Member Info for highlandsbull

Imo there is a very clear fiduciary responsibility to all shareholders and conflict of interest or negligence issue here, to be polite as to other possible reasons that spring to mind.

Really makes this charge on bentley as a term of the bonds agreement even more scandalous as a negotiating give away by the bod. Spend $450m on developing an asset that has 260m 1P reserves, then potentially give it away for $140m makes no sense unless one combines it with the current proposed give away with the 'negotiators' having a get out to carry on with the bondholders. Small wonder cole made the reported comment he did at ob of not envisaging a situation where funding wd not be available, they would always be attached to it, just not other current shareholders except for 1.5%.

Sure it will be packaged with bentley as and when they move to fdp application with oga as the potential diluent supply source, as it should possibly be, even for bressay. Azinor is nowhere yet, whether with xer or oga, there has been no formal approval of the proposed jv been given, nor have we seen anything to indicate from xer that any phantom so far work done by azinor on seismic review has been accepted. The freebie proposed give away of 50% of the lease imo was more to do with agitating possible jv partners for bentley.

just apply to the xer bentley lease to take a chance on sale away, Chadwick should still be there? By voting yes 98.5% of the whole shebang gone?

Sadly decisions on these sort of issues are often tested well in advance of their notification, including a check for support. The rout in the sp and numbers of shares traded probably put them over the minimum % necessary to swing the vote, yet we see no statement from the company with respect to change in the shareholder analysis.

For sure the expensive lawyers the company/we are paying for would have it worked out.

Does chappi's 20.16h post on ii have any validity, 14 days for ordinary resolution to alter the share capital. Wonder what the requirement is to fire the bod.

...

get a tax write off of what has been expensed fo date, $450m +..

plus protecting their backsides in the event of any gtz scenario for current shareholders, as they propose but with an emergency chute for themselves.

The problem for the bondholders is they need the company and they are running out of time for other options such as forced sale and trying to persuade oga on the merits of their case as new owners. The way this is going some form of compromise would be the best option, the current scenario for shareholders is gtz whichever way, no reason to accept current proposal. Better to see if bondholders raise their offer or another party yet steps in. Failing that with the poo on the rise allow the bondholders if that is what they want put it up for auction. Actually the bod should be doing the same to repay the liabilities they have incurred while they still can, but forever they have had this 100% on their brains.

Actually it was rbs that lwd on rhe rbl funding xel had in plsce, and then threw away. Decided to vote no, this offer an insult put together it seems in collusion by a bunch if incompetents imo from way back trying to hang onto their jobs. The shares are worthless as is and sure will continue to be if this exercise sees egm approval. Any way to shaft these people as shareholders have been by them has ny vote, futile as it may be if as seems likely this is a effectively a pre pack stitch up attempt in planning for some time.

One might think XEL could have done similar as extra security against any loan there would be guaranteed yield during term of same and that lenders would have been amenable to this.

extension for Cluff, putting it out for re-bod, good luck bondholders.. http://www.offshoreenergytoday.com/cluff-opts-out-of-north-sea-license-deal-with-verus/

Suggest re forward contracts look at Ithaca I think it was who entered two year forward contract for sale of oil in advance of production with our friend BP. Actually with the ewt XEL could have been considered a producer, they had produced and sold, plus had two wells in the ground, 6 and 7. Sadly for their own reasons they ran off the rig.

Sure this us the reason cole has been repeatedly so sanguine re funding, he's known all along exit for self and cronies in place, just not for pi bagholders.

This result no doubt has been worked on for some time as an option by the as advised expensive lawyers under the employ of the company, the end result being parachutes on for the execs and lead weight belts for shareholders. My aren't we clever.

My guess ulan bator, for the video link..

Not sure your final para accurate, easy and something they deserve. For many l/term investors in xel thought, perception, and hard earned cash went into taking a position in the company, based very much on the market the company was in, and the story that was being put out about the aims of the company combined with the stated calibre of the executives running same. Sadly what hss happened with xel has related to both the failure of said executives to manage $450m cash, from that figure to near zero. Yes externsl market influences have had a vital effect on that, but the asset per se has and had been proved up in haphazard fashion by 2012. The misjudgement by investors has imo been made in them not recognising the incapability of the executives of xel to adequately perform the self appointed roles they have taken on, and that is across the board, finance and operations. After years and over expense the asset is proven up. Yet despite constant statements as to industry value that for shareholders appears to equate to near zero, while in rhe meantime they are about to jump ship with same and carry on as is. We are supposed to vote that up, sure for many even the cost to attend any egm will be more than the residual value their equity has been brought to by this bod. For that result both they and the bondholders can fly kite. Sadly though resistance to this proposal seems totally un co-ordinated and ineffectual, something no doubt the intended beneficiaries are counting on for it's success.

Yet another thing that never happened, move out of aim.