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Overlock - actually I was a long, medium and day trader as the circumstances dictated, I lost money but a very small amount in the end, had I sat on my investment and averaged down as you seemed to do I would have lost thousands, I make know applology for trading the up curve on at least four occasions and selling not at the top but at an amount that reduced my exposure and I am bloody glad I did. If you care to check back I only invested on news or upward share movement and always stated when I bailed out. Sorry you didn't do the same but I guess in hindsight you wish you had !
Overman good luck to you, But i don't think Mr Cole & the rest of the board will be to worried. We are just irritating insects to them. Cole has his back well covered. MissAnthrope can't agree with pi naivety when Cole & the rest of the board have told pi's lie after lie. But it' legal so that's ok with you!! I have not lost three figure sums on Excite but many have. It's not about naivety, Company Director's weather on Aim or footsie 100 should be accountable. Tesco lie fined, Rupert lie after lie Pi's wiped out & walks away. What a man.
I don't know about insiders escaping.You will probably find that the one's closest to the company are the last to loose faith.
Mr jup4 thank you for in depth reply, I think there will be a lot of information released relating to the directors and the way they have conducted themselves.if mr Cole was seeking advice about insolvency 1year ago we should have had a rns stating the fact a lot of shares were dumped in a year allowing insiders to escape
Overman, money helps but you are right all the trappings of our material world don't make you happy. I know many intelligent people that don't conform and live very happily on a small income. As far as skulduggery the Bentley field was all about funding, timing in respect of the POO, AIM and unfortunately mistakes by BOD and DECC. There are any investors, including myself that were/are invested in XEL hoping to make their fortune. Unfortunately AIM is full of sapling companies that fail and full of gamblers that play the odds that they will fail. It's a sad indictment that we promote failure rather than opportunities. Back in 2011 when the SP was at it's peak, maybe, mistakes were made then instead of the false optimism that the SP could double or treble, then we had the disaster of the interim P2 results and the subsequent costly EWT. Since it was the shareholder that paid for that the OGA could have done more to help the company once the POO fell. After all revenue from the NS has propped up many govts in the past and they could do with returning the favour. We splashed billions into the finance industry back in 2008 as the UK's portfolio is heavily weighed in favour of the finance industry. Unfortunately we might loose that due to Brexit, we could have done with putting more into other industries.
your short doing? It did very well, thanks for asking.
Hi mr toxicnerve I take your comments on board. Regarding wife she doing fine at present thank you. I now realise there is more to life than money. I still feel some skulduggery has went on with xel
With the countdown to the expiry of both chadwick and bentley leases they need to move fast to try to optimise any value from xer. The fact that the company has been kept alive and the liquidators know they are under scrutiny plus marketing was supposedly going on up to 2/12 hopefully some clarification not too far off, one way or the other..
Don't be too tough on Overman CC, I feel he was swept along by the likes of Marthasson ,Legends , Carla & Takahe plus few other delusional posters. He no doubt saw the likes of you & I as a threat as we were barracked by the above Boiler ganag ,that IMO , he had no part of, but still believed in this company. To be fair why would he not, I did but did not swallolow all the guff, which to honest was mainly promoted by legends or should we re name him 360. Hi Overman hope things are good as can be expected with your self, hope your wife i recovering . Regarding CC, you have read him wrong, I'm 100% confident that he was not a shorter of any sort ...ever, if he did at the end good luck to him, in fact good luck to anyone who managed to ...very dicey game there though & CC is not stupid guy,so I doubt he did. Lets concentrate on the Liquidators findings, I will be quite interested 'If' they do investigate the Bod, highly unlikely ...but we'll have to wait & hope.
Imo the problem is that there is, finally, a substantive proven asset. The pity is management has proven completely incapable of starting or selling it for even partial production despite having two options for same, even seemingly laying out a big boy plan that no one seems to want that is 1/2 the cost of the adjacent sto mariner project.
Yet you have never been able to articulate why. I have always been open and honest here. That you think I'm a seasoned professional makes me know you've no idea what you're talking about. I'm just a 40 something PI who has no more clue than anyone else about what's going on, but I am able to understand when people make stuff up, lie and distort the facts. In future, should you hang around other share boards, you would do well to listen to dissenting opinion rather than dismissing anything that you don't agree with out of hand. Not everyone who has a different opinion has an ulterior motive or is in the pay of hedge funds, bondholders or market makers. Neither are they always shorting the share. You may recall the man people were fawning over a couple of months back, crazyhorse69, telling you all what you wanted to hear about how a deal was imminent and good news was on the way. All with absolutely no substance, and look what happened. Successful investors do well with good solid research, and not listening to rumour with dubious provenance. I am not your enemy, but my goodness do you make it hard for me to take you seriously overman.
