is worth a listen to - it talks about the OneCoin scandal which was/is a €4bn fraud - reminded me of Xcite and what happened here - so thought I would poke my head back in.
What happened to the legal group trying to persue an outcome - anything ever happen?
Wishing everyone health and hapiness...
Started: highlandsbull, 26 Oct 2019 02:45
Last post: highlandsbull, 26 Oct 2019 02:45
Last post: deano64, 17 Aug 2019 14:42
Sadly it's gone and a lot of it mine. Looks like Sound Energy is going the same way as we did.
More impotyant wheres our MONEY???
What has happened to the old posts from 2010/2011?
Started: highlandsbull, 16 Aug 2019 22:02
Last post: highlandsbull, 16 Aug 2019 22:02
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/
Started: highlandsbull, 9 May 2019 23:42
Last post: highlandsbull, 10 May 2019 00:02
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
Started: highlandsbull, 9 May 2019 23:42
Last post: highlandsbull, 9 May 2019 23:42
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
Started: highlandsbull, 9 May 2019 23:41
Last post: highlandsbull, 9 May 2019 23:41
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..
Started: westsider, 10 Apr 2019 11:04
Last post: westsider, 10 Apr 2019 11:04
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.”