Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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SADANDSKINT...great 1st post, accurate & honest, a lot here could learn from it! All we can do is take this as a lesson in life. Its human to make mia mistake, it stupid to make the same mistake twice...I am refeerring toRuppee the scambag...he has history of crashing companys, so how did he become CEO here ? Good Luck mate ...don't blame your self ,we all got sucked in.
Hi mate . I know how u feel I'm 60 k down I did the same and I've been ill as well over it My last top up was 21 and that was listening to a certain well known ramper Aim should be shut down I work in financial services and what has home on here is a disgrace . I spoke to David fairclough on the phone twice and he told me due diligence was been carried out . Wtf lying **** I too am writing to fca as there are certain posters on here who have been paid by Xel to ramp and they know who they are . This has been the biggest con ever and they should be brought to just one I can't shit without fca knowing about it My mission now is to get aim shut down and Xel bod go to prison I've got **** all to lose
I don't know who to write to about my shares. It seems that the oil and gas people are not able to protect shareholders? I think anyone who has told people that there is true value in these shares or to actually buy them should be reported. You can see the constant postings of some people every single day and it's obvious that they do this for a job, especially those ones on iii. I can imagine that guy upanchors with the red nose and too heavy for his car only dreaming that he had size 16 boots, but more likely has size 6. He is so rude. Is it better to let my shares fall to 1/2p and see what happens next year or let them go now, I don't know.
HB we have all been FUCF By RC & SK our mistake, with there lie's It.'s over, finished, our money is In there bank accounts. This man will never show remorse. He has raped many shareholdes no need for DNA, It's legal. That's AIM.
Might consider looking further back to the date of Kew's exit from Aboyne as to when the bod's concerns about the future may have begun to manifest themselves. The legal eagles and auditors have accepted up to now the financial status of the company, what persuaded them to do that up to the last audited accounts other than bs. Jmo.
I have been a holder here for 7 years and invested in a project i truly believed in. I haven't posted before but have been a regular reader on here and iii. You get to know the good and bad guys but i did what i was told and listened to the BOD's, wish i hadn't now. I did my research and put virtually my families life savings in here which was hard earned cash hoping it would bring a better life in latter years, how wrong could i be. To say i feel stupid is an understatement, just like so many stories i have read about on here and iii. On a personell level, when the reality struck after the mind blowing rns about dilution, i didn't sleep for 4 days worrying, had palpitations and sweats and honestly thought i was going to have a heart attack. I had just potentially lost tens of thousands of pounds, i let myself and my family down as now life will not be easy. After a good bit of soul searching i've asked myself many a time what can i do. Probably nothing is the answer but i feel angry and frustrated that these modern day liars and robbers can get away with this and carry on regardless. So i have written to Andy Samual at OGA and got the same reply as many others. I also wrote to the FCA and would like to share this extract in a reply i got from them that has given me a slight glimmer of hope. Thanks for your email about Xcite Energy. I appreciate the time you've taken to bring your concerns to our attention. Share price manipulation and fraud We have powers to investigate and take action against allegations of price manipulation, under our statutory objectives of protecting consumers and enhancing marker integrity. Information from consumers is helpful to us in doing that, as we can use it along with other intelligence we receive to build a picture of how firms that trade on the stock exchange are behaving. The information you've provided in your email has been shared with my colleagues in the team that investigates market abuse for their consideration. I won't be able to let you know how the information is used, as the work we carry out has to be confidential to maintain its integrity. If we require any further information from you about this we'll contact you. But if you've got any additional information, please send this directly to my colleagues using market.abuse@fca.org.uk. I hope this is helpful to you and thanks again for contacting us about this. If this is true, they just need to read the RNS's which have been misleading and false over the past few years, hopefully Rupert and the board can be taken to justice. I also wrote to Nicola Sturgeon but no surprise there not getting an answer. I was quite angry when i saw her in Aberdeen getting some publicity to herself at the opening of the new Statoil office. I wonder if she would be happy with the publicity if it comes out that Statoil are behind the possible fall of Xcite and Bentley? We all know that the low oil price had been a factor but not all imo.
