Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Forky - now that really made me chuckle!! Death by mash potato !!
Leg End....I really thought we would see a news story about a disgruntled share holder beheading a company director and eating his brains.......what did you really do.....spit on his car bonnet?
How can shareholders have any belief that the 'executives' that have brought the company down to this level can have any ability to negotiate in their interests the best optimal disposal price for the asset. Competitors will just laugh at them. They should be made to stand back and the task given to someone with demonstrated capability and integrity. These guys with their over the years half a dozen failed optional plans re fdp, partners, and funders that have been run across the bows of shareholders for zero result deserved long ago to have had a big boot put behind their little a••es and ejected from the company. Yet there they will be by now sunning themselves at company expense, g&t's in hand, in bvi expecting this gravy train of theirs to carry on next week rumbling down the track at bondholders expense next, having seemingly convinced them of their continued use to this exercise. Jmo. Maybe just with the seemingly failed application for a further $10m, even their goose is finally about to be cooked.
Never fails to amaze me. One of the bondbrothers hasn't posted for three weeks, the other half two weeks. Yet within minutes of my post it appears again. Got to wonder who these people are and who they represent. They both appeared here not long after the bond was signed.......
Quite clear these liquidators have not materialised from thin air, they have been briefed by the bondholders to present themselves for the job in which case for ordinary shareholders also they cannot be relied on. At least the judge should be requested therefore to appoint an impartial liquidator. And how this bunch of incompetent bod expect themselves to be allowed to carry on and not get the summary boot from both xel and xer defies belief there is not some form of stitch up in place. By their own demonstration over the years of complete failure represented by the state the company currently is in, and guaranteeing the asset for a fraction of its cost and worth this merits further possible criminal investigation of intent behind their actions. Complete lack of integrity being demonstrated, stand up, resign, and admit, acknowledge, apologise as men the extent of the failure they have presided over on behalf of others. Jmo.
unlike ii where at least they despite the likely futility of same appear to converging around something posititve. If I had had or have as many shares as some seem to there I'd be standing and represented in the bvi court come monday, attempt to get this useless shower that have brought by their ineptitude the company to it's present state with their current proposals evicted or better still locked up. jmo.
Yes it was better when you had 13 alongside you ...but you'll do Le-GIT
I see panto season has started. Still. It's not the same with only one of the chuckle brothers playing the part this year...
yep. what a bell - end. You'd also think anyone actually minded to do such a deed wouldn't be dumb enough to bleat on about here month on end. Still, weren't we expecting LEGENDS to go out in a blaze of glory a few weeks ago.
This isn't a Deathwish/Dirty Harry film you fantasist...... what you going to do, whip out your semi automatic spud gun and 'King Edward' him to death?
Until he has a bullet between his eyes, the robbing btard that he is. Watch your back cole, there are many who will never forget you, not now, not 1yr 5yr. You numbers up Cole and someone will deliver, be assured of that
any interested parties apart from the usual suspect have about two days to act..
it's over we've been robbed
Can anybody tell me what is happening here? I think these shares have been delisted.....so does this mean its the end of XEL???? We have lost everything I guess- I see from the cooperate action that the company shares have been diluted.....
I am not registered on iii but have followed it for years. I would like to help in any action group.
expanding Nsea interests, and Maersk also with Dong.
Currently with no money the public purse is exposed by xer being responsible for a load of hardware lying on the sea bottom. With a plan sanctioned by tracs and baker, even rbl or other funders, money from hmg an issue did not appear to be useful, only a guarantee that oga could have overseen with the entry powers to companies and plans they can supervise..
The oga are pouring govt money into seismic in the ukns. What was the point in them being incorporated, was there not bs put out at the time about sitting in on licensee board meetings, directing funders to viable projects yadayada. Who was it that directed xer to spend $250m on a wasted ewt when the xer fsp/ssp quite viable plan for a small company, notwithstanding the fact that xer prior to sanctioning same should have on conditional success had funding or partner lined up. Complete bumbling incompetents imo the xel bod.
