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"CEO/CFO with significant public and private company experience in a range of business sectors, with international expertise in financing, IPO, joint ventures, M&A, exit transactions, new business structuring and property investment/development"
His 14 years at Xcite are summed up in three lines:
Created business plan & commercial/financial/legal structuring
Led 2007 IPO dual listing in UK & Canada; raised aggregate $500m+ equity & debt
3 successful work programmes delivered 300m+ barrels attributable oil reserves
Does it mention that he doesn't like answering awkward questions, is an expert in cock ups & is a talented turbine vanisher.
The coward as no shame .
Yes , forgot to mention as a result of his intelligence and heroic efforts he left XEL bankrupt.
Fairclough's linked one equally self promoting of his sterling efforts to preserve the Xcite operating company and release $150m debt, plus his job of course. No mention naturally of the parent company he assisted in liquidating plus the 309m in shareholding attached to that.
https://uk.linkedin.com/in/andrew-fairclough-17812311b
Oh, I forgot to mention, Rupes has a brand new linkedin profile.
https://www.linkedin.com/in/rupertcole/
Yep, the institutional investors are those people unless they sold the debt on. This fellow Mattoni a curious addition, kind of reminds one of the old US Esousa association days.
And how was OGA so persuaded about the 4 year lease extension by people and company such as this, the old XEL/XER hands had to have had much input, clearly more than they ever gave to their former employers and shareholders. Whalsay even forewarning in 2017 accounts of it's imminent demise end 2018 if they do not receive further funding from one source or another.
I don't think this is anything new. That statement has been on the Whalsay energy website since its inception.
The institutional investors of WHEL are the former bondholders of XER.
http://whalsayenergy.com/
Who are these institutional investors?
Interesting find courtesy of a n other - thank you for bringing it to my attention
So as per OGA's advice in the final para of their response, we know RC remained as director in XER until he resigned on 22/3/17. Fairclough, Brennan, Dale and Bower remained as directors until 30/6/17. OGA state the COO and the CFO
were in post at time of the negotiations. Brennan and Dale don't seem to figure to them.
As the aforementioned RC and AF were either past directors of XEL at time of it's liquidation, and all were directors of XER before, during and since that time, it has to be assumed they had after many years in the company, discussions and awards from DECC/OGA, no concept of, or were completely incapable then of considering or negotiating any, never mind four years, Bentley lease extension prior to the expiry of XEL.
Yet miraculously, except for the former ceo who had just departed, they were on the spot to inject their abilities in winning this four year OGA award as continuing key directors in XER under new ownership, and just prior to their resignations as directors from Whalsay Energy Ltd. Amazing co-incidence of happy events, except of course for the shareholders in XEL. Good to know as part of their benefits perks the company provides personal liability indemnities. Jmo..
and in the final para final line character cut off, shd read 'the shareholders in XEL. Jmo.'
correction para 3 last post, 6/17 changes to XER/Whalsay registered names..
June 2017 seems to have been a magic month, near six months after the expiry of the XER lease for Bentley field.
Executives from XEL, and XER renamed Whalsay Energy plc on the 13/6/17, then Whalsay Energy Ltd on the same day, had to have been in discussions with OGA since well prior to the liquidation of XEL on 5/12/16. If not, why not has to be asked of the XEL/XER BoDs at the time. Was the question of a 4 year lease extension never raised by them, or proposed by OGA during that time to support XEL's, reported by the BoDs, attempts to find partner(s) or further funders in the months in 2016 prior to having to succumb to liquidation? Or did this suddenly become someone's bright idea after the liquidation of XEL had been pushed through, the $330m debt of XER to XEL been forgiven, plus the $215m tax credit in XER being retained at no cost other than the $1 paid for the company by the Bondholders appointed liquidator, to the same Bondholders.
OGA themselves note they were aware of the same individuals, most remained directors of XER through the liquidation and supposed XEL asset sale attempt by the 'independent' BVI liquidator, right until after the 6/16 changes to XER/Whalsay registered names. All this during the time of the XER in name application for lease extension, reported by OGA to have been on 16/5/17, and the subsequent award by OGA of the extended 4 year lease on the 23/6/17. These individuals only resigned from the Board of what was by now Whalsay Energy Ltd after everything had been concluded on the 30/6/17. Some still remain as employees of Whalsay.
Why did OGA allow a time lapse to occur between the expiry of the Bentley lease 31/12/16 held by the subsidiary of XEL, a company known by OGA to be liquidated prior to the end term of the XER lease. The XER company name was not changed to Whalsay until 13/6/17, and then OGA award near six months later an extension of the same lease via same directors who were present during all previous negotiations, to this company that changed name just prior to said award.
And how did OGA consider newco XER/Whalsay had any better capability than XEL/XER before, other than by the huge value of a four year lease extension they would not award to XER at the time it was an XEL subsidiary. As Whalsay state in their 2017 accounts they will be INSOLVENT themselves by end of 2018 if a partner or funder for Bentley is not found before that date.
