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ASCENT RESOURCES: Gas flows mean cash flows to develop up to 15 wells


Xcite Energy Share Chat (XEL)


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highlandsbull
Posts: 5,604
Observation
Opinion:No Opinion
Price:0.00
RE: Paradice papers
Sun 13:08
Under foi minutes and conversations DECC v XER late 2011 leading up to the 12/11 letter from DECC Aberdeen office. Who was this phantom jobsworth 'I this and myself that' that led to the cratering of XER's draft 2011 FDP despite data from wells drilled up to that time, and the substitution of FSP/SSP with the EWT and 1A and 1B plan. Even through 2012 the cocksure tone of the XEL 6/12 financial statement as to all being well, the 10/12 Edison XEL update then the 2013 change of plan to big boy. Who intitiated that, leading to the cancellation of RBL with no funding substitution in place. A catalogue as it's transpired of developing management incompetence imo that beggars belief, but goes back to events leading up to the involvement of DECC, or not, in economically assisting XER in the progressing of the proposed FDP at the time they were supposed to be helping small oilcos.
 
ceilingcat
Posts: 2,863
Off Topic
Opinion:No Opinion
Price:0.00
RE: Paradice papers
11 Nov '17
Indubitably, given that the paradise papers have come from Appleby's and they have been involved with Xcite along with the bond deals.

Maybe worth approaching the ICIJ about it.
quilas
Posts: 7
Off Topic
Opinion:No Opinion
Price:0.00
xel
11 Nov '17
Before the release of the fabled CPR in May 2011,which fell way short of expectation,I saw Cole interviewed on some site.He looked nervous and shifty,he knew what was coming.
Gasoilina66
Posts: 306
Off Topic
Opinion:No Opinion
Price:0.00
Paradice papers
11 Nov '17
It would be very intresting to see if R.Coles account cropped up anywhere in them as I cant believe he was that inept.Or should we be looking for Decc officials or the CFO.
Gasoilina66
Posts: 306
Off Topic
Opinion:No Opinion
Price:0.00
Paradice papers
11 Nov '17
It would be very intresting to see if R.Coles account cropped up anywhere in them as I cant believe he was that inept.
toxicnerve
Posts: 2,635
Off Topic
Opinion:No Opinion
Price:0.00
RE: xel
10 Nov '17
...Not to mention the "Crew" on here bullshitting non stop lies...about their hedge fund mates etc...
highlandsbull
Posts: 5,604
Observation
Opinion:No Opinion
Price:0.00
RE: xel
3 Nov '17
so say a lot of us. The word then fom the crew 'managing' the company was that they were merely recovering their investment cost up to that time and were still heavily in. Wish we all had had that option.
quilas
Posts: 7
Off Topic
Opinion:No Opinion
Price:0.00
xel
3 Nov '17
why on earth didn't I sell my holding in Dec 2010 when two directors sold a million shares at about £3.80?Even my wife advised me to as it was all downhill after that.What a prat I was.
highlandsbull
Posts: 5,604
Observation
Opinion:No Opinion
Price:0.00
RE: WOW
3 Nov '17
Or even, faced with losing all as the only final alternative offered up by the 'management', knowing there was a four year extension on the table from OGA shareholders be asked for a rights issue, combined even with the funds still available via Esousa, to pay off or extend date and cost of the Bonds.
highlandsbull
Posts: 5,604
Observation
Opinion:No Opinion
Price:0.00
RE: WOW
2 Nov '17
Through 2010, the 6 well, and into 2011 XER were consistently promoting FSP/SSP for the Bentley field development. That was the gist of the 2011 draft FDP submitted to DECC late 2011. Unfortunately they clearly never brought DECC on board with this plan before going public on it, and for which on spec effectively they expensively had contracted the RN, a rig the size of which was to enable them to combine drilling and production at the same time of an initial number of wells.

The jobsworth at DECC made ot clear in his 12/2011 letter that there were 'remaining uncertainties in future reservoir performance'. He did not sanction XER's draft FDP. Clearly this negated XER's planned FSP/SSP approach by which they intended to go straight into production. So faced with the necessity to provide data that if they had known about it could have come from extended time on the 6 well, and having a rig on the horizon with no approval for FSP, there was no face saving alternative to proposing and selling to DECC and shareholders the expensive 'benefit' of an EWT, against the success of which they had no prior partner lined up to at least part absorb the cost.

Whalsay is XER with a changed name. I'd like to know under foi when OGA were approached to sanction a four year extension to the Bentley lease. This had to have been under negotiation for several months in advance of XER's demise With the same key management there was a clear conflict of interest, negotiating their future while still under the flag of XER. Why could not XER been given this extension months in advance of expiry of the Bonds. What effect might that have had on availability of new funding or partner.




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