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ETF Securities experts James Butterfill and Townsend Lansing: did you know you can go long and short on ETF's?


Xcite Energy Share Chat (XEL)


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bodog
Posts: 386
Off Topic
Opinion:No Opinion
Price:1.575
RE: changeling, yr 14.07 on ii..
14 Dec '16
HB give S Kew a ring on Mobile 07802 818102 from Elena Saratov on iii. (hoax?don't know)
Just spoke to him, blames it all on oil price not Rupert.
Give it a try.
 
highlandsbull
Posts: 5,595
Off Topic
Opinion:No Opinion
Price:1.575
RE: LEGENDS
14 Dec '16
Of course all this kit still remains on the seabed for future use, or necessary expense of someone for recovery. I was impresed, was it between '14 and '15 presentations, how much work had been put in by someone on cleaning up the proposed subsea structures and piping.
highlandsbull
Posts: 5,595
Off Topic
Opinion:No Opinion
Price:1.575
RE: LEGENDS
14 Dec '16
sorry end para 1, fsp..
highlandsbull
Posts: 5,595
Off Topic
Opinion:No Opinion
Price:1.575
RE: LEGENDS
14 Dec '16
Exactly, two issues, why did xer go for an expensive ewt that with the expensive rig in place and with approval of ewt data not go straight into fdp.

Alternatively as mentioned far more cheaply just return to the 6 well. Question has also to be asked just why did decc vacillate on the ON data, they were not paying the bills, were their earlier objections reasonable and could they not have given xer a qualified go ahead subjt to data being provided from the next well. An absolute crock imo but not helped by c••p xer management. Jmo.
ceilingcat
Posts: 2,862
Off Topic
Opinion:No Opinion
Price:1.575
RE: changeling, yr 14.07 on ii..
14 Dec '16
Would this be the Bentley crude that pours so easily under reservoir conditions that the CEO so ably demonstrated in a video a couple of years ago?

Do you have any reference whatsoever for your claims that is was due to the deepwater horizon spill LEGENDS?
highlandsbull
Posts: 5,595
Off Topic
Opinion:No Opinion
Price:1.575
RE: changeling, yr 14.07 on ii..
14 Dec '16
I seem to recall going over this ground long time ago.

The point is xer screwed up by not having the fdp requirements tied up at the time of the ON, even chartering a rig at huge expense before fdp was submitted to and approved by decc.

While macondo may have had an influence on decc thinking this was an event going back to 4/10, well before even the 6 well approval.

Decc are quite clear in their letter of 12/11 re the 8/11 submission by xer of their fdp plan, 'remaining uncertainties re future reservoir performance'. Clearly this issue had been brought up by decc with xer at the time of the draft submission, which despite xel's assertions to shareholders to the positive subsequent to 8/11 they had met a stumbling block with decc, the ON data was, right or wrong, insufficient. So xer were stuck with this problem, a large contracted rig due for mods to enable combined drilling and fsp/ssp production, yet no approval for same. A complete c•c• up.

The minimum cut off time for RN rig charter was 90 days so in the interim in negs with decc 8-11/11 xer strung this expensive ewt plan together, presented to decc as a way to obtain the required reservoir data, and cover their backsides in not having a rig chartered with no work. They also committed to this expense w/o either production funding or prospective partner in place.

In other words just as we see now with the exposure they opened themselves to with bondholders, being caught with their pants down when push came to shove, they had history, just avoided a similar bullet earlier with the RN.

One has to ask also if they'd botherd to check the ON data was inadequate at the time, why did they not not then retain the rig onhire to complete same, though we know they were struggling with the hose issue. Alternatively as the 6 well had not been abandoned, just go back there c/w a workable hose and complete recovery of the required data. If this was still deemed inadequate at least a far less expensive exercise than this seemingly expensive near useless so far ewt.

Jmo.
Blue-Eyes
Posts: 5,565
Off Topic
Opinion:No Opinion
Price:1.575
LEGENDS
14 Dec '16
Problem is that Xcite CEO denied that was the case

So who is telling the truth.

It's a bit like the did OGA comment or not on the commercial model? Someone isn't being as straightforward as they could/should be why is that?
bodog
Posts: 386
Off Topic
Opinion:No Opinion
Price:1.575
RE: Brent $56.5 now,
14 Dec '16
HB i think we are the numbnuts.
As for Rupert, there are many words for him.
Unfortunately not allowed on this site.
LEGENDS
Posts: 1,592
Off Topic
Opinion:No Opinion
Price:1.575
changeling, yr 14.07 on ii..
14 Dec '16
highlandsbull. It had nothing to do with insufficient technical data at that time.

Xcite were forced to go down the EWT route by DECC because of the BP Gulf of Mexico tragedy-
https://www.dosomething.org/facts/11-facts-about-bp-oil-spill

A team from Xcite attended a meeting to protest and give a presentation. As part of that presentation, a jar of raw Bentley crude was upturned onto the DECC representatives table. As explained to them. It was impossible for Bentley crude to spill under reservoir conditions. Unfortunately they still bottled it and forced the hugely unnecessary and expensive ETW upon Xcite.

Thank's to those ****s. I have lost nine years of my life and a six figure sum.

Not to worry. At least our friends from the far east are going to get the fourth largest development ready, UKCS field for a pittance. I can sleep easy knowing that.
highlandsbull
Posts: 5,595
Observation
Opinion:No Opinion
Price:1.575
RE: Brent $56.5 now,
14 Dec '16
yep as they try to protect their backsides and sell pi's down the river in the process. Sadly listening to these numbnuts got me into this po* in the first place. Jmo.




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