Member Info for highlandsbull

Point 2 wd be nice but petitioning oga for suspension too much left field to succeed, as inept bureaucrats these guys will work to the limits of their remit which is sfa anyway. Better as national treasure we are told via expense and delay put to by decc by whichever clo•n there at the time was persuaded to revise xer's draft fsp/ssp to expensive ewt, not to say the morons in xer at the time were not complict by non existent operations and licensing pre planning of said fdp submission.

For the nominal asset to have any value they need ro get the fdp in and approved otherwise due to insolvency of xel/r for sure lease will be cancelled and open for bids with all the data there free compliments of xel and the incompetents managing same.

They need to rush because of the countdown to expiry of the leaae.

It would have been an admission of defeat and busted egos what with all the bs shareholders were being fed about phantom partners, funding, abilities and all the rest that's never happened to plan.

This is what shareholders via the cimpany and this inept management have been paying these expensive lawyers for, an attempted stitch up of the disposal of the asset on which $450m has been expensed partially under the 'guidance' of decc. Small wonder kew & co never received any work solicitations for their self promoted ho expertise.

Hear hear, one for clown cole to add to his list of participation in failed companies though never quite on the scale of this. Judge me by results, we have been waitibg six years ror this, just goes from bad to worse.

It would be nice to see him taken to court to give clarification on the reported NDA's that were disclosed were in place, who apeared at the Data room after EWT, full dance card cr*p we were given, who promoted the big boy plan and why was no funding in place for same before ditching the RBL and with that the FSP/SSP that was available subsequent to the EWT. Who were the reported multiple funding options it was implied were around, and why was nothing ever taken up at thart time other than this disastrous Bonds deal where Cole basically gave away the farm. Finally who were the d/d parties and what went wrong with this supposedly innovative funding /guarantor option, who were the parties to that. Why was the company not put up for sale at a much earlier date to avoid the option the Bondholders had in place to sue for liquidation. And just who are these farking Bondholders.

One of their several key screw ups, the rig was contracted in advance of having approval from DECC for FSP/SSP plan A and knowing the earlier ON work was sufficient. We know what happend to that, so to avoid a rig sitting around on hire and no production ossibility the EWT was codged up.

cratered early 2016, change of management after RC's reported trip to Beijng 11/15 to meet the former ceo there was a wholesale management clean up both at CNOOC and COSL. http://www.offshoreenergytoday.com/new-boss-takes-helm-at-cnooc/

Not sure if that the best tack, imo better force oga to review guarantee in national interest for quad 9 and expense xer was put to by decc.

When does Kraken come on?

Notso. The platfom and the fpso were ordered in tsndem with Mariner. Since then we know the Bentley cost plan is half that of mariner, there's a better and cheaper way to do things apart fron the fact costs have cratered so no surprise sto canned what they had taken options on four years ago.

That's why they have succumbed to bondholder temptation, jump ship and hope to recover later. They are pawns of the bondholders now and cannot be relied on for impartial advice.

Pretty sure rhe prospective partner that walked away was CNOOC for their internal reasons. Petronas were in Ireland.

Let's test this industry valuation shareholders were told by 'management' was inherent in xer value by voting no. It sure as hell is not represented by 1.5%, nor what the bondholders signed off on, $140m. In agreeing to the loan their risk valuation would have had to be, from independent valuers, 2-3x this. Even the original $155m rbl, while taken out in better times was only based on 1/4 of the proven reserves at the time.

Plus they have to expend a further $10m to keep the show on the road via retaining their new 'managers', hanging on like limpets to their jobs and who have brought this unwanted catastrophe on all, w/o which the whole pack of cards, including their interests, will fall apart.

Imo the bondholders are in some doodoo also. Apart from the stock they were persuaded to buy at 65p they can't be happy to have listened to cole concerning his abilities two years ago to move xer through fdp bond repayment and out. Now they are caught up near to termination of the lease they think they control with having the necessity for that action to go ahead under the guise of xer as it has to, in a tight timeline and w/o risking serious wrath from oga. They also have the need to have to work with the same clowns or one in particular that has brought xel to this current state of near extinction, while having to use a bod that pi shareholders abhor to persuade them to vote their own near destruction through under the 'terms' these same clowns 'negotiated' and are trying to persuade shareholders to accept. Totally ironic comedy situation if it was not so sad for the many genuine shareholders caught up in the charade this bod has maintained for years that they had any capability to move xer through to production, which through expenditure of huge sums of money, multiple failed plans, they have shown to be demonstrably incapable of doing. Vote no. Jmo.

Plus..

Fight for 70%, after all this 5%?!

Pretty sure the guarantee refers to hmg decom expense. Funders as per bondholders wd normally take the asset as guarantee but for fdp xer need to provide guarantee re clean up costs.