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The sad thing is how little opportunity is being taken of by the useless mob in Holyrood and OGA to utilise available equipment now to economically develop proven resources like Bentley in the meantime billions to be spent on decom the likes of Brent and these gargantuan obsolete structures . What do they think is going to replace that and at what cost in the years to come. For sure not yet more scenery destroying windmills and hot air from the likes of salmon.
That's ok, all they are interested is in property prices, they'll just fill the country up with more foreigners to support that, in the meantime the key systems, nhs schools roads, grind to a halt. Locals are forgotten about in throwing money into foreign aid. Actually all in favour of brexit, bring some identity back to the country, there's more than enough of the world outside europe to survive.
http://www.bbc.co.uk/news/uk-scotland-north-east-orkney-shetland-38921336
Thanks to those who have responded so far. I will be in touch soon. Could someone post my original message on iii and other boards please?
highlandsbull: You just need to look at Dundee harbour. Three jackup rigs berthed all belonging to Rowan. The Stavanger has been stacked since mid 2015, and Norway since mid 2016, Gorilla VI arrived last month. Aberdeen is still in freefall. Hotels, restaurants and hundreds of small/medium businesses all gone to the wall. But yet no action from central government. Can't wait to see what they do when the FI/banks start to move out of London as Brexit bites. I bet there will be action taken then......
Looking at current unemployed rig and boat valuations there might be a case for a rig ownere taking on an oilfield just to secure employment for their equipment and something apporoaching reasonable valuation hence avoid the huge writedowns that many now face. Rather as per Maersk with the Highlander exercise, with the field and contract the rig was worth a lot more than the unemployed Hercules A class units sold for a fraction of their cost.
Been sweating on a loss of approx £60,000 here. Only saving grace is I'm just about to inherit £300K. I plan to buy another property and have been informed from my account that i cannot offset share losses against personal tax. I can however offset losses against capital gains tax, so when I come to sell on my buy to let property I can offset any CGT gain against losses from this debacle. Oh and I won't be investing any of my inheritance in the AIM lottery !!!!!
In the latest update we were informed that XER would run out of money sometime in January - 4.2. Based on available forecasts, the funding available to XER was expected to be exhausted during the course of January 2017. If this was to occur, XER would cease to operate and the Licences would likely be revoked resulting in little to no value being available to the Company’s stakeholders. Here we are two weeks into February and still no news. Have XER attracted a late bidder causing the delay? 4.9. Having reviewed the bids received and consulted with secured creditors, the Joint Liquidators can confirm that they are in advanced negotiations with a party to conclude a transaction (the “Transaction”). The Transaction will not result in a return of any value to shareholders. 4.10. However, these negotiations are not exclusive and therefore the Joint Liquidators will consider offers from any party who has the technical and financial ability to conclude a transaction in a short timescale. Any party who has an interest in acquiring the Shares and has the funding available should immediately contact the Joint Liquidators at xcite@fticonsulting.com.
There is a call on iii for an email address so that we can come together. There is something seriously amiss here and individually we cannot seem to get anyone to act. We have to be united if we want to get anywhere. I am not putting myself forward for anything but am willing to test the strength of feeling. If you agree and want to take part email xciteaction at outlook.com Remember we had 500 signatures when we acted together for the petition. That would be enough to worry any organisation.
http://www.offshoreenergytoday.com/israeli-firm-launches-takeover-offer-for-ithaca-energy/
ALL SHAREHOLDER value is zero. what is left to say. Rupert is walking away a free and wealthy man (thanks to shareholders) H/B, toxic, cat, myself & many more have all lost. Legends, X13, Overman & many more have all lost. (Overman I hope you wife makes a full recovery) All in the same boat. There are thousands of shafted shareholders, lets hope Rupert has a hard time. On the Street, Beach or in a Restaurant give him hell. (grey hair with head slanted left) That's your man.
Yep under FOI woud be interesting to see the 2010/11 dialogue between DECC and XER. In terms of DECC and now OGA responsibility on behalf of HMG for North Sea development. In view of importance to Bentley to UK they seemed to be at best asleep at the wheel in not being on top of ON well results and liaison with XER as to data recovered and it's use for future FDP and prompt approval of same w/o the extreme of the EWT as proposed being necessary.
Yes you can, I am expecting to save approx £9000 CGT this April...we'll see. Remember Cole announced, all bonds will be paid then FDP & guarantor will be sorted for the deal.., no problem... only listen to company news & Judge me on ...what a guy!
