Member Info for highlandsbull

the names and map, pretty clear who has been playing to XEL's management stuff ups, probably going all the way back to the DECC draft FDP fiasco and XEL being 'persuaded' to invest hugely in the unnecessary EWT, full dance card, RBL funding dump, the Norwegian Bonds give away the farm terms accepted by the useless ceo, and cfo, who amazingly surprise surprise, still remains in a job. Jmo.

Still in shock likely for most, kind of hard to fathom quite how useless and bombastic XEL management turned out to be in spending $450m+ in eventually proving up a huge asset, then donate same for someone else to own and develop.

order. Even the shipyard in trouble. http://splash247.com/court-wind-parent-company-titan-petrochemicals/

this newco must have taken on with OGA in securing the lease extension a guarantee for sea bottom cleanup that was to be undertaken before commencement of the unfunded Mk. 10 plan.

hearsay this buyout came as shock to most in Maersk Oil, suspect reason was failures in other parts of their business, containers, logistics etc.

fronted up as a buyer for XEL, wanted out rather than expand.. http://splash247.com/maersk-oil-sold-total-7-45bn/

plus near the end game, d/d saga, the funder and guarantor issue, who killed that?

Just yet another of the oblique comments made by this ceo incompetent, the rig was under construction, just not for XEL until they could have had the FDP funding in place to afford to contract it. Imo focus more on ON 'successful' flow test, DECC/OGA 2011 and thereafter, Quad 9(!) the phantom funders that allowed RBL to be cancelled, the full dance card, NDA's, etc., etc. Jmo..

of course the liquidators sanctioned the very people that caused the disaster to execute the auction, wow, no bidders?! They were about as successful at that as they were in mismanaging the company, or was it just another component of the plan?

yep, questionable donation to the bondholders at a fraction of the valuation at the time, thanks for spending $450m, agree these terms, sign the company over and we'll see you right.. Mind you, even they might have had concerns at the seeming lack of interest in the asset auction, but retaining the clowns that executed the shareholder disaster probably have got what they deserved. jmo.

The exit of RR and the editing of the Paris was it AGM voice record, failure of shareholders to pin down Smith and Kew re the 2011 draft FDP fiasco that led to the huge unsupported EWT either by partner or plan B funding when they had RBL in place, highlights also the complete ineptitude of the subsequent ceo and the appointed cfo and the bullkaka that was being fed to shareholders re 'progress' of both funding and FDP under their watch.

Yes, hindsight is wonderful but I'm afraid stupidity can be viewed as endemic in XEL and the BoD going way back in time to 2007/8, covering both operations and finance. The end result substantiates same, huge asset proved, eventually, but $450m gone in the process, and the company broke with little valuation being given to what has been proven.

I have to say repetitive evasion and stupidity would feature strongly in the retrospective assessment of ther capabilities.

Go after DECC/OGA imo under foi get the facts laid out as to how litte positive help DECC gave to XEL/XER in 2011 and why, leading up to 2017 where this unknown newco with same staff has been given extended development timeline and terms never extended to XEL/XER, who's shareholders had invested at DECC insistence $450m in the field(s).

Actually a stitch up going back to inception of these Nordic Bonds when the BoD of the company at the time essentially gave away the farm with the terms attached to the Bonds for a fraction of the value of the company at that time.

As it appears now this is a stitch up from 2016 in which the OGA, this phantom backer to the Bondholders, and the Liquidators are complicit. Apart from not knowing who this party is that can seemingly provide sufficient guarantee to HMG to warrant the further extension without rebid of the Bentley licence, why was a similar extension not available to XEL/XER in 2016, they having already spent $450m+ on the field at the insistence of DECC at the time. It could have made a critical difference to success of the due diligence and funding processes ongoing at that time. OGA imo risk the public unravelling of this can of worms, and not before time, being continually seeming to hide behind supposed commercial confidentiality and frank obfuscation. It's way over time this was blown apart imo with a FOI lawsuit going all the way back to events of 2011. And how is this clown Fairclough with his clear failure to perform his job with XEL be allowed to extend his tenure at XER. Apart from his own complete sense of lack of duty and responsibility to his former paymaster there is a clear conflict of interest between his actions on behalf of his last employer XEL and his perceived future looming with XER. How can a Liquidator in fairness to all stakeholders, allow the exisiting executives of the company at the time to oversee the bidding process for the company, with supposedly multiple suitors, that eventually comes down to the company being sold for a $ to Bondholders, in which former executives continue to play a part in it's incorporation and ongoing existence. Jmo.

OGA has to be made to realize this is not a sraightforward case of a successful new bidder wishing a degree of confidentiality. This is a huge field development extension time approval compared to previous, where past shareholders have been shafted by management by their incompetence with the owner company gtz, while a phantom previous backer, aided by the same management as before, has now seemingly awarded a four year extension to a lease that should have, under open process, been terminated and rebid.

Exactly. What information has OGA been gven as to the capacity of the new owners to develop Bentley, bearing in mind hundreds of UK XEL shareholders who funded the exploration of Bentley under the supposed 'guidance' of DECC have been left with nothing while the same management remains in place who created this fieasco in the first place. Real stink of collusion and clear back room dealings. With the numbers of people who have been left cheated by the ineptitude of the XEL/XER BoD and management. OGA/DECC, being a HMG party to the licencing of Bentley should be showing impartiality not partiality and followed procedure, the XER lease has expired, rebid it by open tender. By allowing the phantom incumbents a 4 year extension, why was XER not shown similar partiality in 2016 at time of the final six month extension, what a difference that might have made to the partner and funding negotiating position.

Stinks by the incumbents of a fix to get rid of XEL shareholders imo, hey ho $450m gone, off we go again clear of pesky shareholders and debt. Why is OGA being shown to be a party to being complicit in this, the owners and management for whatever reasons were a failure to bring Bentley to production as per their declared intents and timeline, so they can't unless all together be allowed to continue.

Why at the time of OGA allowing XEL/XER a six month extension to Bemtley in 2016 was XER not at that time given this huge 4 year extension. Surely with what XEL/XER had expensed to that time that would have made a huge difference to XEL/XER's ability to negotiate revised Bond or other loan terms and bring in an approved FDP.