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Xcite Energy Share Chat (XEL)



Share Price: 16.00Bid: 16.00Ask: 16.25Change: 0.00 (0.00%)No Movement on Xcite Energy
Spread: 0.25Spread as %: 1.56%Open: 17.50High: 0.00Low: 0.00Yesterday’s Close: 16.00


Share Discussion for Xcite Energy


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highlandsbull
Posts: 4,091
Observation
Opinion:No Opinion
Price:16.00
This revive BH MOU ?
Today 07:12
 
ceilingcat
Posts: 1,901
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:16.00
RE: Sevan
Sun 23:32
When XER was a private company it had 218 fully paid up shares with a nominal value of £1 each. As a public limited company requires a minimum share capital of £50,000, the company was required to issue another 49,782 shares each with a nominal value of £1.
highlandsbull
Posts: 4,091
Observation
Opinion:No Opinion
Price:16.00
RE: RE: Sevan report
Sun 23:16
Well you for one until ceilingcat and myself corrected you seemed to be under the impression this FPSO was for XER. The whole thing is tied in together, they can't announce anything on the major units because contracts would be dependent on the funding news whcih has to come first.
LEGENDS
Posts: 1,108
Off Topic
Opinion:No Opinion
Price:16.00
Sevan
Sun 22:06
As I said the minimum 50k required. If I remember correctly the first purchase was 5k followed by 45k @ £1.

I vaguely remember someone mention the bond agreement at the time. I'm going to do some digging this week to find out.
ceilingcat
Posts: 1,901
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:16.00
RE: Sevan
Sun 20:28
The issue of why XEL bought the minimum required capital of 50,000 shares in XER plc is simply because that was the minimum number of shares required to convert from a ltd to a plc and as XEL is the parent company of XER, who else would hold the shares?

The more interesting question, which as far as I know no one has ever asked Xcite, is why they reincorporated XER as a plc. It seems logical to assume it was done as part of the bond deal giving the timing, but there is nothing as far as I am aware in any of the publicly available bond documents that makes it a requirement.

As far as the Sevan unit being for Shell's penguin. Still the logical answer. Amongst other stories, see http://www.upstreamonline.com/hardcopy/news/1423637/players-in-talks-on-fpso-for-penguins-project
LEGENDS
Posts: 1,108
Off Topic
Opinion:No Opinion
Price:16.00
RE: Sevan report
Sun 16:49
highlandsbull. Yes we all know it's got nothing to with Xcite. What's been asked is, why the length of time to reveal the contract.
highlandsbull
Posts: 4,091
Observation
Opinion:No Opinion
Price:16.00
RE: Sevan report
Sun 16:19
It's an FPSO, XER's requirement is anFSO.
LEGENDS
Posts: 1,108
Off Topic
Opinion:No Opinion
Price:16.00
View Thread (2)
Sevan
Sun 14:26
Topboy. Some people seem to think it's for the Penguin field. Cannot believe how long it's been since they first made the announcement.

I also noticed Chappi has mentioned the same point as I did earlier this year.

Why did XER become a PLC? And why did EXL purchase the minimum required 50k shares offered @ £1 per share?

I'm sure we will find out the master plan soon enough.
Topboy1
Posts: 390
Off Topic
Opinion:No Opinion
Price:16.00
RE: Sevan report
Sun 12:50
Thanks LEGENDS. Who is this then:

It made a strong impression when we at the end of last year were
able to announce entering into a License and Service agreement with
a major oil company for a prospect in the UK sector of the North Sea.
We have been working on this project and with this client for more
than two years and even though a final investment decision is yet to
be made, the selection of our FPSO concept for this field is a very
important confirmation of the competitiveness and suitability of our
design.

Could it be STO?
LEGENDS
Posts: 1,108
Off Topic
Opinion:No Opinion
Price:16.00
Xcite office
Sun 12:21
Just had a quick nosey. Looks like the SPE presentation is adorned on the boardroom wall, and front and rear plaques still up. Some of the upper offices look empty.




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