Try this ...SON https://www.youtube.com/watch?v=5Ey4ttRsn9U&feature=em-subs_digest
Ah Goldy...maybe you should change your name to 360 degrees? Lets share a few gems from you, just so any Newbies might get the wrong idea you knew what you're talking about! Not a great analogy Toxic, not least because the buck will/has still stopped with Green to sort out the pensions and he'll likely be stripped of his knighthood anyway. Let me give you a better analogy. If you were entering or trying to broaden your scope in the financial services sector would you want to fark off the FCA and undermine it? 2 Sep '16 Look at the new scope of OGA powers, no oilie big or small will want to upset the because like it or not they have the power, more so than any sovereign backed entity. 2 Sep '16 I don't share your opinion and labeling management as below par is just lazy unless of course you'd like to share with us what par management looks like or could have done better? 2 Sep '16 100% ownership of a field development ready and technically signed off by the OGA after the biggest financial meltdown since the Depression. I'd say that was quite impressive but maybe you can't see that through your crack pipe haze. 2 Sep '16 The wise owl Paul Mumford and his chums currently hold 34 oil and has stocks including biggies such as Total, BP and Schlumberger (to name a few) and of course Xcite at 8.7M shares. Of these 34 stocks Xcite represents the third largest by % of shares outstanding. Cavendish holding in Xcite remains static and unmoved by the SP. I'd rather watch the actions of seasoned and acclaimed pros than read and react to the BS posted endlessly on this board. All publicly available information. Bon weekend all. 2 Sep '16( I love the last bit ...a done deal ..yeah right) They dumped another junior recently at a big loss ( I won't mention who because I have too much respect for people's hard earned, if you want to cc your choice)...why keep the faith here? Probably because they sniff a done deal. Then when the penny ...finally drops ... 28 Sep '16 Just one of the many many misleading statements made by Rupert and His Band of Merrymen. 28 Sep '16 The ambiguity of that statement was never in doubt... it's more a case of realising that ABSOLUTELY EVERY WORD that left that man's lips was BS. 28 Sep '16 The wider point is that when one looks at many of the statements that the Bod have made over the years it, in my mind, moves this from simply poor Bod performance to something darker. When did the Bod move out of the Aberdeen offices, at the time it was 'cost saving' but did they already know the game was up, or their legal representatives advising that the company could continue as a going concern for the foreseeable future and then within weeks shareholders left with 1.5%. Was this ambiguity designed to ensure that there were no hiccups with alterations to the Articles which it wouldn't surprise me safeguarded directors interests...and all the while any questions or objections met with the mysterious NDAs. This stinks
I'm done with this share sold out at a loss again taking it off my watch list too many other positive oil shares wouldn't bother losing your money may come back a bit but I'll get my loses back in the other shares
Evening All, Can some one please explain what happened to this share. I original bought a large holding at £3 per share and when they dropped I forgot about them. I now see where the are today.What happened to the Bentley field ? Thanks In Advance
It was only a few weeks back that we were being told that talks were ongoing and constructive although agreement had and may not been reached etc etc It occurs to me, against the shambolic position we now find ourselves in, that the talks were far from constructive and probably had no hope of resulting in a deal even at that point. Bod have been feeding shareholders carp for a long long long time. True story.
Dod they not say at one point that they were looking to match funders to fields seeking same? Thought there were supposed to be a dozen or so they'd mentioned being interested. This aspect seems to have fallen by the wayside by the comments, or excuses, made here.
No hope. Imo the only hopes via OGA might have been as guarantor or funder, or pushing parties together such as sto for quad 9. The only other hope might have been bnoc mk.2, but it seems this oga more about jobs for the boys and ineffectiveness. They have reportedly the power, if as they say quad 9 of significance as it surely is, why are they not sitting in the boardrooms of xer and sto cracking the whip and getting this show on the road.
Why on earth would they do that? They have no mandate other than to maximise economic recovery of the north sea oil reserves. Crying about shareholders losing out because an oil company failed to get funding in probably the worst downturn ever in the oil business isn't going to get much sympathy is it?
Of course, a fix is in imo, one this bod was incapable of latching on to direcly, other than as it appears now, collusion. I'd like to see while these people have been under the employ of the company a full list of oilcos they have been in contact with re Bentley, and their responses. What, if anything was offered, and what declined. I'd also like to see something being said about the status of Chadwick and this phantom jv. Can this be extracted as a stand alone, or has this bod, supposedly being appointed by and acting in the interests of all shareholders, completely given away the farm plus $450m spent in the process. When or ever are they going to acknowledge their complete ineptness as evidenced by the current sp, and just what would it take for them to do the honourable thing and stand down.
My specific issue concerned whether the Oil and Gas Authority could impose new licence conditions creating a compensation fund, against which the losses to shareholders and bondholders as a result of inappropriate management action or potentially fraudulent or speculative actions resulted in substantial losses to genuine investors in the future of North Sea Oil.
