Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Will Matt and Barney pull it off? The rumoured Chinese consortium are running out of time; if they're still in the game that is. Mind you, what's in it for XER to pursue this sale? The only people to benefit from the sale are the BHs, not XER, and certainly not XEL. Bentley licence extension and development financing update Xcite Energy is pleased to announce that following discussions with the Oil & Gas Authority ("OGA"), the Secretary of State for the Department of Energy and Climate Change has extended the P.1078 licence containing the Bentley field until 30 June 2017. This licence extension is expected to assist Xcite Energy Resources plc's ("XER", the Company's wholly owned subsidiary) current process to secure the financing required for the approval of its Bentley Field Development Plan and to repay its outstanding senior secured bonds, which are due for repayment by 30 June 2016. http://www.lse.co.uk/share-regulatory-news.asp?shareprice=XEL&ArticleCode=au8eso09&ArticleHeadline=Bentley_Licence_Extension_Update
"Blue-Eyes. I think we both know that Cole wasn't telling the truth regarding XEL for several years." WOW! what an admission from you of all people ...all the years of GUFF we had to put up with from you...beggars belief
Imo though they were far too late by that stage and should have beeen putting funding and jv's together in 2011/12, what really stymied them latterly was the prospective Chinese involvement and the d/diligence done by them at the time. The management cull in Cnooc/COSL came at just the wrong time.
Blue-Eyes. I think we both know that Cole wasn't telling the truth regarding XEL for several years. TOTAL was another company linked with a move for Bentley in 2013. They apparently walked away because they had no experience with HO. That was the excuse I was told anyway. I wonder what he would have given in 2016 for Statoil to make that generous offer again. There is no way I can prove any of this due to it was word of mouth from someone connected with the project at that time.
Cole is on record as saying no formal offers at the last AGM - so are you saying he was lying? Any proof of that would be interesting - it's exactly the kind of thing that might enable someone to go after them but somehow I expect it's conjecture and nothing more
I see the people on ii have set up a PBB, good luck to them, I wonder why we were not let in ?
sadly innuendo, evasion, bs and half truths baffling brains right to the end.
Not sure if totally greed motivation, more case of gross ineptitude across the totality of management skills imo.
HB. I'll go one better and say. If Cole accepted the very, very generous offer made by Statoil in the summer of 2013, you, I and many others would be sitting on a very hot beach somewhere sipping on a Pina Colada. Typical accountant: GREED GREED GREED........
Imo DECC/OGA are culpable in all this, just think where XEL would be now if the original funded FDP FSP/SSP had been accepted, and a small oilco newco had not been directed into a hugely expensive EWT by the supposed DECC experts that led to this delusional big boy plan.
Mr Kew has retired from the industry for good, so no chance of him returning. If Mr Cole knows what's good for him ????? I would love to know how XER managed to find enough money to last a further four months after we were told the lights were out by late January. What plant equipment did they sell, was it the turbines? Should XEL been forced into liquidation in December considering XER are still operating six months later? What is really going on? What role is the OGA playing in all of this? Are the rumoured Chinese consortium going to be the new owners? If so they will require personnel with Bentley technical expertise- http://www.xcite-energy.com/about-xer/management-team Probably why King Cole was forced to resign, after all he had/has no idea regarding surface and sub-surface engineering, or accountancy for that matter.
Good luck hb, never have had a problem with genuine praise / criticism. It's just the know it alls that **** me***. (for or against) Let's hope the Bondholder's have the same agony as shareholders !!! Which ever way it goes there are not many winners. Good luck to those that sold at £4,£3,10p or 5p. Two horse race both horses even money, jockeys Cole & Kew my money, no winner. Hindsight is a wonderful thing.
After the agony of being a shareholder here for 7 years it's just interesting to see how this finallly plays out. Quite agree with no definitive news on the new owner so close to lease termination pretty clear even the Bondholders must be sweating on just what portion of their debt will be recoverable. Imo if Cole and Kew have the temerity to show themselves with any future association wiith Bentley some irate shareholder will put a stop to that.
Don't think you can read much into this, since late 2015 it's gone very quiet on the Jasper. Main point is 'contracted' = no.
hb. If Bentley can't sell for $135 million, what chance did we ever have. XER kitty must be running on fumes & FTI is not a charity. Maybe Cole & Kew will make a comeback after 30th June 2017. Sorry to be flippant, Cole & the rest have hurt many people in the last few year's. I hope the boys on iii can at least put a stop to the legalised robbery that happens daily on AIM. Horse racing is straighter than AIM, At least you can find a race with a 50% chance (unless Cole is riding)
I see TS Jasper is still under construction and still managed by our old friends COSL. Not sure how up-to-date that information is. http://www.rigzone.com/oil/data/offshore-rig-search/rig-profile/1957/jackup/china_oilfield_services_ltd/ts_jasper/
The point was bodog HO is clearly not dead if STO are going to the expense of expanding Peregrino with the fabrication of a 25k ton jacket and production facility, on the lines of Mariner. we still await the result of the liquidators actions and the approaching expiry in that regard of the Bentley licence for XER. Could the Bondkolders yet fail to sell on and be caught like XEL shareholders in a lemon.
Ecite (Bentlley is DEAD) Peregriono has a chance. Enough said, let sleeping dogs die. Let's hope Rupert & Kew( Lyes) down in a vat of sodium hydroxide or caustic soda and potassium hydroxide. They have told so many (Lie's) to shareholders & got away with it. But that's life in England, British Isles or UK. Me I'm English & proud of it. Time to move on HB. Good luck to you.
dead after all. Remarkably similar numbers to Bentley for the phase development. http://www.offshoreenergytoday.com/heerema-to-build-jacket-for-statoils-peregrino-ii-project/
I,like alot of others have lost money on Xcite.Alot is due to the lies fed to us by the BOD.Rupert Cole should be in prison for the RNS'S that stated lies. If you know where he is please let me know
Seems ok though quite why in it's current state XER needs both Fairclough and Dale there on the finance side baffling. Still think shareholders should go after DECC re the 2011 fiasco thugh numbnuts the ceo at the time and SK did not help the way the draft FDP was disastrously presented then. Jmo.
Anyone else having trouble entering Xcite's homepage? http://www.xcite-energy.com/ Been down for two days now.
amazing how after initiating these disasters for investors and funders managements still get to ride off unscathed into whatever newco eventuates.
busy, another one bites the dust.. http://splash247.com/sea-trucks-placed-provisional-liquidation/
something.. http://www.offshoreenergytoday.com/azinor-catalyst-chooses-ocean-guardian-rig-for-north-sea-drilling-work/