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Shame shareholders dont have their own representation at the court.
This was my letter... ""Dear ........ Can you please start asking some awkward questions about the governance of Xcite Energy and it's subsidiary XER. Huge quantities of oil were found at Bentley and the technical brilliance of it's extraction widely praised. Even Mr Salmond mentioned/praised Xcite. But now small shareholders have been wiped out. Did the DECC demand too much in 2011 with the testing requirements? Could the OGA not have banged some heads together? Are you happy with the Norwegians getting a ready-to-produce Scottish oil field for peanuts? Please kick up a stink on behalf of the thousands of distressed shareholders Thanks """ Find your MP http://www.parliament.uk/mps-lords-and-offices/mps/ Probably too little too late.....
S/Skint it was Rivendell666 not I , but after reading Pimnks post & River I feel the evry least we should all do is follow Rivers path..I wil WRITE TO MINE TODAY.
Toxic, Well done for managing to get even a reply from your MP. I have sent letters to mine and the first minister without any kind of acknowledgement. You would think they would show some kind of interest as it is on their doorstep. Ii think their party will be in for a shock in the next elections.
toxic I'm not on facebook but happy for you to post it
Well Done River A++
My MP has sent this letter to the OGA. Good marks for effort but I suspect the reply will not shed much light on the issue Grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr Dear Andy Xcite energy and the Bentley field I have been contacted by a constituent who held shares in Xcite Energy, which owns the Bentley field East of Shetland. As you will be aware, Xcite has entered liquidation, with the result that shareholders are likely to lose the entire value of their investments. While I understand that commercial difficulties of a specific company are outwith the direct control of the OGA, I would be very grateful for some information on the level of your involvement. I understand Bentley was previously identified as a strategic priority. I am aware that the licence was extended by the OGA to 2017. I would appreciate information on whether the OGA was involved in assisting the company to make a successful concern out of the asset, and what any involvement entailed. Exploration is critical to the continued success of the UKCS, and I would be very grateful to know what the OGA is doing to ensure investor confidence is not shaken by events such as this liquidation. Finally, it would be very helpful to understand the OGA’s priorities for the field in the future. Are steps being taken to ensure the field is developed, bringing jobs and investment to the UKCS? I am sure you will agree that, if we are to ensure that the North Sea brings continued prosperity for years to come, large finds such as Bentley must attract investment to create future production. I look forward to your reply
Huge thank you Pink ! A++++ effort! Have you joined the facebook page? This would be great if you would post it on there, again many thanks for your time & endurance.
Honestly i think we will lose all our money, there's like 1 percent hope here.. never really thought XEL was going to that path so fast.
Nice letter from Pinkisback on iii, hope it gets us somewhere to getting some justice here. Can only thank him/her and others for their efforts
Dont post here often but this is a letter I have just sent to Andrew Willins the lawyer issuing the petition which will be heard on 5/12.Copies to various ! https://www.iii.co.uk/investment/detail?display=discussion;code=cotn:XEL.L
Just out of interest, exactly how do you block a lender who has effective 100% security over the assets to the tune of now around £150m ??
And who it was that showed up for d/d, why were the commercial terms that presumably had been made in principle prior to that not acceptable in the end as presumably there was nothing wrong in the TRACS and Baker evaluations.
Upanchors You are a frequent poster on iii. Are you involved in the Facebook Xcite shareholder action group?
If only this happened 12 months ago- http://uk.advfn.com/news/DJN/2016/article/72960989
A buyout if the static becoming of concern?
Hope is not a sound investment strategy.
How do you think it might get back to 1.50 when the Nomads have resigned & will be off the aim listing officially on 28th of this month. The only hope here is legal action against Directors probably over the next 6 - 8yrs.
Well let's all hope it will get back to at-least 1.50 again, I doubt it though but I believe it has 3.7bn in assets correct me if I am wrong - but how isn't it not possible to get the 150m they need.
What I do not like is how little we have been consistently told by the company about who the bondholders are, the earlier nda's, the missing sto money, and of course the phantom stg5m gensets. Many questions need frank answers here.
It seems to me that it is worth focusing on actions that might help to provide some form of recovery: 1) Following the appointment of liquidators in the BVI, seek to ensure that the liquidators undertake a proper sales process. It will of course be particularly concerning if the liquidators sell to the bondholders or parties connected to the bondholders. 2) Ensure that the liquidators give proper consideration to bringing claims against the directors of the company. The directors were obliged "to act honestly, in good faith and in what the director believes to be the best interests of the company". Additionally, they had "a duty to exercise their powers and perform their duties with a level of care, diligence and skill that a reasonable director would exercise in the same circumstances, taking into account (amongst other things) the nature of the company, the nature of the decision, the position of the director and the responsibilities undertaken by the director." It will be important to particularise the breaches of these obligations to the liquidators and present a compelling case that they have a reasonable prospect of succeeding in a claim against the directors.
He should spend the rest of his life in prison.
Slowly, painfully and alone...
similar deal with COSL to get started. http://splash247.com/sirius-petroleum-signs-financing-contract-cosl-drilling/