Member Info for highlandsbull

I'd like to see evidence come out as to who was in the full dance card we were told about, ditto for the alternative funding options that supposedly were on the table that led to the termination and no doubt complete tee'ing off of the RBL participants, a viable funding option that was in place and dumped.

This been ongoing the past two years.. did not help. http://splash247.com/former-cnooc-executive-jailed-corruption/

From start to finish a repetetive series of complete c*** ups by a BoD way out of it's depth.

The mishaps the BoD were responsible for happened long before the issue of the Sembmarine FSO or the oil price drop. These issues merely added to the woes initiated years before. The production project should have been underway in 2011 as an FSP.

Much blame lies at the door of XER, but serious questions need to be asked of DECC under foi as to why the 2011 draft FDP was turned down and the brainbox that rejected that could not be more inventive than accepting that a small company such as XEL had to go out and spend $250m on an EWT w/o going to a workover perhaps of the 6 well to obtain any additional data considered necessary. Or why the data 'required' by DECC could not have been obtained as part of FSP. The other issue of corse is just why did XEL sanction such an expensive EWT w/o having anyone lined up to share in the tab if the test was successful and/or funding lined up on that basis. Elementary stupidity at best imo.

seem to recall the liquidators had to go back to the Bondholders for approval, probably means the offer was not even up to the debt owing so they had to be canvassed to agree to a haircut..

The sad thing is how little opportunity is being taken of by the useless mob in Holyrood and OGA to utilise available equipment now to economically develop proven resources like Bentley in the meantime billions to be spent on decom the likes of Brent and these gargantuan obsolete structures . What do they think is going to replace that and at what cost in the years to come. For sure not yet more scenery destroying windmills and hot air from the likes of salmon.

That's ok, all they are interested is in property prices, they'll just fill the country up with more foreigners to support that, in the meantime the key systems, nhs schools roads, grind to a halt. Locals are forgotten about in throwing money into foreign aid. Actually all in favour of brexit, bring some identity back to the country, there's more than enough of the world outside europe to survive.

Looking at current unemployed rig and boat valuations there might be a case for a rig ownere taking on an oilfield just to secure employment for their equipment and something apporoaching reasonable valuation hence avoid the huge writedowns that many now face. Rather as per Maersk with the Highlander exercise, with the field and contract the rig was worth a lot more than the unemployed Hercules A class units sold for a fraction of their cost.

http://www.offshoreenergytoday.com/israeli-firm-launches-takeover-offer-for-ithaca-energy/

Yep under FOI woud be interesting to see the 2010/11 dialogue between DECC and XER. In terms of DECC and now OGA responsibility on behalf of HMG for North Sea development. In view of importance to Bentley to UK they seemed to be at best asleep at the wheel in not being on top of ON well results and liaison with XER as to data recovered and it's use for future FDP and prompt approval of same w/o the extreme of the EWT as proposed being necessary.

of course following on from that why XER was only given a six month extension in 2016 of the Bentley lease with the expense XER had committed to by then, compared to STO being able to enjoy a three year extension of the Bressay leases.

in terms of DECC/OGA seeming murkiness in dealing with XER over the years it would be interesting to go back to circumstances and statements made with regard to the decline by DECC of the initial draft FDP submitted to them in 2011 and vaucous reasons given for same at the time that forced XER into the likely unnecessary and expensive EWT to determine the additional subsurface information supposedly requested by the DECC individual concerned with same then. jmo.. Does not detract from the stupidity of XER in not when the ON was onhire and onstation first verifying with DECC the status of the data obtained before releasing the rig, or later in contracting the RN before having FDP approved, then devising a fairy tale to justify use of an already paid for rig, supposedly fit for multi year production purpose that was promptly dumped at absolutely the earliest moment the EWT was concluded.

slightly curious that STO did not pick up that Bressay balance.

maybe a question to ask the Liquidators ?

Amazing with the stock percentage they held/hold there has not been a peep out of them or show up and castigate the dunderheads running the company re the end product of their investment.

They could start with the rampers in XER management.

Yes, they should have assessed the data requirement at the time of the ON and not offhired the rig until clearance to that effect from DECC. Yet they still went ahead with the RN oontract without FDP, l/term funding in place, partner or anything. Cowboys.

Sure Esousa are suitably grateful to xel bod the balance available was not taken up, would have left them with more worthless stock.

check the liquidators posts, about sums it up, we have the guys that screwed the whole show up appointed to dispose of the garbage they created. Go figure, beggars belief.