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Well there you have it: The Joint Liquidators have now concluded their review of offers received to date for the shares held by XEL in Xcite Energy Resources plc (the “Shares”). To date, the M&A process has resulted in four offers for the Shares. Due to commercial sensitivity we cannot provide full details on these offers, the terms and proposed transaction structures of which varied. However, we can confirm that: none of them would result in a return of any value to shareholders based on the values of the offers; and secured creditor consent would be required to complete a sale pursuant to any of the offers. Having reviewed the bids received and consulted with secured creditors, we can now confirm that the Joint Liquidators are in advanced negotiations with a party to conclude a transaction. This transaction will not result in a return of any value to shareholders. So much for the protestations of the - we will see something back because this company and its assets are so valuable - Mob. Legends - You know NOTHING and as for the rest of the ramping mob it just goes to show that the much Lauded knowledgeable oil investors you ramped the hell out of this share know nothing at all either!! To the rest and the few that had the decency and courage to stand up against these morons well done to you - bit of a Pyrrhic victory as being right does not always mean that is a good thing but hey ho. Good luck to all of you that invested here and I hope you all get your money back in other more successful investments - and to the rest of the scammers ..............! Oh and the ones that thought forcing the secured creditors not to do a deal and offer up a 5% holding for the other shareholders - Well Done ! Numpties !!
Cheers sad&skint....one question, how did you get this before the BB Fool Legends ...he has all the inside imfo...
9 January 2017 To all known shareholders Dear Sir / Madam Xcite Energy Limited – in liquidation (“XEL”) The purpose of this letter is to provide an update on the conduct of the liquidation following the Joint Liquidators’ letters of 6 and 14 December 2016, which can be found at http://www.fticonsulting- emea.com/cip/xcite-energy-ltd. The 6 and 14 December letters included answers to a number of initial questions we considered shareholders may have. Attached to this letter are answers to additional questions which shareholders have raised to date. The sale of XEL’s assets The Joint Liquidators have now concluded their review of offers received to date for the shares held by XEL in Xcite Energy Resources plc (the “Shares”). To date, the M&A process has resulted in four offers for the Shares. Due to commercial sensitivity we cannot provide full details on these offers, the terms and proposed transaction structures of which varied. However, we can confirm that: none of them would result in a return of any value to shareholders based on the values of the offers; and secured creditor consent would be required to complete a sale pursuant to any of the offers. Having reviewed the bids received and consulted with secured creditors, we can now confirm that the Joint Liquidators are in advanced negotiations with a party to conclude a transaction. This transaction will not result in a return of any value to shareholders. Palm Grove House | Wickhams Cay I | P.O. Box 993 | Road Town | Tortola VG1110 | British Virgin Islands +1 284 852 9050 telephone | +1 284 852 9069 fax | fticonsulting.com
Forky is correct ...Hey JJ on another note, have you noticed an oddly familiar bad smell back here lately...Hmmm must be the usual hot air circulating again.
A twot from the iii message boards.
Who is Flo Toxic??
Just to add...Flo is just a confidence trickster, no more and no less. Like all confidence tricksters, now he's wrung everything he can out of his credulous victims(avid floss fans), he shows them open contempt. Not sure why this is news really; it's what all of us with a grain of intelligence saw coming from the moment he began to get BB attention...
It is a Phrodite...runs with the hares & the hounds...makes 13 look invincible . Its foolish palillogys , which he believes masks his cacodoxy of utter nonsense... Still now XEL is abapical, this 'creature is delusional and egocentric & finds mirth in our situation, shows to me, how he likes the abasement of the guys here who held...He attempted to placate himself on these BB by assuming his alter ego Dim Tim & he has had, or hopedto have had a key role in creating the most divisive split in these BB's concerning xel Guttersnipe cover it!
Flosspot is Cole himself, sociopathic liar cant keep away
Doubtless BVI.. Cheers !
...is completely out of his depth & making it up as he grasps anything to justify his 8p sell off...if indeed, he did ever hold any Excite share...along with Timmothy. One thing situations such as this bring out is peoples character , or lack of ,as is the case with this retarded Fo0l & his childish endings...all false as his persona.