Ok so some how I missed this ... http://www.fticonsulting-emea.com/~/media/Files/emea--files/creditors-portal/cip-emea-public/xcite/xcite-energy-section-226-report-16-january-2017.pdf legends, no doubt the slimey weasel has covered his tracks, lets face it he appears to have had practice of insolvency as a director. There will be snags along the way, how long it may take is anyone's guess but I do think this time Cole may have been a bit to smart, especially if its correct that it was the Bh pulled the plug while he wanted the laughable 98.5% plus £10million to go through...I think his inner circle is diminishing at an alarming rate.
when time comes if shares not in ISA can offset against profits or capital gains on other assets - if none available now can register loss and carry it forward indefinitely >these are aim shares though not enterprise ones so cannot put the loss against income tax
Does anyone know if/when this is finally wrapped up we can offset the losses against taxable income? https://www.gov.uk/government/publications/negligible-value-claims-and-income-tax-losses-on-disposals-of-shares-you-have-subscribed-for-in-qualifying-trading-companies-hs286-self-assessment-he/negligible-value-claims-and-income-tax-losses-on-disposals-of-shares-you-have-subscribed-for-in-qualifying-trading-companies-hs286-self-assessment-he Example 1 You subscribed £10,000 in 1995 for ordinary shares in a company making furniture. The business failed in August 2014, the shares becoming worthless. You made a negligible value claim for the shares in September 2014 and claimed an allowable capital loss of £10,000 for 2014 to 2015 from the deemed disposal of shares. If all of the conditions for relief are met, you may claim to set the allowable capital loss on the shares either against chargeable gains in the normal way, or against your income for 2014 to 2015 or against your income for 2013 to 2014.
westsider: Probably been lot's of brown envelopes involved with this one. Wouldn't be surprised to see a Chinese led consortium picking up a $2.5 billion UKCS Heavy Oil Field for about $170 million. After all we have an unelected PM running our country. So what does that tell you about British democracy....
highlandsbull: You would think our government never wanted XER to take Bentley into production. They certainly put up as many hurdles as possible on the production path. Toxic: I think it's safe to say King Cole and his merry men have acted within the law regarding our predicament. What I don't get is. We were told that XER would run out of money in January due to current cash burn, but here we are 3rd February and still no news. What was is in it for XER to continue as a going concern? Why not liquidate both parties and let the bastard BH get little or nothing; like us long suffering PI's....
Sadly I am not on iii where there is at least a debate about action going forward, and a greater desire to lift the lid on what has happened here. Upanchors whatever anyone thins of his postings, pointed out a section of the OGA framework document https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/420028/OGA_Framework_Document_April_2015.pdf Page 27 25.2 states; Members of parliament have the right to refer complaints from their constituents to the parliamentary commissioner of administration where they claim to have suffered injustice by virtue of maladministration of the OGA. People seem to have forgotten we had 500 signatory's to the petition. Time to start writing again?
of course following on from that why XER was only given a six month extension in 2016 of the Bentley lease with the expense XER had committed to by then, compared to STO being able to enjoy a three year extension of the Bressay leases.
in terms of DECC/OGA seeming murkiness in dealing with XER over the years it would be interesting to go back to circumstances and statements made with regard to the decline by DECC of the initial draft FDP submitted to them in 2011 and vaucous reasons given for same at the time that forced XER into the likely unnecessary and expensive EWT to determine the additional subsurface information supposedly requested by the DECC individual concerned with same then. jmo.. Does not detract from the stupidity of XER in not when the ON was onhire and onstation first verifying with DECC the status of the data obtained before releasing the rig, or later in contracting the RN before having FDP approved, then devising a fairy tale to justify use of an already paid for rig, supposedly fit for multi year production purpose that was promptly dumped at absolutely the earliest moment the EWT was concluded.
Just to add I know nothing about Liquidation hence me looking it up, but when were the Shareholders asked to vote & did 'All the directors vote/petition'...if they did I missed that? ? Or is this automatically overridden ? It does not make that part clear ...
Compulsory liquidation As a director of a company you can apply to wind up the company (compulsory liquidation) if: you can show the court the company can’t pay its debts of £750 or more (it’s ‘insolvent’) enough shareholders agree you can give the court enough reason why the company should not continue Compulsory liquidation can only take place when a winding up petition is made to and accepted by the court. If you can’t get the shareholders agreement the directors can apply but the petition must be presented by all directors if there is more than one. If you want to wind-up the company because you are in disagreement with the other directors you will only be able to do this if you are a shareholder or a creditor. As a shareholder you must show why the company should not be allowed to continue. You should get advice if you are in this position. Creditors can also apply to wind-up an insolvent company up through compulsory liquidation. If you are a creditor of the company, as well as a director or shareholder, you can apply to put the company into compulsory liquidation because the company can’t pay its debts. As you will be doing this as a creditor you don’t need the other directors to join the petition. Find out how creditors apply for compulsory liquidation. https://www.gov.uk/government/publications/guide-to-liquidation-winding-up-for-directors/guide-to-liquidation-winding-up-for-directors
highlandsbull: It's because Statoil are looking to offload a large % of Bressay.
slightly curious that STO did not pick up that Bressay balance.