Whalsay as has been demonstrated had effectively no ability to develop Bentley other than the setup they engineered for their acquisition of XER and it's asset, plus a $15m loan injection from the new owners. With no partner they accepted the commercial risk/option of trying to find new partners or funders from the proprietary and staff information they had of the XEL experience, but with the key added advantage of a four year lease extension awarded by OGA against an expired lease, for which payment to FDP state had been made by others, the shareholders i
5 September 2018
Dear Mr xxxxxx
Thank you for your email of 6 August 2018 in which you requested:
“I would like information with regard to the timing and award of the four Year lease extension that was granted on the Bentley Oilfield License. [1] What date did the OGA start negotiations with the new lease holder and were any of the former Directors of Xcite Energy involved in these negotiations that resulted in the award of the new License. [2] Was a four year extension of the lease requested by Xcite Energy before its was made insolvent and if so, when.”
We have considered your request under the Freedom of Information Act 2000 (FOIA) and, where relevant, the Environmental Information Regulations 2004 (EIRs).
Xcite Energy Limited (‘XEL’) went into liquidation on 5 December 20161 when the Courts in the British Virgin Islands appointed FTI Consulting as liquidators. More information about this process can be found at: https://www.fticonsultingemea.com/cip/xcite-energy-ltd.
XELs main creditor group, the bondholders, made an acceptable bid for the shares in Xcite Energy Resources Plc (‘XER’), and renamed XER “Whalsay Energy Limited” (‘Whalsay’). (The Joint Liquidators Final report is at - https://www.fticonsulting-emea.com/~/media/Files/emea--files/creditors-portal/cip-emea-public/xcite/xcite-energy-limited-final-report-30june-2017.pdf.)
Whalsay applied for, and got, a change of control for the licence for the Bentley field.
Whalsay started negotiations with the OGA for a 4 year extension to the Bentley licence on 16 May 2017, and were awarded it on 23 June 2017.
The Chief Executive of XEL was not retained on the Board, however the Chief Operating Officer and the Chief Financial Officer were in post at the time of the negotiations.
This concludes the OGA’s consideration of your request.
I have still not received a reply for my FOI request dated 06/08/2018, I have sent them a reminder that it is the law that they respond to it promptly. Lets see what happens …..
Perhaps imo in the case of XEL it may be hard to differentiate outright stupidity from implication of any fraud.
Fraud could arise offshore through the myriad of BVI, Cayman Islands, Panama and the other anonymous boltholes, with respect to the hard to understand offshore finance options taken up, any asset acquisitions, operations costs and the rest. Or even payments made to do little or nothing. There are cases of funders paying commissions, in fact was there not on one occasion a disgruntled broker for an XEL loan suing the funder in connection with a dispute over the amount of a finders fee? Perhaps useful to kiv successors to Panama papers and the like showing up of more disclosures from the swamp.
Of course there's also the interpretation of various 'incentives' paid out for assistance in the hanging of XEL, the survival of XER, and questions over fiduciary duties and conflicts of interest one might take a view on, taking an opinion on considering what borders on improper behaviour. Jmo.
http://www.thisismoney.co.uk/money/article-6122399/Oil-giants-bosses-dock-fraud-charges.html
Quite right, and taxpayers pay this guy £335k/pa? Shows the mentality behind assessing the award of North Sea leases. Kind off reminds one of the cfo/ceo that paid himself by parking the company that employed him in his own office.
https://www.thesun.co.uk/news/4849321/civil-servant-claims-crisps-taxpayers-cash/
With the plethora of West Indian based companies involved in this, what also may lead away from major oilco involvement is the fact that Whalsay had to report on the situation they find themselves in now. If this exercise was backed by a significant oilco, why would Whalsay have any problems to bleat about. They'd be backed to just get on and quietly get the job done. Majors amongst themselves could find partners if they wanted to.
Perhaps it is either the Bondholders thinking themselves clever in ko'ing XEL after that company's failed attempt to find funding or partners, getting the company they thought on the cheap then moving to try to make a fast turn in selling or partnering on. This has still not worked, leaving Whalsay the way it currently is. Or as 5656 below, still a US connection lurking, also concerned by now seeing Whalsay has not yet performed as expected. It cannot be good to have to resort to concerns being made public, with respect to anyone significant coming in observing that.
Just where does this position OGA now with their commercially confidential bs, Quad 9 floundering once more. As XEL shareholders were let down, now OGA it seems by this gang of sweet talkers..
In reference to our old US friends, what's slightly curious about Whalsay's new BoD are the affiliations two members seem to have to parties active in various past doings.
Mattoni who is US, promotes in his bio a connection to Atalaya Capital Management, a US/NYC based privately held investment advisory firm 'focused on making opportunistic specialist situation investments'. Young Shah, appears to have a connection to the lawyers, Wikborg Rein LLC., who filed the 6/2014 charge on XER on behalf of Nordic Trust ASA representing the Bondholders. Apart from his Whalsay affiliation, he's also reportedly a director of Oslo based Offshore Holding AB, a Norway subsidiary of Wigborg Rein Svcs AS..
