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And the rig Singapore, though interestingly the govt there now giving out expanded funding/guarantees to shipyards for business development that an xel project might have been able to tap into.
the phantom Azinor aside, that was supposed to be an important component for Bentley, diluent potential, yadayada. Another reason with the lease expiry end year any potential suitor might want to move quickly to ensure it's further extension, though how much credence OGA probably giving to XER at the moment with the flak they are coming under in failing in their vaunted self promoted supervisory role over NSea licensees, clearly absent in the case of xer.
Actually production was supposed to be 2011..
Cole showed a video saying the oil flows. He stated funding was not a problem. Listen to the board. The rig is being built in china. We have mous. Production '2018. can he not be sued for misleading shareholders to encourage shareholders to invest.. is this fraud ?
Imo to try to ensure fair representation as a class in liquidation, that there is no, as implied by this useless bod by the 'offer' that was 'negotiated' with the bondholders, stitch up to benefit a certain class or group. To have recorded in open court the implied difference in asset valuation between bondholders offer, debt outstanding, and the assets, as implied by the two independent valuations and the market in terms of just what the offer represented in $$$ per bbl v what may be attainable by open tender. To ensure at least said sale or offer process is properly enacted and seen to be open and above board. To assess grounds and reasons for consistent failure on the part of xel management to bring bentley to approved development, failures to achieve same by company or regulatory body, operations, funding, and where blame for same may lie. Whether further legal action or claim therefore merited or possible against groups or individuals tasked with fiduciary responsibility for same. Jmo..
Although trying to achieve representation at the Court I am not sure what action they are recommending the Court take. Is there anything a Liquidator can do to protect the interest of all creditors (including ordinary shareholders) if there is evidence of inappropriate action by Company, Directors or management team?
Former ceo of gulf oil predicting oil will rise to $75/bbl by y/end! Another reason any possible buyer will want to push a sale through asap.
Unless there has been a pre pack stitch up even the bod wd subscribe to that.
Erm we are told the liquidator is arranging an asset sale of xer. They could not do any worse than the xel bod. Any substantive increase in brent has to increase numbers of interested parties and an eventual offer price. If it happens to be over $160m range then there could be some recovery for shareholders.
this liquidation and the timing of same may just be positive after years of uselessness, there has to be action soon from any prospective buyers.
upsnchors yr 22.27h post. Decc stated at the time the draft fdp was not acceptable for technical reasons, insufficient reservoir data, nothing to do with funding. Imo xer probably had the funding available then, they did get rbl later and had york, but they needed the technical approval to be there on the fsp/ssp plan to be able to finalise the costs and package.
Is this info not now coming via the liquidators? Whatever cole and co have managed a disappearing act for themselves, lets hope the liquidators do bring forth during course of investigation just what bod inaction and mistakes brought the situation to this.
Sorry, but the purpose of the egm was to call a vote on the rec of the bod for a motion/plan to be carried. W/o a meeting how do you know in advance of an egm and vote count there the motion would not be carried. If the bod knew it would not fly, and they hold the share register and have been in consultation with the bondholders, why on earth did they even throw the plan up for a vote. Sure there was a very vocal justifiable objection from pi's to the plan, but who knows just what that represented in % total w/o a formal count. If the bod had a figure shareholders should have been told, once again why the hell did the bod even conceive this without first being fairly certain it would pass. If they felt later it would not then the egm should still have been called. Imo the bod were more in fear of a lynching at any convened gathering when they saw strength of opposition to them having given away the farm with the terms they accepted for the bonds, and what their flouted 'industry' valuation was being perceived to be in reality.
The 2011 draft fdp was submitted by xer to decc. Oga will probably try to weasel out by saying in empire building terms they are not decc but new entity so their conment technically correct, oga did not exist at the time. One of xer's many screw ups was they did not check with decc that the ON well results were sufficient for fdp so some nonentity in decc for whatever reason and several come to mind rejected the draft fdp on the basis of insufficient reservoir data. Hence with a $60m rig already on the payroll the $250m ewt was codged up before full funding and a partner in place, fdp/ssp was dumped for big boy and we are now where we are, years late and broke. Jmo.
What happened to the EGM? You may recall - "The directors understand that should shareholders not support the Proposed Restructuring at the Shareholder EGM, the Bondholders intend to pursue enforcement action against the Company. On the basis of advice received by the Company and the directors, the directors believe that such enforcement action is unlikely to result in the return of any value to the Company's existing shareholders." The shareholders made it abundantly clear they did not support the proposed restructuring. Quite why anyone is surprised at what therefore followed is a bit of a mystery.
Why would there be an RNS? They're no longer listed. As per their final website update prior to the appointment of the liquidators: As XEL's ordinary shares have been suspended from trading on AIM and admission to trading on AIM is expected to be cancelled on 28 November 2016, the directors do not expect to provide additional updates to the market. An announcement will however be made following any eventual appointment of liquidators to XEL.
Shambolic from start to finish, what happened to the egm, why was the bondholders proposal withdrawn, what happened with the phantom 'innovative' investor/guarantor concept, why did the d/d fail, so it goes on..vsad.
The company actually did go into liquidation on the 5th December. Where is the RNS to tell us? The whole set up is just a shambles.
Whatever the final outcome of this fiasco if the company goes to a major the current execs will only get at best a small fraction for their stock of what optimally was there in 2011/12. What an all round crock they have turned this into.
http://www.floatingproductionzone.com/zones/fps_advanced_search.aspx
http://www.offshoreenergytoday.com/xcite-energy-put-into-liquidation-as-creditors-seek-cash/
http://www.oedigital.com/component/k2/item/14082-video-statoil-starts-mariner-drilling Oh dear.........................
can't post it but also good article on offshore energy re liquidator and bentley sale. Maybe soon we will get to hear just what rc's vaunted industry valuation is in reality.
Upstreamonline article saying bids, plural, have been submitted for Bentley.
If I was shorting Xcite I would say so. Why on earth would I not? You'll note the others that shorted it are happy to say they did so. I don't have the sort of account that allows me to short a share and it's simply not my thing. I absolutely wish I had shorted Xcite, it would have done me very well. As it were, there were opportunities to buy and sell, even as it declined there were always patterns in the share price where the more adventurous could do a bit of trading. The posters I was always 'shooting down in flames' were posting unsubstantiated nonsense. As an example you may recall you were bleating on repeatedly about the warrants expiry being key to unlocking value in Xcite, and then you moved on to tell us all the bonds weren't an issue. In both cases you were 100% wrong and my position was vindicated. You are happy to throw around unsubstantiated allegations about me but when push comes to shove you have never been able to follow through. I really don't know why you persist in making things up about me.