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Looks like the old management are looking to develop the Bentley Oil Field, we original shareholders got ripped off.
https://www.upstreamonline.com/field-development/whalsay-readies-bentley-development-plans-in-north-sea/2-1-685822
Same old same old imo, more or less back to the original plan, Basically they are still looking for an investor, keep them in their jobs forever with yet another plan revival. In the meantime time is running down once more to lease expiry..
https://www.offshoreenergytoday.com/whalsay-energy-seeking-operating-partner-for-bentley-oil-field-targets-first-oil-for-2023/
Can anyone here explain to me and maybe others the RBL agreement we had. To what extent would that of helped Xcite get to the next stage. It seems criminal that Rupert Cole cancelled the agreement telling share-holders we wouldn't need it. And how many people still read this board.
What happened then to be charitable was near criminal incompetence imo to cancel funding in place without a confirmed signed up back up source. Seemed the ceo and cfo were in dreamland about promises reportedly made by others concerning alternative available funding. Of course this prevarication would naturally not have gone down well with the RBL group. So they burned their, or rather our, bridges. Completely caught with their pants down.
They even had the additional reserves booked, plus drilling the planned initial six wells as per FSP/SSP intent, and as the EWT showed, would have increased reserves further and backed additional funding. Yet nothing was apparently done with the RBL consortium to explore an expansion of the $155m as I recall already in place . To that could have been added the BP tranche, and even as others were doing, a placing of forward product sales at the good per bbl price Brent was at the time. Add in greed as seemed to be the motive in failing to attract substantive industry partners.
Of course what also did not help was the lack of preparedness shown by the coo in dealing with DECC on the FDP plan progression and approval thru 2011 subsequent to drilling the 6 well. Being potentially stuck with a rig on standby with no cohesive approved plan in place, thereby having to weakly submit to the whims of one jobsworth in DECC and undertake an EWT, again without on anticipated success, further development plans and funding secured.
Incompetence and fiduciary breach of trust of the highest order .
Personally I believe there were other operations matters going back to the 4 well that indicated a complete ability to shoot themselves in the foot in various ways while lurching from stage to stage. A competent offshore drilling consultant and marine specialist on the team from inception, plus a cfo with integrity would have helped immensely in successfully attaining FSP/SSP. Hindsight sadly is of little use now.
Correction last post, line 1 should read 5 well.
Incompetence and fiduciary breach of trust of the highest order .
I would like to think Cole knew exactly what he was doing, he was committing our suicide but at the same time getting over paid for it. What were his words of wisdom Dont listen to rumours and only listen to what the company had to say. He was a fraud and what scares me most is weasles like Cole have nothing to fear the law are not interested. He just disappeared like a coward and set up another company using our money to fund his families future.
Certainly was/is an expert in failed companies and extracting himself from messes at minimal personal cost. Much of the early failure can be laid at the door of Smith and Kew however with what the 5 and 6 wells failed to do, leading up to the fiasco surrounding the FSP plan and eventual horrendously expensive EWT. Cole only added to the screw ups when he had the opportunity so to do by adding in his level of ignorance, incompetence and arrogance.
Yes Smith's departure was very well timed and he must of know then the direction of our wreck if a company. I would expect he sold the rest of his shares seconds after officially leaving. Just imagine what power that would give someone knowing what the result would finally be. Would you like a pint Mr Smith or is it a short.
I think it more likely Smith was given the heave ho by his two fellow conspirators, messers Cole and Kew, for being at the helm during the 5 and 6 wells, with the fiasco that resulted thereafter leading up to DECC graciously 'approving' an EWT, with the cost of same. You may recall also the RN was not fit for purpose on first arrival Dundee, work that could/should have been done in Singapore. Personally imo the rig was not fully fit for purpose and should have been a super N class or similar with rough weather/longer legs, as they seemed to realise after arrival on location. Continuation straight into production as might have been an option probably was never on, so just as well in a way they were able to exercise the termination option.
