Member Info for highlandsbull

Under FOI OGA should be made to release details as just who is supporting Whalsay and why they have not with the affinity of that management to the previous failed incumbents, awarded any extension of Bentley to what is in actuality the same persons, rather than being re-tendered. A complete cop out and slight by OGA to the shareholders who invested in XEL/XER in good faith and lost so much, to allow any further involvement by this XER management in development of Bentley.

So the fix is in. These jokers in OGA have not, with the demise and failure of XEL/XER to develop the field as per their proposals submitted to DECC, despite numerous extensions awarded and failure by that entity to perform within the specified timeline, awarded yet a further extension to these clowns of 4 years. Beggars belief, the leas expired, the field should have been put out to open tender through repeated failure of the previous incumbents to perform, not re-awarded to the same bunch of numbnuts.

Macondo was 4/2010 well before XER even drilled the 6 well and 18 months before the hiatus with DECC over Bentley fsp/ssp. Even the clo*n at DECC could surely recognise Bentley HO flow characterisitcs for what they are. Any issues re Macondo should have come from DECC long before XER went in to submit their draft fdp.

I'm commenting on the usual civil servant evasiveness of OGA with respect to their recent response to upanchors re the actions of DECC in 2011 by their refusal at the time to accept the XER fsp/ssp plan submitted on 25/11/2011 that led directy to this unsupported hugely expensive EWT being this useless XER BOD response and solution to DECC refusal at the time to support the XER proposed plan. Clearly this was a blank refusal, not mere 'advice', as OGA try to purport was the reason given. Of course the absolute incompetence before and since of the XER BoD that led to this, in both having contracted a rig in advance of any development plan approval, and subsequently proposing an expensive EWT without funding or partner support to further develop the likely success of same, has led to the huge expense and eventual liquidation of the parent XEL as matters now stand. DECC cannot escape imo their direct responsibility and involvement in this fiasco. Jmo.

upanchors yr ii post 21/6 at 1700h.. It's very clear from the DECC letter of 12/11 concerning XER's draft fsp/ssp application XER were instructed that this proposal was unacceptable. Quite simply under DECC authority they could not proceed. XER had already contracted RN, stupidly in advance of FDP approval, just as huge EWT cost later in advance of FDP funding being in place. DECC's advice could not have been clearer, the 6 well test as it stood was insufficient to meet DECC's, purported for whatever reason, requirements for XER to proceed from 6 well flow test data to FSP. XER had a plan that was rejected by DECC, how is that not an instruction on the part of DECC, despite OGA's attempt at DECC avoidance of responsibility. With a multi million $$ committed rig on the way against a guaranteed minimum contract for which XER had obtained no DECC approval to operate, XER were effectively up a creek without a paddle. DECC gave them little alternative constructive option other than allowing some jobsworth nonentity being in a position to stick his oar in at huge cost to XER and shareholders.

or harking back to 2011 and the failed draft FDP application and DECC stated reasons for same, just who initiated and how was the knife stuck in then, and just where did this unconsumated big boy proposal come from.. jmo.

makes one wonder what in the end happened to the $1m outstanding from said party, has that been paid plus genset sale to subsidise XER running costs since liquidators appointed..

pretty self evident who imo from the choice of new name selected..

yep, by this stage any interested party could get this for zero in a licence rebid after month end.

Imo though they were far too late by that stage and should have beeen putting funding and jv's together in 2011/12, what really stymied them latterly was the prospective Chinese involvement and the d/diligence done by them at the time. The management cull in Cnooc/COSL came at just the wrong time.

sadly innuendo, evasion, bs and half truths baffling brains right to the end.

Not sure if totally greed motivation, more case of gross ineptitude across the totality of management skills imo.

Imo DECC/OGA are culpable in all this, just think where XEL would be now if the original funded FDP FSP/SSP had been accepted, and a small oilco newco had not been directed into a hugely expensive EWT by the supposed DECC experts that led to this delusional big boy plan.

After the agony of being a shareholder here for 7 years it's just interesting to see how this finallly plays out. Quite agree with no definitive news on the new owner so close to lease termination pretty clear even the Bondholders must be sweating on just what portion of their debt will be recoverable. Imo if Cole and Kew have the temerity to show themselves with any future association wiith Bentley some irate shareholder will put a stop to that.

Don't think you can read much into this, since late 2015 it's gone very quiet on the Jasper. Main point is 'contracted' = no.

The point was bodog HO is clearly not dead if STO are going to the expense of expanding Peregrino with the fabrication of a 25k ton jacket and production facility, on the lines of Mariner. we still await the result of the liquidators actions and the approaching expiry in that regard of the Bentley licence for XER. Could the Bondkolders yet fail to sell on and be caught like XEL shareholders in a lemon.

dead after all. Remarkably similar numbers to Bentley for the phase development. http://www.offshoreenergytoday.com/heerema-to-build-jacket-for-statoils-peregrino-ii-project/

Seems ok though quite why in it's current state XER needs both Fairclough and Dale there on the finance side baffling. Still think shareholders should go after DECC re the 2011 fiasco thugh numbnuts the ceo at the time and SK did not help the way the draft FDP was disastrously presented then. Jmo.

amazing how after initiating these disasters for investors and funders managements still get to ride off unscathed into whatever newco eventuates.

busy, another one bites the dust.. http://splash247.com/sea-trucks-placed-provisional-liquidation/