Member Info for highlandsbull

Correction, Serinus..

I can think of several possible reasons, starting with setup going way back that 'persuaded 'the liquidators to sign off the way they did. I thought Bower was the only master mariner on the executive, Fairclough was ex Forces. By the way, clearly demonstrating his future perception of remaining at Whalsay, he has moved on to pastures new, Serinius/Romania will now have the benefit of his 'expertise', proactive, hands on approach.. Jmo..

https://www.morningstar.co.uk/uk/news/AN_1579781080578046500/serinus-energy-hires-former-whalsay-energy-cfo-fairclough-to-same-role.aspx

Fairclough has been given the heave ho, replaced by that inveterate hanger on Bower as company secretary. Gives one the impression Fairclough has been about as useless for Whalsay as he was for XER, if they had found funding or a partner why would he leave. No sign of either as yet. Let's see how his cv update on LinkedIn reads as to his Whalsay job 'success'.

https://beta.companieshouse.gov.uk/company/04560068/filing-history

He sure completely lost the plot in 2010/11, compounded errors just at the wrong time though clearly not the only one, a cadre of professional and commercial morons.

Curious as to what's gone wrong at Premier's HO Solan field. In 2016 at start up they were predicting 20-25k/beopd whereas currently it's only at abt 3.6k/beopd. Did that field not have a curious recovery method to a sea bottom tank.

http://www.premier-oil.com/premieroil/media/press/solan-first-oil

Not at all. Hopefully what goes around comes around to these guys, it often does to give some form of modest satisfaction at least, eventually. If they don't find an investor soon the 'experts' in OGA, who have just spiked fracking, will no doubt at lease termination with no progress move to pass the field to Equinor, surely just waiting to pick it up for nothing.

Far be it from me to contradict your invariably succinct comments Blue-Eyes but I think as events have transpired one of the few truths to have come out of the mouths of the BoD is just how closely they were allied to the interests of the Bondholders as evidenced by setting up a structure for easy transfer of the asset, then donating the company to then for $1 and promptly jumping ship themselves with terminal gratuities and new jobs in what became Whalsay.

What started me worrying about AGMs was when they began to edit the oral feeds and q&a's.

Rather like the dumb naivety in contracting the RN without first confirming with DECC in writing the test results and shutting down the 6 well were adequate to secure written approval to move on to their FSP/SSP plan. We should have learned from the Betty what their operational capabilities really were.

Just who promised what re alternative funding to the RBL, and failed data room and partnership agreements we will likely never know. None of the key participants at the time ever likely to divulge what would publicly demonstrate their innate commercial incompetence and gullibility.

https://www.energyvoice.com/oilandgas/north-sea/205645/equinor-looks-to-rosebank-and-bressay-projects-after-mariner/

I think it more likely Smith was given the heave ho by his two fellow conspirators, messers Cole and Kew, for being at the helm during the 5 and 6 wells, with the fiasco that resulted thereafter leading up to DECC graciously 'approving' an EWT, with the cost of same. You may recall also the RN was not fit for purpose on first arrival Dundee, work that could/should have been done in Singapore. Personally imo the rig was not fully fit for purpose and should have been a super N class or similar with rough weather/longer legs, as they seemed to realise after arrival on location. Continuation straight into production as might have been an option probably was never on, so just as well in a way they were able to exercise the termination option.

Sadly as we found out subsequently, to be charitable it was a continuation of the blind leading the blind, with cole's financial, funding and partner 'capabilities' and Kew's operational. Jmo..

Certainly was/is an expert in failed companies and extracting himself from messes at minimal personal cost. Much of the early failure can be laid at the door of Smith and Kew however with what the 5 and 6 wells failed to do, leading up to the fiasco surrounding the FSP plan and eventual horrendously expensive EWT. Cole only added to the screw ups when he had the opportunity so to do by adding in his level of ignorance, incompetence and arrogance.

Correction last post, line 1 should read 5 well.

Personally I believe there were other operations matters going back to the 4 well that indicated a complete ability to shoot themselves in the foot in various ways while lurching from stage to stage. A competent offshore drilling consultant and marine specialist on the team from inception, plus a cfo with integrity would have helped immensely in successfully attaining FSP/SSP. Hindsight sadly is of little use now.

