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Add who you like LEGENDS.
It's a pity I couldn't add someone else to that list......
Xcite is dead. Shareholder's are dead. Board is dead. Cole & kew are dead (if only) Move on, our money is in Cole & kew's bank accounts. Not the first or last time it will happen on AIM. R.I.P.
small wonder Smith was invited to walk the plank and Ramshaw exited. Just a great shame they replaced dumb with dumber in the ceo role. jm frank o.
reasons for 2011 XER's draft FDP to be not approved as presented were nothing to do with funders reservations and requests for an EWT, but solely to do with one individual in DECC at the time, who as stated in the letter from DECC to XER on 12/11, against XER's draft FDP submitted on 25/11/11, 'we do however consider tthere to be remaining uncertainties in future reservoir performance'. XER had already contracted a rig, up to then with no approved drilling plan from DECC for same. They clearly were being told at the time the draft FDP was deemed insufficient to obtain approval, as DECC go on to say in connection with the proposed EWT, it was 'intended to resolve the majority of these uncertainties'.Then, 'as a consequence and as discussed with you, following the EWT we will need to review the results to confirm that the proposed phased development plan as described in your FDP dated 25/11/11 remains appropriate'. So the whole scene clearly being controlled by DECC. Of course one can ask just why were XER not pressing DECC well before draft FDP submission for acceptance of the data obtained from the ON 6 well, particularly as they had ccommitted $60m plus for the RN rig charter. Or in view of the late stage intransigence of DECC, could they not alternatively either go back at minimal cost to the 6 well, obtain the required data there, even as part of phase 1 put it in production. Alternativey for the 7 well why did they not retain the RN and press on to producton. With no jv partner or conditional funding in place, just turned out a glorified SK school chemistry exercise. Jmo..
highlandsbull. Question we will never get answered.
How much as it has been proven bs were shareholders also being fed at the time and shorty thereafter about management experience and competence, full dance cards, partners, and multiple funding options, wink, nod, rely on us, and the rest of the **** being disseminated then.
Sadly 2011 was an absolute management crock from start to finish. They had funding for stage one and that surely could have been expanded with the successful, eventually, expansion of reserves, never mind tapping up shareholders or investors for additional funds then rather than as they did dumping their own stock as the first priority. By getting into FSP they could not only have started production relatively quickly and inexpensively, not quadrupuling funding requirements and delay with this big boy plan. In addition as per the likes of Ithaca they could have booked production years forward with their offtake partner already in place, BP, at favourable prices prevailing then. If they had had any sort of relationship with DECC and the supposed additional data requirement this should have been known at the time of the ON drilling, not thrown back at XER management for whatever reason as it was a year later at the time of draft FDP submission, when they had an expensively contracted rig on station. Furthermore the option proposed of $250m spend on EWT was near criminal incompetence imo in that they went into that with no partner or funder in place based on the success of that exercise. So options and money when they had it gone, and management exposed as completely useless, as proven with $450m plus gone. Jmo.
"If only DECC granted XEL permission to drill back in 2011 they would be swimming in Bentley Crude right now..." remind us what the locked in capex/opex costs would have been had that scenario happened? Producing just in time to see the oil price tank. "Since 2011 fewer than 25% of oil and gas projects have been delivered on time" and yet until mid last year Xcite could do no wrong in your eyes and you ripped into anyone that dared suggest otherwise. Still at least you can look out over the River Tay from your office and wonder what might have been. Remember all those times you and your colleagues had a good laugh about how wrong I was when I said this was going t*ts up?
how they got oil out tech,will be wads for cole the dodger
Since 2011 fewer than 25% of oil and gas projects have been delivered on time; with projects averaging 10 months’ delay and coming in around 35% over budget (relative to estimates made in FDPs consented by DECC (now Department for Business, Energy and Industrial Strategy)/the OGA). In the same time period, levels of capital expenditure (see Figure 1) have been at an all-time high, averaging just over £12 billion annually money of the day (MoD) since 2011. This compares to £3 to £6 billion (MoD) per annum through the last decade; and £1 to £2 billion annually on decommissioning. If only DECC granted XEL permission to drill back in 2011 they would be swimming in Bentley Crude right now... No wonder projects come in 35% over budget. What a bunch of ??????? https://www.ogauthority.co.uk/media/3380/oga-lessons-learned-from-ukcs-oil-and-gas-projects-2011-2016.pdf
Rupert Cole & Stephen Kew raise there UGLY heads in the oil industry BEWARE!!! It will end in disaster unless LEGENDS tells you otherwise. Nudge nudge wink wink. He's the man.
Xcite have stole the the deal from shareholders. Sorry you said seal the deal. Who gives a FCUK if it's Chinese, Brazilian or commando. We have all been shaved by Cole & kew.
Will the team manage to seal the deal with the Chinese before the 30/06/17? http://www.xcite-energy.com/about-xer/management-team
You can claim a loss to put against any capital gains you may have now or in the future - unless the shares are in an Isa then you can't. You cannot claim against income tax.
Ok then I take it we have lost all our money with no chance of getting a penny back. Can we claim back money from our taxes at all?
Thanks ceilingcat: Looks like the brokers will get investor's share certificates in the mail soon after May 15, 2017. What then? Will investors have to slug more money to get their worthless paper (share certificates...) mailed out to them?
You won't find that information in the public domain.
is anyone able to assist in me finding a list of shareholders in XEL and allocation of share please? I was holding a quantity and recently learned of their situation. I know there will be nothing left for us from sale of assets but could assist my next tax return. The liquidation couldn't help?? Thank you.
Cloudspin, letter from Computershare in full: 22 March 2017 Dear Depositary Interest holder, Depositary Interests representing securities in Xcite Energy Limited (in Liquidation)("Company") ISIN: VGG9828A1194 The purpose of this letter is to give you notice of our intention to terminate the deed in which the Depositary Interests are constituted and indrectly held within the settlement system, CREST (the "Deed"). The termination of the Deed will take effect on 15 May 2017. Following receipt of notice from the Joint Liquidators of the Company detailing the liquidation of Xcite Energy Limited, the Joint Liquidators Mr ian Morton and Mr Chad Griffin have informed of us of a restriction under BVI law (section 175(1)(d) of the British Virgin Insolvency Act 2003) which prohibits any changes to the register of members without an order from the BVI Court. Subsequently, the above mentioned ISIN has been disabled, resulting in no deposits, withdrawls or movements within CREST. We will continue to hold the Depositary Interest records in a static state until the Company is wound up or the Court orders otherwise. Should you have any questions regarding the above, please visit the website of FTI Consulting. www.fticonsulting-emea.com/cip/xcite-energy-ltd. Yours sincerely, Kevan Botha Director Conputershare Investor Services PLC
Foi, DECC should be sued over pressure put on small oilco by rejecting in 2011 XER FDP plan and forcing requirement for hugely expensive EWT on naiive XER management. There were far cheaper options to obtain the supposedly required data if necessary, guidance was completely inept and suspicious at best. Jmo. Ditto for funding fiasco, giving up what was in place for literally nothing, What inept incompetent ceo's XEL proved to have, to be charitable bs completely baffling brains. Jmho.
I believe it was a declared interest in some of the earlier accounts, but not delved into them for some time.
Are you sure? Like I said, he stopped receiving rent over a year ago and the office in Guildford hasn't moved. When I did some digging on both Guildford and Aberdeen offices a while back neither were owned or leased by Cole's overseas entity (seaburome). I think it's more likely it was a house used for executives to stay in when travelling between offices.
It is/was Guildford.
Thanks for that. I sure hope he didn't go away empty handed.......