I expect many of those who have written to the Oil and Gas Authority have received a copy of this following letter that seems to try to answer all complaints concerning Xcite Energy. It does not seem to cover my specific issue. RE: Xcite Energy Limited (“Xcite Energy”) and the Bentley field Thank you for your e-mail of 28 September to Andy Samuel in which you describe your unfortunate situation with regard to your Xcite Energy shares. The letter has been passed on to OGA Correspondence to respond. The OGA has received a large amount of correspondence on this matter and we have therefore gathered answers to the key points raised across the correspondence in one letter. Some of the points raised indicate a potential misunderstanding of the OGA’s objective and powers. The OGA responsibility is to pursue the best available course of action to achieve our statutory principal objective of maximising the economic recovery of the UK’s oil and gas resources. Xcite Energy currently holds and operates 100% of the Bentley field. The licence was granted under a Promote Licence in 2003, and converted to a Traditional Licence in 2005.The OGA has had a number of discussions with Xcite on the technical requirements for the field and has extended the initial term of the licence more than once, to provide the operator with time to complete a development plan that the OGA could consider whether or not to approve. To date no such plan has been submitted and the OGA has not to this date given any such an approval. The OGA has clear published guidelines on how it assesses Field Development Plans, including financial guidance: General guidance on FDPs Financial Guidance for an FDP from para 39 onwards A number of correspondents have raised the issue of licensing. All Traditional Licences are issued on broadly the same terms and those terms do not give the OGA a power to ‘suspend’ that licence. Traditional licences do have a power to revoke a licence in certain specific circumstances. However, any decisions to use that power would made by the OGA on a case by case basis in accordance with the principal objective mentioned above, and we would be unable to comment on the details of such considerations for any individual licensees. Some correspondents have raised the UK Guarantees Scheme for infrastructure. The OGA does not have a role in administering this, but note there are a number of criteria including importantly in relation to commerciality of a project and financial credibility. On financing matters, beyond wider initiatives such as shooting new seismic for the industry as a whole, the OGA has not been established to provide financial support to individual projects or companies in the UK Continental Shelf and has no remit to do so. The OGA also does not comment on individual company’s financial arrangements – these are a matter for the company’s Board of Dir
They fail to clarify that they have a vested interest one could say conflict in promoting their opinion, i.e,. ongoing employment for them and probably ring fencing of their shares and options, alternatively the likelihood of a bumper bonus of stock as and when the downsizing of current stockholders interests effected successfully and this moves past fdp with whoever bondholders have elected to sell this on to. Jmo of course, why have we heard no more about the last flavour du jour, funder/guarantor, or the one before that, d/d parties, who were they, what was being asked of them and what did they decline. Going even further back what were the nda's all about, plural. Imo shareholders should be entitled to full disclosure from these people of past events to ensble them to come to a reasonable decision about which way to vote. Too much in the past that has brought the company to this state had been swept undrr the carpet. This bod has a complete credibility gap with their shareholders.
Best possible scenario is a major steps in and buys the whole shabang for an outrageous sum of money and starts a monthly divi, but I think cyan2's 0.5p is more like it. If the bond holders are willing to stomp up more cash to try and keep the good ship Xel afloat I think Xel will be taken private. The pi's are finished.
Apart from the directors falling off a cliff, what's the best possible scenario here?
You get it hku821 "What happens soon is mass dilution and a 0.5p share price if lucky. Hopefully someone will also stick the BOD on minimum wage or even better at the job centre." The clue to what the company values itself at can be found in this extract from the rns; "The directors understand that should shareholders not support the Proposed Restructuring at the Shareholder EGM, the Bondholders intend to pursue enforcement action against the Company. On the basis of advice received by the Company and the directors, the directors believe that such enforcement action is unlikely to result in the return of any value to the Company's existing shareholders." "Unlikely" there will be a surplus for shareholders after paying off debts. So 0.5p per share max value after dilution is about right. However one has to wonder if there will even be enough to fully pay off the BH's?. Its all about what the assets can be sold for. The management do not appear overly optimistic.
haha. It hardly seems necessary for someone to create a parody account, he does quite a good job of that himself. Anyway, not long to wait now. I wonder if the rampers will still keep posting when it's delisted?
You can easily recognise Upanchors in the flesh, he's the one with the big red nose and size 16 yellow shoes. When he gets in his car the doors pop off.
CC who could you be referring too? - could you mean the big city cheese, well respected chief trader, self promoted expert on buying and selling shares and all round share sage??
Actually DECC also share a responsibility for this ridiculously expensive 2012 EWT that Kew said was the bees knees at the time, that by both cost and use in further developing the field or finding a partner has been totally usless. Why were XER not just told to either at the time carry on with the 6 well test to meet DECC requirements as clearly XER did not have a clue at the time as to just what they were, or alternatively they just tell XER with their presumed superior knowledge to go back and re-vist the 6 well still in place, to inexpensively obtain the missing data required. The 6 well had been proven to flow successfully. In actual fact by whoever becomes the new majority shareholder in XER they will retain responsibility for cleaning up the subsea that comprises the several wells remaining there. Give that to the Bondholders and go and drill a well at Chadwick, see iif a higher grade oil there can be proven.