Oh hello, our resident hitman is back in town....a bloke who couldn't hit himself.
Where is that Scum hiding?
Its nearly a year ago you promised us promised the 'Secret' announcement, you never got around to telling us on 25/1 /16 how about before 25/1/2017 leggit ? Still have their 'Ear'...what an absolutely pitiful, fraudulent dreamer you are!
Will Bressay be one the UK sites planned now that they have secured a further three years license extension. How important is Bentley to the future Heavy Oil Hub? Do Statoil see themselves as the Quad 9 Hub leader? Who will take over Shells % of Bressay? Will there be a Heavy Oil Hub consortium, with the new owner(s) of Bentley playing a massive part?
Norway's Statoil ASA (STO) plans a 30% increase in exploration drilling activity this year, as efficiency gains and lower market costs allow its investment budget to stretch further than previous expected. "Taking advantage of our own improvements and changed market conditions, we have been able to get more wells, more acreage and more seismic data for our exploration investments," said Tim Dodson, executive vice president for exploration at Statoil. Like many oil producers, state-controlled Statoil has gone through a belt-tightening process, including cutting capital expenditure, re-using infrastructure and increasing drilling efficiency. The energy group's drilling program for 2017 will include around 30 exploration wells, where it will be operator and partner, compared with 23 in 2016, and the program will be balanced between proven basins and new opportunities, it added. Between 16 and 18 exploration wells will be completed this year on the Norwegian Continental Shelf, while other sites will include the U.K., U.S. Gulf of Mexico, Indonesia, Suriname, Russia and Turkey, among others. "The 2017 exploration plans demonstrate our long term commitment to the Norwegian Continental Shelf, while we continue to position the company for global opportunities," Mr. Dobson added. "If everything goes to plan, we will this year have exploration drilling activity in 11 countries on five continents."
I think the theory might be right I fear the actual practice will be in line with your belief
honestbob hope you are right. 16 genuine bidders would be nice, but it will not happen. There is nothing genuine about Xcite, B/h's & bidders they all know the score. Xcite will go for peanuts. Brown envelopes(who knows). This company is FCUK & everyone knows it. Good luck to you & all involved in this shambles. Happy new year to all.
if only one bidder or agreement between interested parties I think you are right - and in that instance they might pay even less than value of bonds Otherwise if two or more genuinely in competition could fetch more - would hope that liquidator has asked for full and final bids by a date . In which case would be interesting to see what transpires _ you would have thought if statoil bidding blind they might not think two or three hundred million too much to pay to obtain licence - and all data test results. Would think this would be a lot safer and cheaper than letting licence lapse and start from scratch But who knows we are deaing with a company whose ability to snatch disaster from the jaws of victory
You would think so...but some on here have been implying that the BH's might not get the loan covered...Lets hope that some common sense actually hits XEL/XERfor once now the lunatic is not in charge!
Rupert C*** stated that the industry would value XEL, and now the potential 26 interested parties will?
Surely that would be the starting point for bids? If there are potentially 26 interested parties in an auction the price would be going up from that point?
The bids will cover, B/H's & Liquidators bill full stop. Statoil or who ever will not pay top dollar for Bentley. Rupert & Stevie have had there chance & FAILED. JMO & I hope I'm totally wrong. Happy New Year to all.
Good to see that the OGA are still confident about MER EOR in Quad 9. Support and encourage EOR in heavy oil fields, e.g. Quad 9 https://www.ogauthority.co.uk/media/3092/eor_delivery_programme.pdf Still no update from either Statoil/Shell or the OGA regarding Bressay. Got to wonder what is going on there. If Statoil (as rumoured) were prepared to pay a very substantial amount for Bentley in 2013. One wonders what they are prepared to pay now to have Bentley in their safe hands, knowing their is some interest from other heavyweight contenders- 26 potentially interested parties were contacted during the Sales Process. Those parties were identified as follows: • A selection of parties who had previously expressed some interest in the Bentley field, including a significant number of oil majors; • Interested parties with experience of restructuring and insolvency processes of exploration and production companies operating in the North Sea and other oil sector companies; • Interested parties with a known interest in oil companies with significant tax losses; and • The potential buyer list was reviewed by the proposed liquidators.