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Ariana forecast 47% rise in Kiziltepe gold production Watch here

Ariana forecast 47% rise in Kiziltepe gold production


Xcite Energy Share Chat (XEL)


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highlandsbull
Posts: 5,635
Observation
Opinion:No Opinion
Price:0.00
RE: enjoying the monologue highland..
11 Apr '18
Sadly none of the large investors who have had substantial losses here appear to have the b**** to use any legal fund reserve which such companies normally have, to at least under foi take:

1) OGA/DECC to task for not in the first instance giving a 4 year Bentley field lease extension to XER when funded by owner XEL, yet seemingly were prepared to negotiate same for XER under new ownership which would have to have been declared to OGA, and with XEL/XER management while said individuals were clearly still execs of what was to be their former company. Why was said preference not seen as a clear conflict of interest by OGA in which they should have not been complicit, when it certainly was for the XEL/XER execs with the lease expiring. Why alternatively was the lease not put out as a re-tender to all parties.

2) BoD of XEL/XER abrogation of fiduciary duties while still employees of XEL/XER negotiating a four year lease extension for Bentley with OGA while they were still had to be on the payroll of XEL/XER, particularly in the case of the useless cfo. Acting in effect for themselves and the bondholders in securing both their future employment as was clearly the case, they jumped ship which had to be by prior agreement, and the liquidation of XEL without due consideration first being given to the lifeline that a lease extension to XER, while still under the ownership of XEL, would have been to the parent company and it's ability under competent management to source funding against said lease extension. Jmo.

Imo all parties deserve to be brought to book and sued, at least to disclose the facts during the timeline that led to the lease extension being granted by clear partiality. OGA as a public body should not be allowed to hide behind supposed confidentiality issues that directly by their action blighted the investment of thousands of shareholders in XEL, who with their participation and despite unnecessary costs imposed by DECC, had brought Bentley close to development status with large and now proven field reserves.
 
toxicnerve
Posts: 2,643
Off Topic
Opinion:No Opinion
Price:0.00
RE: enjoying the monologue highland..
22 Mar '18
How's the ATC (Flyer your words) going ???
Casshy
Posts: 368
Off Topic
Opinion:No Opinion
Price:0.00
enjoying the monologue highlandBull
22 Mar '18
??,....I think its over...
highlandsbull
Posts: 5,635
Observation
Opinion:No Opinion
Price:0.00
Interesting article on Kraken..
22 Mar '18
highlandsbull
Posts: 5,635
Observation
Opinion:No Opinion
Price:0.00
BVI laundromat in action again..
17 Mar '18
shades of what OGI allowed XEL/R execs unchallenged to wash through in respect of XEL shareholders. jmo..

http://www.dailymail.co.uk/money/news/article-5511423/The-hunt-Toys-R-missing-millions.html
westsider
Posts: 192
Observation
Opinion:No Opinion
Price:0.00
Hypocrites
13 Mar '18
PMQ's last week

£ Colin Clark (Gordon) (Con)
Q12. Will the Prime Minister support the work that the Department for Business, Energy and Industrial Strategy and the Oil and Gas Authority are doing to facilitate the production of £1 trillion of oil and gas revenue from the continental shelf, supporting 300,000 jobs? Will she also join me in paying tribute to the men and women who work offshore to ensure that our homes stay warm? [904232]
£ The Prime Minister
I am happy to join my hon. Friend in paying tribute to those who work in our offshore oil and gas industry, and thanking them for the work that they do. Last week£s weather highlighted just how important that work is to us all. We remain committed to supporting the industry, building on the £2.3 billion package announced in recent Budgets. My right hon. Friend the Secretary of State for Business, Energy and Industrial Strategy and the oil and gas sector recently committed themselves to working together to ensure that the UK continues to enjoy the benefits of a world-leading offshore oil and gas industry.
highlandsbull
Posts: 5,635
Observation
Opinion:No Opinion
Price:0.00
RE: beltron
10 Mar '18
It increasingly looks like the XEL/XER execs that parachuted into newco XER had via the bondholders found a party to both develop Bentley eventually and retain their services away from XEL and old XER. From the OGA comment there's no reason old XER when still owned by XEL should not have been awarded a four year lease extension of Bentley, they were fully compliant with the technical requirements for lease extension, funding only had to be demonstrated at application time for FDP. Lease extension therefore should have been granted without question. Wheat clearly seems to have been lacking was the XEL/XER execs ever making this four year lease extension application while XEL was still the owner company for XER.

Imo the facts in relation to this needs to be ascertained. Plus on this basis why when being appraised for said extension did OGA show delay and partiality in allocating same to a company that was effectively a newco without going out to re-tender.
highlandsbull
Posts: 5,635
Observation
Opinion:No Opinion
Price:0.00
RE: beltron
10 Mar '18
Yes, OGA and the fiduciary duty absentees from XEL and XER pre liquidation should be brought to book. I seem to recall as part of their package the company was paying for executive iiability insurance. Two avenues for XEL shareholder redress imo.
Blue-Eyes
Posts: 5,588
Off Topic
Opinion:No Opinion
Price:0.00
RE: beltron
10 Mar '18
Interestingly Statoil got their extension without having to complete any of the technical work on their licence yet Xcite were stating to anyone who would listen that they were doing all these evaluations to keep OGA happy.

9. It may be helpful at this point if I set out some general background to how the OGA considers Licensing applications. The consideration by the OGA of the technical and financial competence of a potential licensee/operator when considering whether to issue a licence is for the OGA to consider the Licensee£s ability to carry out the proposed work programme which would have been outlined in the licence application. Such work programmes normally involve drilling an exploration well and any relevant appraisal activities which might be required prior to the formulation of a development plan.
10. However, where a licence extension is sought, such as in this case to extend the relevant Bentley field, this would be considered on a case by case basis. In such circumstances, while the technical capability of such an extension is considered, the financial competence would not usually be a factor in making any decision to extend.
11. Within the Licence lifecycle, the OGA carries out its formal assessment of a company£s commercial, financial and governance structure before it agrees a Field Development Plan (£FDP£) £ it is then that the Licensee has to demonstrate, in the OGA£s view, access to sufficient funds to meet its share of the actual FDP costs.
12. Therefore, no financial assessments were before the OGA when undertaking the technical review for the licence extension request: such finance assessments being for example a detailed review of cash flows, income, expenditure (both capital and operating), borrowings, equity funding and other facts of this type. As such, no financial review as described

So why only 9 months?
highlandsbull
Posts: 5,635
Observation
Opinion:No Opinion
Price:0.00
RE: beltron
9 Mar '18
There clearly was an extension available on the table, it happened. OGA were well aware of poor market conditions in 2016 and the possible parlous state of XEL as a result despite what they had spent with DECC insistence on the EWT in 2012. As you mention Statoil got three years for Bressay and magically when XEL is successfully euthanised it's former subsidiary under the same management and phantom supporter is allowed a four year extension. An absolute crock in many ways imo.




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