Member Info for highlandsbull

Under freedom of information request oga should be forced to divulge what they must know about who are xel bondholders and what influence that information had on approval of lease extension.

Not sure what good pushing with oga for revocation of Bentley licence does for shareholders except antagonise oga to possibly do just that. Imo shd be pushing oga for guarantee/funding assistace in view current market and fact at decc requet xer were forced into spending 100's of millions on useless ewt w/o being allowed to kick off phase 1.

Imo the problems have begun and end with cole, out of his depth on nearly all counts as one disastrous decision has succeeded another.

Well at least there is a comment that the liquidators have a duty to maximise value for all creditors of xel. What a crock though.

rig supply to Sirius Nigeria, vendor rig finance until field in production. Why could not xel have reverted to phase 1/2 and made an economical start to Bentley working off the rig to an fso/shuttle tanker. Imo what a useless shower this mgt has proven to be, particularly the ceo.

Request of oga, freedom of information, what reason was given by cole to oga that persuaded them to approve lease extension. Supported by who?

waste time and money on new seismic when they can't even mobilise funding or guarantee support for what's already there in the shape of XEL 1P reserves. http://www.offshoreenergytoday.com/oga-awards-four-ukcs-seismic-contracts/ and PWC report on Scottish oil industry, more like few more months and Scottish oil industry will be in state of terminal decline never mind yet two more years for any government action. http://www.heraldscotland.com/news/homenews/14885038.Scotland_s_oil_industry_will_slide_into_abyss_if_problems_not_fixed_in_two_years__says_report/

Even though we know the ewt resulted from a mistake (another) on the part of this useless mgt in not knowing decc reqts at time of 6 well and not either revisiting that drilled well or prior to doing the as proven ridiculously expensive ewt w/o partner suppkrt lined up in advance. No partner, no funding, what an inept shower. Jmo.

interesting but imo there was srticle in herald yesterday abt parlous state of ukns so better to push imo on basis economic loss to nation and jobs for proven field and actions of decc requiring expensive test.

How long will the liquidation process take?

Surely wd have been useful for shareholders to have had legal representation at this bvi liquidation application.

Incredible that noone picking this up to raise legal issues, either shareholders, authorities market supervisors, or an other oilco. At the goveaway price no wonder ceo's indifference to lack of 3rd party interest evident, this appears a stitch up option in place long ago. Absolutely no sign of fiduciary responsibilities imo.

What's somewhat surprising is that from the major shareholders that have been coerced by this bod and their intended failed accomplishments into investment in xel no coordinated legal action as yet at least appears evident to at least bring this bod to account, and ejection as ongoing representatives of current shareholders interests. Also the lack of any supposed industry interest in a low ball offer for xel. Have they all just given up, rolled over, accepted their losses, and allowing the management incompetents to carry on with this useless plan? Is there no way at least under fiduciary duties and the absolute bs shareholders seem to have been fed for years that they cannot legally at least be held to account for their complete, hugely expensive failure over years.

Yep, right charmer, wonder when we are going to hear from the chairman.

Quite agree re mp's, waste of time.

Even any sort of holding argument that can initiate delay is not going to play into the plans of the bondholders in the countdown now to lease expiry. For all parties this needs to ne resolved within the timeline now to end June '17. At this rate also Chadwick one would have to assume will be gone. What a crock this bod has initiated.

Exactly, a co-ordinated approach, away from the useless nonentities that have 'managed' the company to this level. Who would give them any credibility in negotiations, and clearly too much conflict of interest there with the bulk of stockholders. Needs imo to be aimed at the court and liquidator in bvi, and locally lawcourts re fiduciary duties, years of bs, and oga to protect the asset for existing shareholders while the legal process is ongoing, even to the extent of govt assistance with what is a national asset re guarantee or funding. But not at this point on lease termination, someone clearly is prepared to put more money in to this. Jmo..

Whatever but unless shareholders with substantial stake in xel prepared urgently to coordinate around and submit a case, any case under a point of law, civil or criminal, either in the U.K. or bvi against the company, bod, auditors, bondholders, oga, whoever, this imo is heading for the rocks.

The other option of course oga where were they at xer/xel board meetings, funding/guarantee support, completely toothless imo other than disruptive re fdp.

23.01 ii post by JF123 chase the cfo/ceo and most importantly the auditors signing off on the 2015 accounts, as the xel liquidation option clearly in the optional game plan at that stage why was it not disclosed as a codicil by the execs to either shareholders or auditors and if disclosed to auditors not mentioned by them when they qualified and accepted the accounts then and bod assurances given re going concern. Yes going concern perhaps but by liquidation, surely material event