Member Info for Feverking

In a similar position to sadandskint. What I have lost is however not hard earned money. It was tens of thousands £ profit made from exploiting others who had lost money on Barclays and Lloyds Bank shares. Thought oil in the ground was a safe place for these ill gotten gains! I too have written to Nicola Sturgeon saying that as a shareholder I would be happy if Xcite were nationalised for the benefit of the Scottish people and not to a new consortium giving profit to the existing incompetent board. So far no reply! Any chance of you becoming a leader of the headless chickens :)

A cock with a head could provide leadership to us headless chickens. Will support any co-ordinated policy that has a clear mission statement and perhaps a volunteer no win no fee legal advice

Agree with you to some extent ceilingcat ! Surely there is a clever lawyer that could argue that the ordinary investors in Xcite and known oil reserves are those fulfilling the objectives of the organisation ?

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

Over the Bank Holiday weekend I read an article in the Daily Mail business section about this Trust "Trust that takes a punt on companies which might fail" The ahare on Friday was 326 at close (down 3p) and I took a punt on the newspaper article creating interest. Purchase completed on Tuesday after Bank Holiday at 325p with unused cash in ISA. At the moment it looks like this punting with professionals cannot do much to offset my huge amateur losses from what I thought would be an investments in Xcite North Sea Oil!