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Xcite Energy Share Chat (XEL)


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highlandsbull
Posts: 5,618
Observation
Opinion:No Opinion
Price:0.00
RE: Rupert Cole
Thu 07:22
Forget that incompetent imo, he should have been taken care of by the useless FCA, example of their uselessness the recent RBS report. Concentrate alternatively on HMG/DECC/OGA and under foi just what was said, when, with and by who, leading up to the Bentley 4 year lease extension. Jmo..
 
deano64
Posts: 4
Off Topic
Opinion:No Opinion
Price:0.00
RE: Rupert Cole
11 Feb '18
Below is his new address where he as set up a new business. Lovely looking place take a look on Google earth. I doubt very much he as the guts to answer his door, but if you get to speak to him good luck on receiving the truth.
Parsdown Ltd
Hambledon Beech Drive
Kingswood
KT20 6PS
https://www.companieslondon.com/uk/10795922/parsdown-limited
Diver69
Posts: 568
Off Topic
Opinion:No Opinion
Price:0.00
Rupert Cole
7 Feb '18
Where are you ?I want you to explain to me face to face where my hard earned money has gone?And by chance if you could use some of your millions made from us to do the just thing and donate all your ill gotton gains to charity.One day Rupert one day our paths will cross.
highlandsbull
Posts: 5,618
Observation
Opinion:No Opinion
Price:0.00
RE: Shame we weren't called Carillo..
6 Feb '18
Yep I was kinda wondering that, see how much 'action' came from the co-joined bleating hearts, not much it seems.
beltron
Posts: 45
Off Topic
Opinion:No Opinion
Price:0.00
FOI
5 Feb '18
If anyone has requested information from the OGA via this act with regard to Xcite and the OGA meeting and has been refused then you can appeal at :- https://ico.org.uk/
deano64
Posts: 4
Off Topic
Opinion:No Opinion
Price:0.00
RE: Shame we weren't called Carillo..
2 Feb '18
Maybe all the wailing and chest beating was simply a fishing exercise to get the feel of things to come if anything.
highlandsbull
Posts: 5,618
Observation
Opinion:No Opinion
Price:0.00
RE: Shame we weren't called Carillo..
2 Feb '18
Plus lot of wailing and chest beating on II that also came to nothing.
highlandsbull
Posts: 5,618
Observation
Opinion:No Opinion
Price:0.00
RE: Shame we weren't called Carillo..
1 Feb '18
Clearly absolute zero interest taken by UK.gov supposed protectors in various guises of legality and fair play.
deano64
Posts: 4
Off Topic
Opinion:No Opinion
Price:0.00
RE: Shame we weren't called Carillo..
30 Jan '18
It would be nice to see a fund built so some digging could take place. I lost 60k on this and it still hurts.
highlandsbull
Posts: 5,618
Observation
Opinion:No Opinion
Price:0.00
RE: Shame we weren't called Carillo..
29 Jan '18
True, but Bentley value is not in terms of personnel but represents a several billion $$ l/term oilfield in UK waters, funded in part by thousands of small UK investors based on the incompetent financial and operations management by the BoD of XEL/XER.

But imo BoD incompetence aside, there have been clear failings on the part of DECC/OGA, where initially the 'advice' from DECC in 2011 to a small company such as XER they were supposed to be supporting, to spend hundreds of millions of $$ on an unnecessary EWT, where the data they supposedly required could equally well have been obtained during XER's proposed FSP.

Secondly during early and mid 2016 when OGA were harping on about Quad 9, why was old XER not allowed a 4 year lease extension in view of difficult ongoing market conditions at the time, but seemingly given without quibble to newco. Did the XER management at the time ever ask for this, if not why not, as it was clearly available and given to the phantom Bondholders prior to the expiry of the old lease.

There is a clear conflict of interest and fiduciary duty responsibility by XEL/XER BoD in the first instance by those that jumped ship to newco with this in hand. There is also a lack of impartiality by OGA in not considering the interests of XEL shareholders in negotiating with these people by what implies some form of under table arrangement. The fairest thing to have done would have been to have declared the lease expired and put out for re-render, or given old XER an opportunity to refinance field development on the basis of extending the lease in the first instance to oldco.

OGA are hiding behind a figleaf of commercial confidentiality. Irrespective of 2011 events they should be sued under foi to release to XEL shareholders details of the discussions they held with XER management in 2016 re this lease extension, and why partiality was shown by them in negotiating with a group that was clearly represented by the self same XEL/XER executives, making sure a lifeboat was available to them for the future, while XEL shareholders were sunk by their incompetence and desertion. Old XEL/XER directors that decamped to newco should be sued for failing to perform their fiduciary responsibilities to old XEL and it's shareholders, clearly demonstrated by numbers of the self same individuals magically reappearing in XER newco.

Unfortunately my shareholding in XEL very small in the end, and a pi to boot. But if I was a fund manager or investor with several hundred thousand plus shares in XEL that went gtz as many were, and had a budget appropriation for legal costs, then I would at least be prepared to invest in the expense related to foi and clear partial actions of a government institution in asking the above questions. Then sue the old executives that decamped for allowing this to happen in the way it did. Someone, still unknown to XEL shareholders, has appropriated for $150m an asset that has cost XEL shareholders $450m+ to develo




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