Member Info for highlandsbull

Currently with no money the public purse is exposed by xer being responsible for a load of hardware lying on the sea bottom. With a plan sanctioned by tracs and baker, even rbl or other funders, money from hmg an issue did not appear to be useful, only a guarantee that oga could have overseen with the entry powers to companies and plans they can supervise..

The oga are pouring govt money into seismic in the ukns. What was the point in them being incorporated, was there not bs put out at the time about sitting in on licensee board meetings, directing funders to viable projects yadayada. Who was it that directed xer to spend $250m on a wasted ewt when the xer fsp/ssp quite viable plan for a small company, notwithstanding the fact that xer prior to sanctioning same should have on conditional success had funding or partner lined up. Complete bumbling incompetents imo the xel bod.

More job bs waffle.

nail xel/oga about ewt fiasco and cost, plus recent discrepancy xel speak oga commercial reservations v reality not raised according to oga. Rig issue imo more marginal, nothing was going to happen on mou development w/o the fdp approval.

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between now and the 5/12, if the bondholders did have any party lined up, any concerns re via the liquidator this going to open tender rather than an attempted shoe in. Also with time dragging on worry abt status of oga re the lease and effect of this mess on valuation.

If as has been clear xel have not been in a commercial position to submit fdp because of stated lack of funding why would issues re funding even come up with oga as xel have had nothing positive to say in that regard for years other than to squander what they receivied from bondholders over three years without positive funding plan for fdp beng in place. There needs to be thorough review of all expensed from 2012 on imo, plus details of what remains to date seemingly missing namely gensets and sto balance. Plu in the current scenario why are xel/r still maintaining two offices.

ii between OGA comment on what they reported on re purely technical review of xel's plans as opposed to what xel stating now in faq concerning unreported at the time commercial issues rased as well.

As with all else they have attempted the whole thing fell through through lack of funding. When they had that, rbl, they even succeeded in throwing that away.

They missed the basket years ago when the poo was $100. Hopeless cases both of them. I notice today in buy over from sto bp are extending their north sea business for themselves and nexen. Guess they regard xel as a bunch of clowns..

etc not really relevant, except to the degree of optimism put behind their successful conclusion, that's past. The gensets were destined for the RN when that rig's original configuration was to be as per fsp/ssp a combination drilling and production mode. Mgt's stupidity in not running their plans positively first past decc when the ON was still on hire left them, with the RN committed and paid for but no approved fdp, no option but floating this expensive ewt past decc for approval, hoodwinking shareholders in the process as to the c*** up. The problems basically begin and end with funding and the incompetence shown thereby by the man specifically responsible for that, the cfo/ceo, going back to the exec stock sale, yorkville, rbl, the change to three years of bonds purgatory, and the incredible incompetence of giving away the farm in connection with that. The mou deals in the end probably in the current environment not bad, esp that for cosl and teekay, they would greatly have reduced capex. The problem is despite that xel had no funding available even for the smaller requirement that would have allowed fdp to be progressed. Hence everything fell apart, with the blame for same entirely lying with the man responsible, the ceo. Jmo.

Where are the nda's, just what use have they ever been except as a means for obfuscation by this mgt, pulling the wool over shareholders eyes.

Why is the company still renting two offices, close guildford cancel the lease with the 'ceo'. Anyone left move them to Aberdeen.

List the actual funders that were in discussion with the bod.

Seens like the bh's are under the impression they already have, poisoned chalice for anyone dealing with those guys.

Hopefully also they are beginning to reaalise with the declining timeline not in bh favour pi shareholders are not just going to roll over and meet the bod interepretation of what they should be doing, which is absolute c**p.

saying pinki's letter will be placed before the court when willins said apparently earlier his compnay not yet appointed as liquidator yet seems to now all that is going on re this bondholder application. Can his word be trusted re this letter going in and how much better it might be for shareholder(s) rep to be there to meet with and try to move forward with all the parties at that critical time to get a fair valuation out on the market made by the liquidator for XEL asset, XER.

promoted and appointed job on behalf of uk inc they should have been attending xel/r board meetings, cracked heads together, been alert to the funding problems xer as lease holder was facing as a result of undertaking in the current market this hugely expensive ewt, imposed for whatever reason by decc, that has positively proven up this asset for uk inc. Oga state they are the bee's knees for ukns development, have funding sources or can act as guarantor to move valid nsea projects along, well in the case of xer get on with your stated job and assist in moving this key proven project forward, not thinking of multiple reasons why you can not, vacillate, or stand back as incompetents. Jmo.

Surely a cadre from the guys that hv taken the trouble to attend recent agms, hearing the bs in person they have been fed there, and with stock certs in hand two get on a plane to overnight in bvi, show their faces to the judge 5/12 and get the points re this attempted asset steal recorded for further civil or criminal action if needed or possible either/or in bvi or uk. Jmo.

quite agree, someone from the guys that have lost tens, hundreds of thousands, needs to use any money collected, or if they have any money left themselves, to attend the hearing in bvi 5/12. These scumbags on the bod do not represent pi shareholders best interests the way they have driven the companies to gtz and with their 'recommendations' since. Someone needs to make the points raised re xer debt to xel to the judge and appointed liquidator that xel shd be put up for open sale, that xer should be sued or also put in liquidation, that has for whatever reason and a few spring to mind, not apparently happened in the interim year(s) leading up to this xel liquidation application.