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(hoax?don't know) Just spoke to him, blames it all on oil price not Rupert. Give it a try. I assume you are being ironic as you'd know it wasn't a hoax if you tried it. As an aside I did and it rang out.
If what you say correct he's also got a bag over his head, by their advice they were supposed to be in production 2011/12, long before the oil price decline.
Thanks bodog, no interest in talking to kew, imo as executive director and coo he's a contributory factor to the whole mess, and for now at least he's out of the picture.
HB give S Kew a ring on Mobile 07802 818102 from Elena Saratov on iii. (hoax?don't know) Just spoke to him, blames it all on oil price not Rupert. Give it a try.
Of course all this kit still remains on the seabed for future use, or necessary expense of someone for recovery. I was impresed, was it between '14 and '15 presentations, how much work had been put in by someone on cleaning up the proposed subsea structures and piping.
sorry end para 1, fsp..
Exactly, two issues, why did xer go for an expensive ewt that with the expensive rig in place and with approval of ewt data not go straight into fdp. Alternatively as mentioned far more cheaply just return to the 6 well. Question has also to be asked just why did decc vacillate on the ON data, they were not paying the bills, were their earlier objections reasonable and could they not have given xer a qualified go ahead subjt to data being provided from the next well. An absolute crock imo but not helped by c••p xer management. Jmo.
Would this be the Bentley crude that pours so easily under reservoir conditions that the CEO so ably demonstrated in a video a couple of years ago? Do you have any reference whatsoever for your claims that is was due to the deepwater horizon spill LEGENDS?
I seem to recall going over this ground long time ago. The point is xer screwed up by not having the fdp requirements tied up at the time of the ON, even chartering a rig at huge expense before fdp was submitted to and approved by decc. While macondo may have had an influence on decc thinking this was an event going back to 4/10, well before even the 6 well approval. Decc are quite clear in their letter of 12/11 re the 8/11 submission by xer of their fdp plan, 'remaining uncertainties re future reservoir performance'. Clearly this issue had been brought up by decc with xer at the time of the draft submission, which despite xel's assertions to shareholders to the positive subsequent to 8/11 they had met a stumbling block with decc, the ON data was, right or wrong, insufficient. So xer were stuck with this problem, a large contracted rig due for mods to enable combined drilling and fsp/ssp production, yet no approval for same. A complete c•c• up. The minimum cut off time for RN rig charter was 90 days so in the interim in negs with decc 8-11/11 xer strung this expensive ewt plan together, presented to decc as a way to obtain the required reservoir data, and cover their backsides in not having a rig chartered with no work. They also committed to this expense w/o either production funding or prospective partner in place. In other words just as we see now with the exposure they opened themselves to with bondholders, being caught with their pants down when push came to shove, they had history, just avoided a similar bullet earlier with the RN. One has to ask also if they'd botherd to check the ON data was inadequate at the time, why did they not not then retain the rig onhire to complete same, though we know they were struggling with the hose issue. Alternatively as the 6 well had not been abandoned, just go back there c/w a workable hose and complete recovery of the required data. If this was still deemed inadequate at least a far less expensive exercise than this seemingly expensive near useless so far ewt. Jmo.
Problem is that Xcite CEO denied that was the case So who is telling the truth. It's a bit like the did OGA comment or not on the commercial model? Someone isn't being as straightforward as they could/should be why is that?
HB i think we are the numbnuts. As for Rupert, there are many words for him. Unfortunately not allowed on this site.
highlandsbull. It had nothing to do with insufficient technical data at that time. Xcite were forced to go down the EWT route by DECC because of the BP Gulf of Mexico tragedy- https://www.dosomething.org/facts/11-facts-about-bp-oil-spill A team from Xcite attended a meeting to protest and give a presentation. As part of that presentation, a jar of raw Bentley crude was upturned onto the DECC representatives table. As explained to them. It was impossible for Bentley crude to spill under reservoir conditions. Unfortunately they still bottled it and forced the hugely unnecessary and expensive ETW upon Xcite. Thank's to those ****s. I have lost nine years of my life and a six figure sum. Not to worry. At least our friends from the far east are going to get the fourth largest development ready, UKCS field for a pittance. I can sleep easy knowing that.
yep as they try to protect their backsides and sell pi's down the river in the process. Sadly listening to these numbnuts got me into this po* in the first place. Jmo.
Good post lindsay60.
Who knows at this point but at least rather than hearing over the years and trusting on vague garbage from the ceo about industry valuation, baffled by the decline in the sp, an answer via the liquidators has to be forthcoming soon. Bentley is now a defined, well researched field, with chadwick in the background, proven 1P and 2P reserves, and a viable development and economic plan ready for fdp submission that possibly could be both expanded and refined further, for example by eor.
I agree with you entirely Bdog, I too hope we do better than 60 bloody cents!
Toxic I have been bitten twice in the last few months & it hurts. 35K down the drain, Listening To CEO's who promise, but never deliver. But thats life on AIM & there will be plenty of new fish to fry. Rupert has FCUK all shareholders with lie after lie & walks away. (fact) If 60cents per barrel is correct, It will be 60 cents. Rupert & the Bondholers have this stitched up. Hope I am wrong Good luck to all
How much do you think the liquidators will get for Bentley? Will there be anything for us shareholders?
xer got reamed by decc. 6 was not a hpht well but xer took their eye off the ball in not verifying with decc the 6 well data was sufficient for fdp approval, they did not check prior to releasing the rig, just made assumptions on probably the old boy network. They even contracted the RN in advance of having the fdp approval and got reamed on that as well, though fortuitously the buoyant rig market at the time allowed Rowan to find alternative employment for the rig at preferential rates and duration. So many questions re xer's mo, they had neither funding nor big partner in place, completely gung ho with others money.
On the road at the moment but look at the rns's and company presentations oct to dec '11. What happened was that after xel had off hired the ON and contracted the RN for their planned fsp/ssp they then ran their draft fdp past decc and suddenly found a stumbling block in decc who told them their reservoir data was insufficient for this goon to approve the draft fdp. So they had to get this data. Having already off hired the ON and with the RN now contracted and paid for and on the way, there was no option but to devise a plan around her to obtain the necessary. Guess they could have gone back to the 6 well but instead with three months rig time committed we got this plan to use that via an 'ewt' and the 7 well. Quite why after getting this data that added also to the reserves figure, and therefore also bankable via expanded reserves, they did not try to proceed forthwith to fsp who knows in all the chaotic processes that were going on at the time. Complete lack of planning both on ops and funding that has lasted to this day. An extract of the decc stated position was published at the time. Jmo.
Yep with a bit more upside stability coming back to the market who knows what may yet happen. Despite all the years of bs pi's have had to endure and development cost to date there is still now an explored recognised asset there, plus chadwick if they are quick, potentially larger than mariner at half the dev cost to production.
True but they have to go thru a process at least with the noise made and oil price recovery should be a bit more open than what garbage we hv been fed for years bfore.
I would rather put money in the pot to see him suffer in some form
I know what you're saying Bodog..BUT...there has been a competent market value put on the reserves here & it has be justified to sell the reserves at Approx 60cents a barrel when the Poo is currently $57 ish for light -12% for our heavy is still way above $160M FOR THE WHOLE OF BENTLEY...SORRY ABOUT THE RANT ...NOTHING personal Bdog
HB it's over, the Liquidators have a job to do . They do not give a FCUK about PI's. They want there money. Cole & Kew have had there EVIL way with PI's. Did they ever give a FCUK about PI's, don't think so. JMO. We are goldfish in a tank of piranhas, never again for me. Happy Christmas to all shafted holders.