"and to have in mind that the risk to the public purse of financial exposure to liabilities is minimised." In other words we are on our own. We have been legally and strategically robbed by big money who had the foresight to to intervene and take advantage of an opportunity to exploit ordinary shareholders (not professional traders) and recover a huge amount of money back where it belongs, into the hands of powerful and greedy financial institutions
.............development scenario. However since then no final development plan has been submitted and the OGA has not given consent to a development. You are right to highlight investor confidence as a key issue and the OGA is aware of the potential impact of XEL's insolvency on the confidence of all investors (debt and equity), both those directly invested in the Xcite group and those investing or considering investing in other companies operating in the UKCS. With this in mind, although the OGA's powers do not extend to the regulation of the liquidation process nor the financial arrangements by which the bondholders will be seeking to recover debt, the OGA has written to the liquidators to make clear our expectation that they will communicate effectively with all stakeholders of XEL regarding the liquidation process and that they will, through the liquidation, seek to ensure that all of XEL's assets are marketed as widely as possibly to ensure that all options for sale are fully explored in the interests of all stakeholders. The OGA has powers, following the sale, to demand a change of control of the company and its assets if it is not satisfied that the change of control is in the best interests of MER UK. We have noted from shareholder correspondence which we have received that a number of Xcite shareholders have raised questions about the way in which the company has reported its financial and commercial position to shareholders and other concerns. The OGA has set out that such aspects of company activity are primarily the responsibility of other regulatory bodies including (LSE) and the (FCA) .The OGA has taken no view on such claims and has written to the LSE and the FCA to inform them of the representations. You asked about the OGA's priorities for the Bentley field in the future. The OGA's responsibility is to pursue the best available course of action to achieve our statutory principal objective of maximising the economic recovery of the UK's oil and gas resources. Beyond wider initiatives such as shooting new seismic for the industry as a whole, the OGA has not been established to provide financial support to individual projects or companies in the UK Continental Shelf and has no remit to do so. We will be working hard to create the right conditions for fields such as Bentley to become viable. However commercial viability is primarily a matter for the field licensees and stakeholders and, with the marked uncertainty over the long term oil price and the inherent issues related to the extraction of heavy oil, achieving commerciality for these fields is challenging. I hope this helps to clarify the position. ----------------------------------------------------------------- Yep. PI's are xpendable. Seems to be a standard letter. Sry if similar posted. Lost the will to read this BB Grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
Thank you for your letter of 21 November in which you refer to recent contact you have had with one of your constituents who held shares in Xcite Energy Limited (XEL). The OGA has received a number of letters from Xcite shareholders and for your information I attach copies of the responses which have been sent during the last month or so. I note that you ask in particular about the OGA's role in relation to the Bentley field; what the OGA is doing to ensure investor confidence is not shaken; and how we view Bentley going forward. For background: XEL's wholly owned subsidiary, Xcite Energy Resources Plc (Xcite), currently holds two UKCS production licences, including the licence covering the Bentley field. On 25 October XEL announced that it expected its bondholders to seek the appointment of liquidators over the assets of XEL in the British Virgin lslands. The OGA's responsibility is to regulate the oil and gas industry in the UK and in doing so, seek to maximise the economic recovery of the UK's oil and gas resources (MER UK) and to have in mind that the risk to the public purse of financial exposure to liabilities is minimised. The OGA is and willcontinue to use its powers to discharge this responsibility. You asked about the OGA's involvement regarding Bentley. Xcite currently holds and operates 100% of the Bentley field. The licence was granted under a Promote Licence in 2003, and converted to a Traditional Licence in 2005. The OGA has had a number of discussions with Xcite on the technical requirements for the field and has extended the initial term of the licence more than once, to provide the operator with time to complete a development plan that the OGA could consider whether or not to approve. On 5 February 2016 the OGA indicated to Xcite that, on the basis of the information we then had available, we were content with the technical aspects of the subsurface work, well placement and ..............
More job bs waffle.
nail xel/oga about ewt fiasco and cost, plus recent discrepancy xel speak oga commercial reservations v reality not raised according to oga. Rig issue imo more marginal, nothing was going to happen on mou development w/o the fdp approval.
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YEH RIGHT.... Promoting the UKCS as attractive investment destination Enhancing the reputation of the UKCS Internationally https://www.ogauthority.co.uk/media/2859/mer-uk-in-practice-introduction-dr-andy-samuel.pdf More waffle here- https://www.ogauthority.co.uk/news-publications/mer-uk-in-practice/