I have recently had loads of blurb on pensions scams. Fear not I'm too smart for that! My money is in XEL! You couldn't make this up, after 6 years I have ended up with 80k in here now worth less than 3k. To put it into perspective I used to earn 30k a year. Had 125k saved. In 6 years my wife is now I'll with cancer, my children have health issues, this month I have lost my job at 58. She says lets go on a nice holiday. I haven't told her, that for me is worse than loosing money. I know it sounds stupid but after DMOR I doubled down below the director buy level got below £1 and then again to 49p. Even a buffoon could sell this asset for $2 a barrel in a distressed sale and we would get something back and just move on? How wrong I was. With less than 3k left there is no hope now of getting even half my investment back and worse no time left for me to recover a lifetime of savings. Please RC just do a deal!
They say never look back...but I am so fed up that it was so clear back then what the outcome would be...all down to the Bods useless performance..my thoughts end of July...shameful! 29 Jul '16 Sorry to hear this guys, hope you make it up soon, I'm to much of an old Git to give in, (more fool me I know) but hopefully a sale of any kind I 'll break even...but I think if its admin then I can kiss it goodbye...live & learn I guess.
In reality ,I cannot see why any company would buy this at this juncture, certainly not before the Bonds are sorted, they would want that clearly put to bed with no strings attached, would this be an asset if AF & RC were demoted possibly ...CC would have the feel of that after the AGM. Heavy 10Api is not great at the best of times & as we all know this is not the best of times...sorry to sound so Gloomy but we have to see waht the wall clearly.
Let's face it if there was a player in the wings we would have heard by now. GKP was out and proud regarding the buyer in the background as was the BH in terms of the deal. Heavy oil is not the flavour of the month and in all proberbility any bidder will now wait until the licence is put up for grabs following a default. There is no point in doing a receivership, administration or liquidation if there is no one in the wings to play so without any deal this is dead.
I have hoped for the last 6 months that we would at least have a d4e deal but nothing no RNS and no whispers if we don't hear in the next few days IMO it's game over !!
Come cob Friday, Rupes is likely to melt into the background. If I was him I would be crapping myself. Will some scorned PIs seek revenge? I would say yes.
Personally speaking I hope that Rupert Coles existence is one of chronic continued pain and unhappiness and loss of all financial well being. Rupes you lied and you miss lead all of us. For the pain and angst you have caused to many you should be lynched,
I read that, also their note of concentration in the north sea. Apart from the field reserves dropping in the equipment package and operations hugely suitable for them. Sure Bower would have been banging on their door.
The technology is there, Bently gave up 149,000 barrels over 68 days in 2012. The Management were over confident or just not man enough for the job. Xcite is no Dallas & Rupert is no JR. At what point did Xcite turn into a supermajor In Ruperts eyes. RC & SK make no mistake you have hurt thousands of PI's' With your delusion of grandeur style of leadership.
Statoil were behind XEL in the development of Bressay then they had lease problems to resolve then the price of oil cratered.
You don't recall the advice from the ceo that the Bentley dance card was full after EWT, at the time oil was in the $100 range. What clearly happened then was they considered proposals unacceptable in their wisdom, and proceeded to the big boy phase, which leaves us where we are now, screwed it seems.
Apart from Amec for guarantor as they'd like the work, just wonder if the bod might have been hoping for BP, having already the off take agreement in place and a ready market via their refineries/marketing for the product. When the mention of Statoil has come it does not seem to be with much warmth, other than the fact the fields are adjacent. Plus of course Maersk for both their north sea focus and available equipment. Just as they invested in the rig for culzean.
Everyone seems to be angry with the bod and I'm sure they've made lots of decisions they now regret. If you consider the big picture and try to piece it all together you may realise their is orher things to consider. Why has statoil never went ahead with the adjacent field? Why were their no buyers when oil was over $100 and rising? Why did decc keep renewing the license. I know xel got the oil to flow a few years back . Then decided not to go ahead with original plans. Could the answer to that be it wasn't cost effective and they had to think like the big boy's. In my opinion the technology is not there yet to drill commercially and unfortunately when this arrives it will be too late for xel
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.