Overstretched, try using a few commas and full stops.
Imo they got out of the RN in panic, partly the cost, they probably hoped to have had a jv partner lined up but probably greed it never happened, also the rig legs length looked marginal, penetration perhaps, also indicated by the change to the N Plus proposal, more air gap.
Mr Bob I never trusted the cat he is a seasoned professional I decided to stop in till the end time will tell if xel was a fraud what's gone has gone
Jonjo don't you start thinking its way above your station as for the cat he was always shooting posters down in flames it's my opinion only that he was shorting xel you come into the category of a day trader scratting about
highlandsbull. Exactly what i'm getting at. DECC put up as many hurdles as possible to stop Xcite Energy Ltd developing what is now one of the largest proven Heavy Oil fields in the UKCS. Then as you quite rightly put it. The OGA appear as if by magic, promising the world to all involved in the UKCS. You would almost think that HMG never wanted a minnow like XEL owning 100% of a key UK asset. You would almost think that HMG have had a plan for Bentley and Quad 9 for many years now, that didn't involve minnows getting in the way. You would almost think that HMG have a preferred operator from the far east waiting in the wings. All part of the wider UK PLC deal. We the shafted shareholder will find out soon enough. I never trust an unelected PM........
Whatever, but with the flak seemingly heading the way of oga for their ineptitude in being behind the curve as to xer bod activities, the parlous state of a company in which they claim the right to sit in on bod activities to maximise nsea yields and oversee, yet one they are promoting as a key to Quad 9. Plus what's happened about their direction of funders to best opportunities, guarantees and the rest. Xer told the world months ago they were merely short of a guarantor, funding and mous in place, where was oga to support in the current environment, away wasting millions on speculative seismic when a large fully proven field just with development issues is staring them in the face.
Why is it a joke? Far better to let the know-it-all shareholders who think Xcite is worth $2BN+ market it, right?
lets fkn hope the Berkeley hunt is..
No Mr Cole or anyone for that matter listed as BOD. http://www.xcite-energy.com/about-xer/management-team
12. Will shareholders receive a return from XEL? In order for XEL's shareholders to receive a distribution from the disposal of XEL’s assets, that sale must realise in excess of all secured and unsecured creditor claims. At this stage, those claims are estimated to be US$152m. We will find out very soon, just how much OUR dear Government have been involved in bringing XEL to its knees, since Bentley was classed as a major UKCS asset. What i'm hinting at is. The forced highly expensive SP killing EWT. The forced: no you cannot continue to use the Rowan Norway to generate revenue after the SP killing EWT. The forced: we require you to submit a full (do it like the big boys but you don't have the funds) FDP. Not long until we find out who HMG prefered owners are of the Monster Bentley Asset. I will hazard a guess. They will come from the east bearing gifts.
6. Why were XEL’s management undertaking the M&A process? It was agreed by all the key parties, including the nominated Liquidators, that management with their significant knowledge of the current market and potential financial partners were best placed to market XEL’s assets and that the engagement of a M&A advisor in the current environment, and given the limited timeframe available for the M&A process due to the limited liquidity, would not add any significant benefits to the process. LOAD OF *******S
Chad Griffin and Ian Morton of FTI Consulting LLP and FTI Consulting (BVI) Limited were appointed Joint Liquidators (the “Liquidators”) of Xcite Energy Limited (“XEL”) on 5 December 2016 by Order of the Eastern Caribbean Supreme Court in the High Court of Justice British Virgin Islands pursuant to Section 159(1) of the Insolvency Act, 2003. For the avoidance of doubt Xcite Energy Resources plc (“XER”) is not subject to an insolvency process, it remains under the control of its board of directors. The Liquidators of XEL are officers of the Court, their principal duties are to take possession of, protect and realise the assets of XEL, being its interests in XER, for the maximum value reasonably attainable. Further information on the liquidation can be obtained from http://www.fticonsulting-emea.com/cip/xcite-energy-ltd.
Overman I don t think ceiling cat posted anything very inaccurate and was a helpful and useful point of reference for technical points about the company Be honest with yourself if you had listened more to what he was saying and spent less time automatically disagreeing with all he said wouldn't you be a lot better off now ? Legends as you say he may only have one share - but it is presently worth just as much as your or my entire holdings