Member Info for highlandsbull

Good post lindsay60.

Who knows at this point but at least rather than hearing over the years and trusting on vague garbage from the ceo about industry valuation, baffled by the decline in the sp, an answer via the liquidators has to be forthcoming soon. Bentley is now a defined, well researched field, with chadwick in the background, proven 1P and 2P reserves, and a viable development and economic plan ready for fdp submission that possibly could be both expanded and refined further, for example by eor.

xer got reamed by decc. 6 was not a hpht well but xer took their eye off the ball in not verifying with decc the 6 well data was sufficient for fdp approval, they did not check prior to releasing the rig, just made assumptions on probably the old boy network. They even contracted the RN in advance of having the fdp approval and got reamed on that as well, though fortuitously the buoyant rig market at the time allowed Rowan to find alternative employment for the rig at preferential rates and duration. So many questions re xer's mo, they had neither funding nor big partner in place, completely gung ho with others money.

On the road at the moment but look at the rns's and company presentations oct to dec '11. What happened was that after xel had off hired the ON and contracted the RN for their planned fsp/ssp they then ran their draft fdp past decc and suddenly found a stumbling block in decc who told them their reservoir data was insufficient for this goon to approve the draft fdp. So they had to get this data. Having already off hired the ON and with the RN now contracted and paid for and on the way, there was no option but to devise a plan around her to obtain the necessary. Guess they could have gone back to the 6 well but instead with three months rig time committed we got this plan to use that via an 'ewt' and the 7 well. Quite why after getting this data that added also to the reserves figure, and therefore also bankable via expanded reserves, they did not try to proceed forthwith to fsp who knows in all the chaotic processes that were going on at the time. Complete lack of planning both on ops and funding that has lasted to this day. An extract of the decc stated position was published at the time. Jmo.

Yep with a bit more upside stability coming back to the market who knows what may yet happen. Despite all the years of bs pi's have had to endure and development cost to date there is still now an explored recognised asset there, plus chadwick if they are quick, potentially larger than mariner at half the dev cost to production.

True but they have to go thru a process at least with the noise made and oil price recovery should be a bit more open than what garbage we hv been fed for years bfore.

And the rig Singapore, though interestingly the govt there now giving out expanded funding/guarantees to shipyards for business development that an xel project might have been able to tap into.

the phantom Azinor aside, that was supposed to be an important component for Bentley, diluent potential, yadayada. Another reason with the lease expiry end year any potential suitor might want to move quickly to ensure it's further extension, though how much credence OGA probably giving to XER at the moment with the flak they are coming under in failing in their vaunted self promoted supervisory role over NSea licensees, clearly absent in the case of xer.

Actually production was supposed to be 2011..

Imo to try to ensure fair representation as a class in liquidation, that there is no, as implied by this useless bod by the 'offer' that was 'negotiated' with the bondholders, stitch up to benefit a certain class or group. To have recorded in open court the implied difference in asset valuation between bondholders offer, debt outstanding, and the assets, as implied by the two independent valuations and the market in terms of just what the offer represented in $$$ per bbl v what may be attainable by open tender. To ensure at least said sale or offer process is properly enacted and seen to be open and above board. To assess grounds and reasons for consistent failure on the part of xel management to bring bentley to approved development, failures to achieve same by company or regulatory body, operations, funding, and where blame for same may lie. Whether further legal action or claim therefore merited or possible against groups or individuals tasked with fiduciary responsibility for same. Jmo..

Former ceo of gulf oil predicting oil will rise to $75/bbl by y/end! Another reason any possible buyer will want to push a sale through asap.

Unless there has been a pre pack stitch up even the bod wd subscribe to that.

Erm we are told the liquidator is arranging an asset sale of xer. They could not do any worse than the xel bod. Any substantive increase in brent has to increase numbers of interested parties and an eventual offer price. If it happens to be over $160m range then there could be some recovery for shareholders.

this liquidation and the timing of same may just be positive after years of uselessness, there has to be action soon from any prospective buyers.

upsnchors yr 22.27h post. Decc stated at the time the draft fdp was not acceptable for technical reasons, insufficient reservoir data, nothing to do with funding. Imo xer probably had the funding available then, they did get rbl later and had york, but they needed the technical approval to be there on the fsp/ssp plan to be able to finalise the costs and package.

Is this info not now coming via the liquidators? Whatever cole and co have managed a disappearing act for themselves, lets hope the liquidators do bring forth during course of investigation just what bod inaction and mistakes brought the situation to this.

Sorry, but the purpose of the egm was to call a vote on the rec of the bod for a motion/plan to be carried. W/o a meeting how do you know in advance of an egm and vote count there the motion would not be carried. If the bod knew it would not fly, and they hold the share register and have been in consultation with the bondholders, why on earth did they even throw the plan up for a vote. Sure there was a very vocal justifiable objection from pi's to the plan, but who knows just what that represented in % total w/o a formal count. If the bod had a figure shareholders should have been told, once again why the hell did the bod even conceive this without first being fairly certain it would pass. If they felt later it would not then the egm should still have been called. Imo the bod were more in fear of a lynching at any convened gathering when they saw strength of opposition to them having given away the farm with the terms they accepted for the bonds, and what their flouted 'industry' valuation was being perceived to be in reality.

The 2011 draft fdp was submitted by xer to decc. Oga will probably try to weasel out by saying in empire building terms they are not decc but new entity so their conment technically correct, oga did not exist at the time. One of xer's many screw ups was they did not check with decc that the ON well results were sufficient for fdp so some nonentity in decc for whatever reason and several come to mind rejected the draft fdp on the basis of insufficient reservoir data. Hence with a $60m rig already on the payroll the $250m ewt was codged up before full funding and a partner in place, fdp/ssp was dumped for big boy and we are now where we are, years late and broke. Jmo.

Shambolic from start to finish, what happened to the egm, why was the bondholders proposal withdrawn, what happened with the phantom 'innovative' investor/guarantor concept, why did the d/d fail, so it goes on..vsad.

Whatever the final outcome of this fiasco if the company goes to a major the current execs will only get at best a small fraction for their stock of what optimally was there in 2011/12. What an all round crock they have turned this into.