Member Info for highlandsbull

Exactly, it puts an end to both the bondholders ease of action for offering a pittance, and this bod's attempts to secure their own futures at the expense of their shareholders who have been led down the garden path as to their competence and integrity.

Imo just as the one year bond was wrong they completely miscalculated the time they would need to stitch a deal in their favour together. Of course in the interim the poo did not help. It all comes back to 2011 imo and their failure then to have decc on side after the 6 well, and the failure of the draft fsp/ssp plan. Then latterly after ewt and funding in place, to go with this hugely expensive big boy plan w/o first having any funding in place for same. Such a crass omission, though not without precedent for these people when they went for share sale in advance if funding. The ceo(s) must have been in lala land, or were duped, surely it can't have been stupidity.

Very true but if the bondholders do become the new owners whatever they are left with they will want to sell on, to whoever wants it. And if the price then is $50m so be it. Doubt that sto wd want to let it get to that stage though, possibly invite competition. Imo it wd be more a peregrino type arrgt. And of course oga won't give a stuff, all they want is someone to develop the field, for which compliments of xer they can provide them full data! In the meantime our expert, who has not been employable elsewhere in six years steps back out if the shadows to assist. Hard to make this story up.

One would think with the volume of shares traded there should have been buyers come over the disclosure threshold, especially the likes of the bondholders who deliberately split to keep themselves just below before. So perhaps more parties in concert, why expect this bod to care or advise of same if it is happening, they have made their position clear, the next owners if their rec is followd through will be their future employers.

Good dog, there's confidence!

One would assume that anyone prepared to move on with this and has the wherewithawl to pay the bondholders plus this $10m has the clout to move it thru fdp. If it's moved through fdp it has to be on the basis of demonstrable funding and guarantees, clearly no problem for the likes of a sto..

pretty clear where the plan is to head this.. must be galling for the ceo having previously castigated sto speed of movement re bressay and alliance to bentley, ends up as a prospective employee..

Sure it suits him, he retains a job, keeps his office rent, and likely has his stock and options ring fenced until after fdp. Pi's are left 98.5% down the hole, hardly 2%.

If the bondholders thought xel such a can of worms they'd not want to throw a further $10m down the drain, take on the demob liability, especially with a management that has dragged the company to near zero value. With their shareholding they have also been affected by that. Sure they would just appropriate the asset, arrange a firesale and move on. No, there is clearly a plan in place to move this to fdp for which the existing ceo a necessary evil, with the company, to ensure continuity, fdp approval for which there also has to be a funder behind that. Again if not, why throw more money away. So the bonds are covered and the funding capability is there to move this to production. Once the fix is in and fdp approved time can be taken commensurate with the poo to bring this to production. Conserve cash until then, but get the orders placed at favourable terms now for the msjor field items required. In the meantime of course the 1P reserves can also be booked, at a cost of cents in the dollar. Trebles all round, except of course for xel stockholders sold down the river by this management not acting in their best interests. Jmo.

tonite on ii.. make the ceo's rec to accept 1.50% a joke. implication that stands out being conflict of interest politely put between what management is being offered to remain and push this egm through, and what should be attributable, but not actioned on, that an open market sale could bring. They should be taken to task publicly or made to stand down if their best solution after years of inadequacy is as they propose. Poo at $52.54 tonight adds to possible benefit of testing open sale option. Jmo, but my vote.

Yep, for sure they would have been expecting from any partner a proportionate share of their expenditure to date, help keep them running through fdp to first production. That simply has not happened, indeed likely any partner may justifiably have said why did you spend so much. So in any d/d, possibly another bone of contention to try to overcome.

And the $1m sto are still up for.

Probably what the bondholders thought max spend these guys wd have before lease expiry mid 2017 during which time they need to get the fdp done

They could not swing anything at $100 so what hope for $52..

Never joined the body but perhaps the pbb best co-ordinating option. We really need to know what legal options possible, or not, perhaps best revolving around the bod, mismanagement, fiduciary duties, conflict of interest, collusion, whatever has a chance of sticking, to at least delay a decision on receivership or taking up this 'recommendation'. Poo now $52 range..

Something must have been proposed in principle to the d/d parties. I'd really like to know who proposed what and who rejected what and just what that what was. It had to be better than this 1.5% the bod now trying to say is a good deal. Sounds rather like the screw up in funding, yes it's there in multiples, then when push comes to shove zero. Ditto re the nda's we were told were there in plural, just wtf were they all about and now seemingly shoved under the carpet. The guys that attended the agm should have taken the opportunity when he'd broken cover to string cole up by the b•••s and got answers or proper explanations as to why nothing seems to have worked while being told things were in process. Absolute bs for years imo..

Yes, perhaps she could hang onto something useful for a change, establish a snoc or something like that. The basic expertise is all there plus a proven field ready to go.

In the end too late for xer, a foreign oilco will get the credit for putting this quad 9 together and all the local hangers on will be hanging on in admiration to it's coat tails.

Problem is that they in the process of empire building have been promoting themselves as the best thing since sliced bread in the uk oilco patch, that's clesrly not the case, all mouth and mot a lot of substance in terms of prompt effective assistance. What's needed is something like the old bnoc or an noc.

Probably perfectly imo capable micro manager, but the peter principle in effect as a ceo, totally out of his depth as a salesman, and on the technical and financial aspects of running this business.