Sadly as we found out subsequently, to be charitable it was a continuation of the blind leading the blind, with cole's financial, funding and partner 'capabilities' and Kew's operational. Jmo..
As far as I recall it all part of the stich up. I can't remember which of the associated bunch of con merchants it was but one of them, in order to provide funding insisted on the cancellation of the RBL
Never mind all that Claire, the important issue is ...did you get your kitchen finished ?
Rather like the dumb naivety in contracting the RN without first confirming with DECC in writing the test results and shutting down the 6 well were adequate to secure written approval to move on to their FSP/SSP plan. We should have learned from the Betty what their operational capabilities really were.
Just who promised what re alternative funding to the RBL, and failed data room and partnership agreements we will likely never know. None of the key participants at the time ever likely to divulge what would publicly demonstrate their innate commercial incompetence and gullibility.
Hello you! Yes I did ....................................and then I moved! Not too far from the old place but somewhere where I'm not a slave to a garden. Don't miss the back ache. Hope all is good with you.
The same old nonsense continues to be peddled with the same lifestyle companies, slippery brokers and share placings to pay their over inflated wages, I don't know about you but I learnt plenty here. I think the mistake we made was simply believing what the BOD said - when I look back I see now just how woolly the actual RNS's were and how they padded out the details of what they wanted us to believe in their video updates or other non regulatory channels. The stuff coming back from that last AGM where they were telling shareholders that they were "totally aligned with the bondholders, more so then you would think" couldn't have been further from the truth as it later transpired so was anyone really that delusional at that point? The swiftness with which some posters were slapped with threatening solicitors letters was surprising so imv expected. Believe it or not I met some really great people via this share some of whom I remain in contact with the only regret I have is that the BoD didn't share the pain and a certain employee of Xcite got to keep his job but ultimately he knows that he lied to a seriously ill man. If that doesn't keep him awake at night now then I hope that when he reaches the point in life that comes to us all that he wonders how hot the fire really is down there!
Far be it from me to contradict your invariably succinct comments Blue-Eyes but I think as events have transpired one of the few truths to have come out of the mouths of the BoD is just how closely they were allied to the interests of the Bondholders as evidenced by setting up a structure for easy transfer of the asset, then donating the company to then for $1 and promptly jumping ship themselves with terminal gratuities and new jobs in what became Whalsay.
What started me worrying about AGMs was when they began to edit the oral feeds and q&a's.
Yeah I do recall another poster who unearthed something that made the eventual transfer easier. I think initially because they were reinvesting part of what they originally took out especially RC you (I) always assumed they believed in the company prospects but the longer it went on whilst they achieved little other than kicking the can down the road you then added up what they were taking in terms of salary, pension, office rental etc etc and the scales kinda tipped back again. When things fail through sheer bad luck they you live with it - you are essentially making a gamble albeit you think you've done your research I just think that to continue saying some of the things that were said wasn't right any way that you look at it. When a certain employee told a stricken shareholder how excited he was about taking Bentley to production I believe that person knew full well that it wasn't with Xcite , there is a special place in hell for you. Interestingly the one bought in to sort the finances out and who made the comment at that last AGM is still incumbent too. I can live with the lower oil prices quite happily even though it impinges on my other investments if it means that those that remain never get that oil out of the ground. Does that sound spitefull!!!!! :))
Not at all. Hopefully what goes around comes around to these guys, it often does to give some form of modest satisfaction at least, eventually. If they don't find an investor soon the 'experts' in OGA, who have just spiked fracking, will no doubt at lease termination with no progress move to pass the field to Equinor, surely just waiting to pick it up for nothing.
highlandsbull - "I think it more likely Smith was given the heave ho by his two fellow conspirators" spot on. Dickie was not pulling his weight and had lost interest was what I had heard.
He sure completely lost the plot in 2010/11, compounded errors just at the wrong time though clearly not the only one, a cadre of professional and commercial morons.