There assets , was it 6 million? Also the NDa nonsense & name these parasitic BH's ! Are Socious still holding...will there be some let out for the shares they hold ...would it be surpring if they are involvrd.
We should have realised after seeing that Cole has failed in every directorship he has held that XEL would end up like this. Sadly for the BOD there is now so much hatred towards them that you'd have thought they'd have fled the country for the safety of themselves and their families. Their main worry now must be physical assault followed by financial assault as we crowd fund legal action against each one of them.Divide and slaughter of the Bod. Thank god for HUR and SOU for making up my losses here, ran by true professionals rather than conmen. OIMHO
It would be nice to see him taken to court to give clarification on the reported NDA's that were disclosed were in place, who apeared at the Data room after EWT, full dance card cr*p we were given, who promoted the big boy plan and why was no funding in place for same before ditching the RBL and with that the FSP/SSP that was available subsequent to the EWT. Who were the reported multiple funding options it was implied were around, and why was nothing ever taken up at thart time other than this disastrous Bonds deal where Cole basically gave away the farm. Finally who were the d/d parties and what went wrong with this supposedly innovative funding /guarantor option, who were the parties to that. Why was the company not put up for sale at a much earlier date to avoid the option the Bondholders had in place to sue for liquidation. And just who are these farking Bondholders.
One of their several key screw ups, the rig was contracted in advance of having approval from DECC for FSP/SSP plan A and knowing the earlier ON work was sufficient. We know what happend to that, so to avoid a rig sitting around on hire and no production ossibility the EWT was codged up.
It's straw clutching. There have been warnings in every RNS and each quarterly financial release relating to the financial state of the company for ages.
The only things people have to go are
a) Rupert's misleading statements to shareholders at the AGM, in video presentations and at other public events. b) The revelation in recent days that they were seeking advice on insolvency for over a year. Whilst I would agree that is prudent, that never surfaced publicly until now and they were winking at the AGM this year that all was well.
I would imagine they can point at the oil price decline as the reason for the inability to pay the bonds, and that'll be the end of that.
The reprehensible behaviour from Rupert Cole and the BoD down to XER management like Matt Bower, was stringing investors along until they could do it no more and then simply turning off the phones and no longer replying to emails.
Behaving in such an dishonourable way is not illegal but their behaviour and lies, sorry misleading statements pretty much mark them down as morally bankrupt.
Take it as a lesson learned. Investors aren't going to see anything back from this. Don't invest on hope in future, don't over invest in one stock and have a stop price and stick to it!
I,m still waiting for the ground breaking announcement for 25th january ...it still has not arrived ...in the same bin as the Bondholders names ...meanwhile some blasts from the past Legends finest hours: RE: highlands8 Jan '16 toxicnerve you posted this-Anyone of the 'Bond experts' here want to hazzard a guess at the new terms that will be imposed ?
Can you now post the official RNS from the company that states the company have failed to secure finance and FDP approval, requiring them to seek another bond agreement. Toxic 4 Jan '16 Marthasson- what he doesn't seem to realise as a genuine Xcite shareholder is this. If Xcite don't spud P-1979 by December this year (11 months away) they lose the license. What he also doesn't seem to realise is that most of the possible 100MMBLS of oil produced from 1979 will be used to bring the extraction cost per barrel on the giant oil field that is Bentley down over 35+ years. What he also doesn't realise is Xcite now have a partner willing to perform at their expense all the technical work. Then when all the technical work is completed they will also help finance (50%) the drilling campaign later this summer.
Cat- Wither you like it or not. Statoil were refused their ES application by DECC and subsequently postponed Bressay thereafter. RE: bullish31 Dec '15 toxic, i'm very bullish going forward.
People everywhere writing off the UKCS. If that's the case why has the Rowan Stavanger been contracted for a gig starting next month?
RE: Topboy1 19 Dec '15 toxicnerve- What the hell are you on about? Read my post again , 652. It was in response to Topboy buying more, not me. I have well over 200k shares in Xcite. Trust me you don't want to know how much I have spent and lost since 2008.
There will be a non Bentley related RNS soon, shortly followed with a Bentley update RNS. And I don't think you will have to worry about your youngest inheritingWORTHLESS PAPER SHRES....
Have a good evening.
Topboy1 19 Dec '15 It would be very rude not to take a few extra shares at this price.
Think I mentioned this to you before. My biggest regret was not buying £5k worth @ 3.5p January 2009. I was like now, down over 70% and lost the bottle. That £5k two years later would have been worth over £500k.
Only good thing to come out of the drop since then is the ability to bed and isa most of my holding and add a substantial amount to my portfolio. When we get FDP approval I will be more than happy knowing London will not get my hard earned cash.
Ceilingcat18 Dec '15 Not a guess, just something I've heard.
But I must admit I personally don't think we will hear anything this year now due to the change of plan regarding the Bressay concept announcement being early next year now.
Someone on iii is suggesting that one or both of these RNS Is the key to what has been going on. Any one out there with more knowledge of the company like to have a look?
Tue, 15th Nov 2011 09:49
RNS Number : 1092S Xcite Energy Limited 15 November 2011
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
TSX-V, LSE-AIM: XEL
15 November 2011
Xcite Energy Limited
("Xcite Energy" or the "Company")
Additional Listing and Total Voting Rights
Further to the announcement in relation to the draw down on the Standby Equity Distribution Agreement issued on 11 November 2011, the Company announces that it has received conditional approval of the share issue by the TSX Venture Exchange and it has therefore made an application for the admission to AIM ("Admission") of 2,168,257 ordinary shares of no par value in the capital of the Company (the "New Ordinary Shares").
The New Ordinary Shares shall rank pari passu with the Company's existing issued ordinary shares of no par value ("Ordinary Shares") and dealings are expected to commence on 18 November 2011.
Following Admission, the Company's enlarged issued share capital will comprise 188,996,011 Ordinary Shares with one voting right per share. There are no shares held in treasury. The total number of voting rights in the Company is therefore 188,996,011.
This figure of 188,996,011 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.
Corporate Update and Results for the 3 months ended 30 September 2011
Xcite Energy is pleased to provide a corporate update and its results for the three months ended 30 September 2011.
The third quarter of 2011 and subsequent period has seen continued progress in the Company's technical and operational plans for the First Phase Development ("FPD") of the Bentley field. The Rowan Norway jack-up rig has arrived in Dundee and is currently undergoing final equipment testing, crew training and regulatory certification for operations, before it can be handed over to the Company and equipped for its deployment onto the Bentley field. The Company continues its good progress with the approval process by the Department of Energy and Climate Change ("DECC") of a Field Development Plan for the Bentley field, to be consistent with the rig deployment timing. A final Environmental Statement for the planned FPD on the Bentley field has now been submitted in line with usual practice.
Financing discussions continue to progress satisfactorily and the Company's objective is to conclude these in a consistent timeframe with approval by DECC of a Field Development Plan for the Bentley field and the rig deployment.
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