Member Info for highlandsbull

something.. http://www.offshoreenergytoday.com/azinor-catalyst-chooses-ocean-guardian-rig-for-north-sea-drilling-work/

small wonder Smith was invited to walk the plank and Ramshaw exited. Just a great shame they replaced dumb with dumber in the ceo role. jm frank o.

reasons for 2011 XER's draft FDP to be not approved as presented were nothing to do with funders reservations and requests for an EWT, but solely to do with one individual in DECC at the time, who as stated in the letter from DECC to XER on 12/11, against XER's draft FDP submitted on 25/11/11, 'we do however consider tthere to be remaining uncertainties in future reservoir performance'. XER had already contracted a rig, up to then with no approved drilling plan from DECC for same. They clearly were being told at the time the draft FDP was deemed insufficient to obtain approval, as DECC go on to say in connection with the proposed EWT, it was 'intended to resolve the majority of these uncertainties'.Then, 'as a consequence and as discussed with you, following the EWT we will need to review the results to confirm that the proposed phased development plan as described in your FDP dated 25/11/11 remains appropriate'. So the whole scene clearly being controlled by DECC. Of course one can ask just why were XER not pressing DECC well before draft FDP submission for acceptance of the data obtained from the ON 6 well, particularly as they had ccommitted $60m plus for the RN rig charter. Or in view of the late stage intransigence of DECC, could they not alternatively either go back at minimal cost to the 6 well, obtain the required data there, even as part of phase 1 put it in production. Alternativey for the 7 well why did they not retain the RN and press on to producton. With no jv partner or conditional funding in place, just turned out a glorified SK school chemistry exercise. Jmo..

How much as it has been proven bs were shareholders also being fed at the time and shorty thereafter about management experience and competence, full dance cards, partners, and multiple funding options, wink, nod, rely on us, and the rest of the **** being disseminated then.

Sadly 2011 was an absolute management crock from start to finish. They had funding for stage one and that surely could have been expanded with the successful, eventually, expansion of reserves, never mind tapping up shareholders or investors for additional funds then rather than as they did dumping their own stock as the first priority. By getting into FSP they could not only have started production relatively quickly and inexpensively, not quadrupuling funding requirements and delay with this big boy plan. In addition as per the likes of Ithaca they could have booked production years forward with their offtake partner already in place, BP, at favourable prices prevailing then. If they had had any sort of relationship with DECC and the supposed additional data requirement this should have been known at the time of the ON drilling, not thrown back at XER management for whatever reason as it was a year later at the time of draft FDP submission, when they had an expensively contracted rig on station. Furthermore the option proposed of $250m spend on EWT was near criminal incompetence imo in that they went into that with no partner or funder in place based on the success of that exercise. So options and money when they had it gone, and management exposed as completely useless, as proven with $450m plus gone. Jmo.

Foi, DECC should be sued over pressure put on small oilco by rejecting in 2011 XER FDP plan and forcing requirement for hugely expensive EWT on naiive XER management. There were far cheaper options to obtain the supposedly required data if necessary, guidance was completely inept and suspicious at best. Jmo. Ditto for funding fiasco, giving up what was in place for literally nothing, What inept incompetent ceo's XEL proved to have, to be charitable bs completely baffling brains. Jmho.

I believe it was a declared interest in some of the earlier accounts, but not delved into them for some time.

It is/was Guildford.

sure he's still collecting the office rent. RR was the one with sense, jumping ship when he did, we shoud have taken more heed at the time.

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The plan now after all these years is not a bad plan imo and these operations guys could yet provide useful input to whoever the new owner is, saving them time and money in the process.

I certainly think going back years to the 'approval' given by DECC by way of encouraging small oilcos to be active in the North Sea and XER being forced as best option to spend $250m in the process, that more positive consideration was not given by the supposed DECC experts to proposing with their 'expertise' in allowing XER a more cost effective option to provide the data they demanded before approving FDP. If possible under FOI that rationle merits investigation as to internal DECC correspondence at the time, even going back to the ON on hire time, were these guys not around checking on rigs v their submitted drilling plans. Also very much questions to the OGA with respect to just what communcation was ongoing with XER in relation to the FDP, provision of data by XER with respect to Quad 9 and timing of same, phantom funding support, lease extensions and the rest. Just what were they being told by XER and where were they sticking their sticky finger in re guarantees and the rest until the whole process seemingly became stymied. And just where also was this wonderful Scottish government in aiding and promoting the resources of Scotland. Jmo.

no.

Not at all!

not at all!

sorry, seems to be a glitch with LSE, I see your 12.03 post when i am not logged in but when logged in it's gone.

today..

the way XEL should have gone with the dumped FSP/SSP. http://www.offshoreenergytoday.com/hurricane-asks-for-lancaster-field-production-system-nod/

Just lining up their overseas travel and vacations.

my comment was a request for answers as to just what was going on, not conclusions, away from the bs shareholders were being fed to stay on side. FOI data in queries to DECC/OGA might be one way to start, apart from whatever comes out from the liquidators, which likely carpet sweeping.