Member Info for highlandsbull

dissatisfied shareholders to the proposal from this management we are supposed to vote through, there does not appear other than by individuals voting no any co-ordinated or concerted action as a group to formulate a plan, or legal issues that can be focused on by which this bod of xel can be taken to task for the way they have destroyed value, wasted a huge sum of money, and yet potentially themselves try to exit this smelling like roses. Is this private shareholder board for example able to co-ordinate any worthwhile legal grounds to contest the value being attributed to their stock, just what position are the likes ot the major shareholdets, such as there are, Cavendish, Socius etc,. taking about this, have they written off their investmemt in xel, who knows? Unfortunately the only action individuals seem to be showing is more that of headless chickens, writing to a bunch of non entities hoping for action. Short of calling for an egm to evict this incumbent useless bod the only options seem to be either sell and out, go along with this bod proposal, completely self serving as it is, or vote no to at least put some pressure on the bondholders to improve their offer, which in all likelihood if at all would be 2x the peanuts it already is. To attribute any value to xel they clearly do have to sustain this as a going concern, that imo is their weakness, can that viably be threatened. Personally I shall vote no on my remaining shares in this managed disaster, purely on the basis it may frustrate the ambitions of the useless individuals that have brought the company to the parlous state it currently rests, alternatively the company could be forced into receivership so the ceo's industry value can be tested in open market. If by this action the bondholders receive less than sufficient to cover their exposure so be it, they have put themselves into a position of risk in signing up for this in the first place with the 'mansgers' of this company. Welcome to the club.

Might consider looking further back to the date of Kew's exit from Aboyne as to when the bod's concerns about the future may have begun to manifest themselves. The legal eagles and auditors have accepted up to now the financial status of the company, what persuaded them to do that up to the last audited accounts other than bs. Jmo.

Dod they not say at one point that they were looking to match funders to fields seeking same? Thought there were supposed to be a dozen or so they'd mentioned being interested. This aspect seems to have fallen by the wayside by the comments, or excuses, made here.

No hope. Imo the only hopes via OGA might have been as guarantor or funder, or pushing parties together such as sto for quad 9. The only other hope might have been bnoc mk.2, but it seems this oga more about jobs for the boys and ineffectiveness. They have reportedly the power, if as they say quad 9 of significance as it surely is, why are they not sitting in the boardrooms of xer and sto cracking the whip and getting this show on the road.

Of course, a fix is in imo, one this bod was incapable of latching on to direcly, other than as it appears now, collusion. I'd like to see while these people have been under the employ of the company a full list of oilcos they have been in contact with re Bentley, and their responses. What, if anything was offered, and what declined. I'd also like to see something being said about the status of Chadwick and this phantom jv. Can this be extracted as a stand alone, or has this bod, supposedly being appointed by and acting in the interests of all shareholders, completely given away the farm plus $450m spent in the process. When or ever are they going to acknowledge their complete ineptness as evidenced by the current sp, and just what would it take for them to do the honourable thing and stand down.

They fail to clarify that they have a vested interest one could say conflict in promoting their opinion, i.e,. ongoing employment for them and probably ring fencing of their shares and options, alternatively the likelihood of a bumper bonus of stock as and when the downsizing of current stockholders interests effected successfully and this moves past fdp with whoever bondholders have elected to sell this on to. Jmo of course, why have we heard no more about the last flavour du jour, funder/guarantor, or the one before that, d/d parties, who were they, what was being asked of them and what did they decline. Going even further back what were the nda's all about, plural. Imo shareholders should be entitled to full disclosure from these people of past events to ensble them to come to a reasonable decision about which way to vote. Too much in the past that has brought the company to this state had been swept undrr the carpet. This bod has a complete credibility gap with their shareholders.

Actually DECC also share a responsibility for this ridiculously expensive 2012 EWT that Kew said was the bees knees at the time, that by both cost and use in further developing the field or finding a partner has been totally usless. Why were XER not just told to either at the time carry on with the 6 well test to meet DECC requirements as clearly XER did not have a clue at the time as to just what they were, or alternatively they just tell XER with their presumed superior knowledge to go back and re-vist the 6 well still in place, to inexpensively obtain the missing data required. The 6 well had been proven to flow successfully. In actual fact by whoever becomes the new majority shareholder in XER they will retain responsibility for cleaning up the subsea that comprises the several wells remaining there. Give that to the Bondholders and go and drill a well at Chadwick, see iif a higher grade oil there can be proven.

In a way OGA are complicit in this, they have been promoting this phantom quad 9 and release of information months ago, they allowed the extension of XER's licence yet again, which gave stockholders some assurance that in fact XER had presented a realistic case for same. We have XER's flannel re d/d parties, investor and guarantor, data re the reality of this or otherwise needs to be extracted, as does any change to individual holdings of any signficance in XEL. For a share that normally traded in the 1/2 mil - 1mil shares a day, !00m plus have been traded in the last month or so, yet there has been no advice by the company of any change to the notifiable shareholder list. Is the ceo asleep at the wheel, how can this be believable.

Under freedom of information be interesting to know what validity XER gave to OGA/DECC for extension of the licence, what persuaded them to to extend yet again when in reality what must have been presented by XER was just hot air.

Imo short of any unlikely white knight show the only way to put a spoke in this give away would be legal case against the bod for whatever reason can be devised with regard to fiduciary duty and conflict of interest. Sadly these guys have consistently had their tenures extended by shareholders based on the bs re 'progress' they have been fed. The only progress seems to be in them fastening on their golden parachutes. Other shareholders rec from them is to jump with nothing as they do a bolt. Jmo.

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That should not take long to conclude if one actually has the money. Surely the technical side has been batted around with DECC for years now. There's still 8 months to go on the lease.

hook into Bruce. http://www.offshoreenergytoday.com/aker-solutions-new-semi-could-help-unlock-more-marginal-fields/

Sturgeon also a waste of space. Only people worth writing to imo are any oilcos that may recognise the give away here and have the cash to do something about it. Or under freedom of information ask of OGA just what is the current status of Quad 9 and participants in same. At this rate STO would seem to be the front runner in any acquisition, ironic when just couple of year ago this useless bod was castigating them for being to slow. What will probably happen next unless there is any way suspension of trading and investigation can be called for, STO will magically surface and probably as per Peregrino bring in the Chinese as partner, maybe even COSL as they remain contractors to STO will revive the N Plus. Keep Kenny happy in Singapore. Who can forget coles and bower's happy chappies pics with COSL execs late last year. A crock. These guys should get nothing out of this, salaries for years uselessly more than compenasation for failure. Jmo.

They can't submit one because other then RBL they've never had one, despite innuencdo from the ceo on various occasions all in the garden rosy and that the technical aspects of Bentley been reviewed positively by DECC/OGA. As I said before OGA a waste of space, pointless to complain about the lease, that remains the one thing XER has still going for it and why the Bondholders so keen to keep it alive.

Wish you had dropped by at £4.

Exactly, could hardly be any worse, 1/10th of sfa is still sfa.