Perhaps another option a group such as Atalaya bought over the Nordic Trustee debt and that we're back to our old Socius/Esousa type friends, as opposed to thoughts on Statoil being the dark horse. It did seem curious that apart from pi's, none of the large shareholders in XEL seemed to bleat too much when the roof fell in, though that group could have shorted as they accumulated their stock holdings. Plus the XEL BVI liquidation, and removal of the XER debt problem to it's parent was well stitched up as a possible irritation factor. While RC was enjoying the good life in BVI, just who did he think he and his fellow directors were getting into bed with. He never disclosed, as per the data room no shows, who were the funders that mysteriously disappeared after the RBS RBL was conveniently cancelled.
As mentioned before it's curious as to quite how the new XER owners, once they had manipulated the liquidation of XEL in the BVI, managed to persuade OGA they were of sufficient substance to back the FDP for Bentley and ensure the 4 year extension was awarded to newco, not oldco who had paid for it to that date.
The company, set up by Cayman Island owners now of the same name, presumably the phantom Bondholders or successors, whereby the XEL Bond debt and interest due was forgiven, converted to a loan, and they were allocated a further loan of $15m, $10m of which appropriated to date, to progress lease extension then fund the UK company until such time as, exactly the same exercise we were told XEL were trying to consume, find a funder and partner(s), was completed. Yet Whalsay say now, and the old now newco's Auditors confirm, they'll be insolvent by end 2018 if new funds from whatever source are not found. Just what game was being played by someone that OGA accepted?
Jmo..
https://schlamstone.com/wp-content/uploads/2014/04/2014_31018.pdf
I still wonder how it was that we feel into the trap - how much due diligence was actually done reference the funding.
How did the connection between Socius and Esousa Holdings where Rachel Wachs aka Glicksman was in charge.
I think that's when XEL probably became uninvest able we just didn't know it
This is an old one but note the involvement of one of our vulture funds
Activist investors target UK oil and gas companies
Mon, 1st Jul 2013 14:46
By Andrew Callus
LONDON, July 1 (Reuters) - UK-listed oil and gas companies that have lost favour with mainstream shareholders
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are attracting investors who want to push bosses out, access their cash and force asset sales.
The trend took root in the United States last year where activist shareholders targeted sizeable companies including Hess Corp. It now has three new directors and is selling assets in Asia after the intervention of Elliot Management.
The UK-listed companies in the sights of activists are smaller but given the worsening outlook for oil and gas prices and disappointment with some more marginal energy prospects of the boom years they may look for more and bigger targets.
Some UK companies have ended up with significant assets, including cash, relative to their shrunken stock market value.
"It's a very simple model," said a London investment banker who specialises in oil and gas and did not want to be named.
"You don't have to take a view on the value of the actual assets or know anything about oil and gas. You just know the cash is there for the taking."
One target is 3Legs Resources Plc, which is exploring for shale gas in Poland. Polish shale was once seen as a red-hot opportunity, but enthusiasm waned quickly last year when the government downgraded resource estimates and top global player Exxon Mobil pulled out.
The stock, which values the company at about 24 million pounds ($36 million), trades below the cash position it is expected to have in the middle of next year, the company's broker, Jefferies, said in a June 20 research note.
Boston-based activist investor Weiss Asset Management's stake in 3Legs topped 15 percent in April, according to a disclosure by 3Legs. Another activist, Guernsey-based Damille Investments, acquired a similar-sized stake in February.
In the past six months the company has twice faced down attempts to install a new board and put the business up for sale, defeating the activists in votes at extraordinary shareholder meetings and insisting its commitment to Polish shale will pay off.
Another example is Northern Petroleum, a company now worth about 30 million pounds but with a disappointing stock performance, and in which Damille emerged as a 5 percent shareholder in December. Since Damille took a stake it has made a number of board changes.
Weiss declined to comment on specific investments. Damille's parent, Nimrod Capital, did not respond to phone calls and an email requesting comment.
Another company trying to fend off shareholder activism is JKX Oil and Gas. Earlier this year, CEO Paul Davies narrowly survived a shareholder revolt led by Eclairs Group - not a traditional activist fund but an investment vehicle of Ukrainian billionaire Igor Kolomoisky, who has a 27 per
Can somebody point me in the direction of an article published in the financial press in recent months? It was highlighted on either iii or LSE recently about oil companies that have been set up on AIM with loads of reserves reported but not a penny of revenue yet funded by small investors for the benefit of owners. I think it was a consultancy firm that did the report and someone posted a link.
2017 accounts, RBS is back in the frame as the company's bankers, hard to make this stuff up, next we will be hearing about FSP and SSP and the RBL plan for same.
These Whalsay 2017 accounts make fascinating reading imo for old time XEL investors.. After spending $450m+ RC's best efforts in being present through the liquidation of XEL, the signing away of XER's debt to XEL the assignation by OGA of a four year lease extension to XER under new owners, and transfer of net deferred tax asset of $215, for a buck. Wow, what a performance in behalf of his XEL shareholders he blinded with bs for years. Jmo.