Member Info for highlandsbull

Clearly with the rundown to leases expiry date, and one hopes that includes Chadwick with it's possible use to Bentley, it will be of benefit to both buyer and seller, (and shareholders) if a deal can be concluded asap. So that is one positive from this mess, one way or another we will know soon, finally, away from the earlier obfuscations of the bod, industry valuation will be revealed.

The bondholders proposal was not voted on and withdrawn in favour of them suing as they did to liquidate xel and which happened. Now xel's sole asset xer is up for auction by the liquidators, and proceeds from same will be divided to pay bills such as bondholders, liquidators, and others further up the queue than shareholders. Whatever is left is is divided into the 309m shares or thereabouts outstanding.

You are not correct, there was no egm, the proposal was not voted on, the company was placed in liquidation for sale at best.

STO over Innovator.

It just goes to confirm seeing the numbers of suitors a combination of mgt desire to hang on, the price, and likely the poison pill, drove everyone away.

The carrion cd hardly be any worse than the inept mgt feeding off same for years.

Wonder also if cnooc remain interested now the dust has settled on management changes there and at cosl. Hopefully both they and sinopec wd not involve sto.

The important ones will not be the brokers but the majors, hope there is no collusion. Interesting to see sinopec just raised $10bn and we know where our old chairman went..

Wish we had had same from the company previously.

Imo he got as so often happens caught up in non closure of deals, partners and funding. The ones he did close on were the wrong ones, and of course what goes around comes around.

U2..

Unfortunately by the time one realised with their inept ops snd funding things were going pear shape it was nearly too late with the sp slumping. It just went from bad to worse.

According to post on ii he's gone into silent mode now, hardly surprising, with possible legal issues why did he ever came out.

If what you say correct he's also got a bag over his head, by their advice they were supposed to be in production 2011/12, long before the oil price decline.

Thanks bodog, no interest in talking to kew, imo as executive director and coo he's a contributory factor to the whole mess, and for now at least he's out of the picture.

Of course all this kit still remains on the seabed for future use, or necessary expense of someone for recovery. I was impresed, was it between '14 and '15 presentations, how much work had been put in by someone on cleaning up the proposed subsea structures and piping.

sorry end para 1, fsp..

Exactly, two issues, why did xer go for an expensive ewt that with the expensive rig in place and with approval of ewt data not go straight into fdp. Alternatively as mentioned far more cheaply just return to the 6 well. Question has also to be asked just why did decc vacillate on the ON data, they were not paying the bills, were their earlier objections reasonable and could they not have given xer a qualified go ahead subjt to data being provided from the next well. An absolute crock imo but not helped by c••p xer management. Jmo.

I seem to recall going over this ground long time ago. The point is xer screwed up by not having the fdp requirements tied up at the time of the ON, even chartering a rig at huge expense before fdp was submitted to and approved by decc. While macondo may have had an influence on decc thinking this was an event going back to 4/10, well before even the 6 well approval. Decc are quite clear in their letter of 12/11 re the 8/11 submission by xer of their fdp plan, 'remaining uncertainties re future reservoir performance'. Clearly this issue had been brought up by decc with xer at the time of the draft submission, which despite xel's assertions to shareholders to the positive subsequent to 8/11 they had met a stumbling block with decc, the ON data was, right or wrong, insufficient. So xer were stuck with this problem, a large contracted rig due for mods to enable combined drilling and fsp/ssp production, yet no approval for same. A complete c•c• up. The minimum cut off time for RN rig charter was 90 days so in the interim in negs with decc 8-11/11 xer strung this expensive ewt plan together, presented to decc as a way to obtain the required reservoir data, and cover their backsides in not having a rig chartered with no work. They also committed to this expense w/o either production funding or prospective partner in place. In other words just as we see now with the exposure they opened themselves to with bondholders, being caught with their pants down when push came to shove, they had history, just avoided a similar bullet earlier with the RN. One has to ask also if they'd botherd to check the ON data was inadequate at the time, why did they not not then retain the rig onhire to complete same, though we know they were struggling with the hose issue. Alternatively as the 6 well had not been abandoned, just go back there c/w a workable hose and complete recovery of the required data. If this was still deemed inadequate at least a far less expensive exercise than this seemingly expensive near useless so far ewt. Jmo.

yep as they try to protect their backsides and sell pi's down the river in the process. Sadly listening to these numbnuts got me into this po* in the first place. Jmo.