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http://www.offshoreenergytoday.com/xcite-energy-put-into-liquidation-as-creditors-seek-cash/

can't post it but also good article on offshore energy re liquidator and bentley sale. Maybe soon we will get to hear just what rc's vaunted industry valuation is in reality.

Upstreamonline article saying bids, plural, have been submitted for Bentley.

With the countdown to the expiry of both chadwick and bentley leases they need to move fast to try to optimise any value from xer. The fact that the company has been kept alive and the liquidators know they are under scrutiny plus marketing was supposedly going on up to 2/12 hopefully some clarification not too far off, one way or the other..

Imo the problem is that there is, finally, a substantive proven asset. The pity is management has proven completely incapable of starting or selling it for even partial production despite having two options for same, even seemingly laying out a big boy plan that no one seems to want that is 1/2 the cost of the adjacent sto mariner project.

Imo they got out of the RN in panic, partly the cost, they probably hoped to have had a jv partner lined up but probably greed it never happened, also the rig legs length looked marginal, penetration perhaps, also indicated by the change to the N Plus proposal, more air gap.

Whatever, but with the flak seemingly heading the way of oga for their ineptitude in being behind the curve as to xer bod activities, the parlous state of a company in which they claim the right to sit in on bod activities to maximise nsea yields and oversee, yet one they are promoting as a key to Quad 9. Plus what's happened about their direction of funders to best opportunities, guarantees and the rest. Xer told the world months ago they were merely short of a guarantor, funding and mous in place, where was oga to support in the current environment, away wasting millions on speculative seismic when a large fully proven field just with development issues is staring them in the face.

$10m support will now miraculously appear immediately after the liquidator appointed.

Just about everything the clown in chief, as happens so easily in this business without having partner or funding backup secured, has bounced back to bite him in the backside with consistent failure to perform.

and what about the disdainful idiotic comments about dealing with sto, the ho brilliance xel had in house, and sto being with bressay yesrs behind xer in their development of bentley.

No doubt as you post said clowns are currently sunning themselves in bvi at the expense of the company awaiting the incoming plan b group, with plan a participants duly shafted under their watch. Sadly the only clowns here seem to be pi's in believing these people had any capability or integrity in being able to plan or action their oft stated intents.

Perhaps if any pi's there the bod could be invited to stump up for a round of sundowners thereafter at a local beach bar. Any assembled could perhaps be regaled by clc and cole as to how easy it is to p••• away $450m. And have a whip around up for their next reincarnation..

the xel court proceedings and results of same will be out? Presume there is no audio link.. A list of those in court would be useful to know as well. Wonder if any of the pi attendees at earlier agms that listened and reported on the bullkaka eminating from management at same if present in bvi for the execution of their investment will put out any sort of feed this time.

step up tomorrow in bvi to donate their mismanagement legacy to new owners. Trebles all round no doubt at the pitiful demise of the pi xel shareholders. Wonder how long the rent boy will retain his lease. Another success for the chairman to add to his cv..

on this new ii board it percolates thru to here..

How can shareholders have any belief that the 'executives' that have brought the company down to this level can have any ability to negotiate in their interests the best optimal disposal price for the asset. Competitors will just laugh at them. They should be made to stand back and the task given to someone with demonstrated capability and integrity. These guys with their over the years half a dozen failed optional plans re fdp, partners, and funders that have been run across the bows of shareholders for zero result deserved long ago to have had a big boot put behind their little a••es and ejected from the company. Yet there they will be by now sunning themselves at company expense, g&t's in hand, in bvi expecting this gravy train of theirs to carry on next week rumbling down the track at bondholders expense next, having seemingly convinced them of their continued use to this exercise. Jmo. Maybe just with the seemingly failed application for a further $10m, even their goose is finally about to be cooked.

Quite clear these liquidators have not materialised from thin air, they have been briefed by the bondholders to present themselves for the job in which case for ordinary shareholders also they cannot be relied on. At least the judge should be requested therefore to appoint an impartial liquidator. And how this bunch of incompetent bod expect themselves to be allowed to carry on and not get the summary boot from both xel and xer defies belief there is not some form of stitch up in place. By their own demonstration over the years of complete failure represented by the state the company currently is in, and guaranteeing the asset for a fraction of its cost and worth this merits further possible criminal investigation of intent behind their actions. Complete lack of integrity being demonstrated, stand up, resign, and admit, acknowledge, apologise as men the extent of the failure they have presided over on behalf of others. Jmo.

unlike ii where at least they despite the likely futility of same appear to converging around something posititve. If I had had or have as many shares as some seem to there I'd be standing and represented in the bvi court come monday, attempt to get this useless shower that have brought by their ineptitude the company to it's present state with their current proposals evicted or better still locked up. jmo.

any interested parties apart from the usual suspect have about two days to act..

expanding Nsea interests, and Maersk also with Dong.