What happened then to be charitable was near criminal incompetence imo to cancel funding in place without a confirmed signed up back up source. Seemed the ceo and cfo were in dreamland about promises reportedly made by others concerning alternative available funding. Of course this prevarication would naturally not have gone down well with the RBL group. So they burned their, or rather our, bridges. Completely caught with their pants down.

They even had the additional reserves booked, plus drilling the planned initial six wells as per FSP/SSP intent, and as the EWT showed, would have increased reserves further and backed additional funding. Yet nothing was apparently done with the RBL consortium to explore an expansion of the $155m as I recall already in place . To that could have been added the BP tranche, and even as others were doing, a placing of forward product sales at the good per bbl price Brent was at the time. Add in greed as seemed to be the motive in failing to attract substantive industry partners.

Of course what also did not help was the lack of preparedness shown by the coo in dealing with DECC on the FDP plan progression and approval thru 2011 subsequent to drilling the 6 well. Being potentially stuck with a rig on standby with no cohesive approved plan in place, thereby having to weakly submit to the whims of one jobsworth in DECC and undertake an EWT, again without on anticipated success, further development plans and funding secured.

Incompetence and fiduciary breach of trust of the highest order .

Same old same old imo, more or less back to the original plan, Basically they are still looking for an investor, keep them in their jobs forever with yet another plan revival. In the meantime time is running down once more to lease expiry..

https://www.offshoreenergytoday.com/whalsay-energy-seeking-operating-partner-for-bentley-oil-field-targets-first-oil-for-2023/

Good video of startup, makes one really angry to compare this to the XEL dolts and what could have been from a bunch of deserted skunks or in hiding somewhere. No doubt lot of hiccups along the way for Equinor but they made it their way. Oip is now being projected in the range of 2-3bn bbls..

https://www.offshoreenergytoday.com/video-first-oil-flows-from-equinors-mariner-field-in-uk-north-sea/

Sorry this post came out 3x, must be LSE new beta in action!

Of course one more item in the accounts was the sight of RBS Aberdeen as the main banker. At least RBS has some familiarity of the company and the aborted previous funding exercise they successfully established that the company (XEL) in turn tossed aside.

Interesting read. $1.93m loss, as expected shareholder/lemder bumped up their working capital facility by $10m to $25m to carry them through to 6/21 concurrent with lease expiry. Note 4 interesting re the 'agreed' release by former parent XEL in 2016 of the intracompany net debt liabilities due to it of $329.55m.

Also deferred tax asset balance now stated to be $252m net based on previous UK tax losses, to be offset against future production. Guess that also was donated by previous management as part of the $1 cost.

Note 5 interesting as well, directors/staff costs still running at $2.2m level, of which sole director on near $500k. Also first item in the Directors report refers to the corporate indemnity given to Directors, and the Directors and Officers liability insurance firmly in place. Nothing is stated as yet re sign of any prospective funder or partner.

https://beta.companieshouse.gov.uk/company/04560068/filing-history

Interesting read. $1.93m loss, as expected shareholder/lemder bumped up their working capital facility by $10m to $25m to carry them through to 6/21 concurrent with lease expiry. Note 4 interesting re the 'agreed' release by former parent XEL in 2016 of the intracompany net debt liabilities due to it of $329.55m.

Also deferred tax asset balance now stated to be $252m net based on previous UK tax losses, to be offset against future production. Guess that also was donated by previous management as part of the $1 cost.

Note 5 interesting as well, directors/staff costs still running at $2.2m level, of which sole director on near $500k. Also first item in the Directors report refers to the corporate indemnity given to Directors, and the Directors and Officers liability insurance firmly in place. Nothing is stated as yet re sign of any prospective funder or partner.

https://beta.companieshouse.gov.uk/company/04560068/filing-history

Interesting read. $1.93m loss, as expected shareholder/lemder bumped up their working capital facility by $10m to $25m to carry them through to 6/21 concurrent with lease expiry. Note 4 interesting re the 'agreed' release by former parent XEL in 2016 of the intracompany net debt liabilities due to it of $329.55m.

Also deferred tax asset balance now stated to be $252m net based on previous UK tax losses, to be offset against future production. Guess that also was donated by previous management as part of the $1 cost.

Note 5 interesting as well, directors/staff costs still running at $2.2m level, of which sole director on near $500k. Also first item in the Directors report refers to the corporate indemnity given to Directors, and the Directors and Officers liability insurance firmly in place. Nothing is stated as yet re sign of any prospective funder or partner.

https://beta.companieshouse.gov.uk/company/04560068/filing-history