The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
https://www.hl.co.uk/shares/shares-search-results/u/uru-metals-ordinary-usd0.01/share-charts
I think it's about 12 years ago since I received my first URU shares with the sale.
I received (if i i remember correctly) a £2k divi.
Here's hoping we can get the JV or 100% sale sorted by year end.
Can't see me lasting another 12....
Did someone get a sneak preview of the update, hence the spike in April?
If URU were to exist long term then he would still be on board and looking at Lithium prospects as stated on his arrival. It now looks like he parted ways due to URU taken a different path and Lithium is now off the table. In other words. URU might/will not exist long term. Hence we required someone with the following- Kyle Appleby Chief Financial Officer Mr. Kyle Appleby, CA, CPA, has over 16 years’ experience in public accounting and has been providing Chief Financial Officer and other financial accounting and compliance services to both public and private companies since 2007.
Well I did post last October that Warwick Capital were the elusive main bondholder. They now have one of their own on board- Shanil Shah: PARTNER & INVESTMENT PROFESSIONAL http://www.warwickcap.com/team/ You have to wonder where roofpussy (aka ceilingcat) fits into this setup.... Good luck to them getting Bentley financed and into production. The North Sea needs Bentley into production to create jobs.
Well that's it then. Ten years of my life and a six figure sum lost. http://www.fticonsulting-emea.com/cip/xcite-energy-ltd
highlandsbull. Correct. Cole has given Warwick and co a supposed $2.5 billion HO Field for the price of the bonds plus a $. As I said previously, Cole was advised by the BOD/Management Team at that time NOT to go down the bond route. The blame solely lies with the ?anker Cole, he thought he knew better than the oil men. Looking at the now five JUs sitting idle in Dundee harbour, you have to wonder if Bentley will ever produce another barrel of oil. All depends on the OP in the next few years I suppose.
highlandsbull: It was all to do with the BP Gulf spill. DECC bottled it... EXL attended a meeting with DECC with a jar of Bentley crude. The meeting got very heated and the jar was turned upside as proof that Bentley could never spill; ever. Decc are very much to blame for this fecking disaster, the share price tanked in May 2011 and never recovered. King Cole is the main culprit though. He went against the recommendation from the management team and signed Bentley over to WARWICK instead of pursuing the RBS RBL. WARWICK then shafted Cole two years later. He also refused a very handsome offer by Statoil back in the summer of 2013; pure greed. He also got numerous offers in late 2015 from a previous employee and his African based backers to pay the bond (and part of an African gas field as a sweetener) on the condition the previous employee was reinstated on the BOD. He refused stating he didn't require the money as all was still in hand. Guess what? In late 2016 he went crawling back to said employee but was told to jog on. Cole will get what's coming to him......
We will have the new owners update from FTI on Monday. http://www.fticonsulting-emea.com/cip/xcite-energy-ltd RIP all long suffering XEL shareholders....
7 June 2017 To all known shareholders Dear Sir / Madam Xcite Energy Limited – in liquidation (“XEL”) The purpose of this letter is to provide an update on the conduct of the liquidation following the Joint Liquidators’ letter of 21 February 2017, which can be found at http://www.fticonsultingemea.com/cip/xcite-energy-ltd. The sale of XEL’s assets In our previous communications we advised that we were working on a disposal of the shares (the “Shares”) XEL holds in Xcite Energy Resources plc, with one party and that discussions to conclude a transaction with this party were at an advanced stage (the “Transaction”). This remains the case and we continue discussions with all requisite stakeholders to achieve completion prior to 30 June 2017. As previously stated, unfortunately the Transaction will not result in a return of any value to shareholders. Following the sale of the Shares we will provide a fuller updated on the process and summary of the Transaction. Yours faithfully For and on behalf of XEL Ian Morton Joint Liquidator It's a disaster if they ?ankers get their money back.....
Will Matt and Barney pull it off? The rumoured Chinese consortium are running out of time; if they're still in the game that is. Mind you, what's in it for XER to pursue this sale? The only people to benefit from the sale are the BHs, not XER, and certainly not XEL. Bentley licence extension and development financing update Xcite Energy is pleased to announce that following discussions with the Oil & Gas Authority ("OGA"), the Secretary of State for the Department of Energy and Climate Change has extended the P.1078 licence containing the Bentley field until 30 June 2017. This licence extension is expected to assist Xcite Energy Resources plc's ("XER", the Company's wholly owned subsidiary) current process to secure the financing required for the approval of its Bentley Field Development Plan and to repay its outstanding senior secured bonds, which are due for repayment by 30 June 2016. http://www.lse.co.uk/share-regulatory-news.asp?shareprice=XEL&ArticleCode=au8eso09&ArticleHeadline=Bentley_Licence_Extension_Update
Blue-Eyes. I think we both know that Cole wasn't telling the truth regarding XEL for several years. TOTAL was another company linked with a move for Bentley in 2013. They apparently walked away because they had no experience with HO. That was the excuse I was told anyway. I wonder what he would have given in 2016 for Statoil to make that generous offer again. There is no way I can prove any of this due to it was word of mouth from someone connected with the project at that time.
HB. I'll go one better and say. If Cole accepted the very, very generous offer made by Statoil in the summer of 2013, you, I and many others would be sitting on a very hot beach somewhere sipping on a Pina Colada. Typical accountant: GREED GREED GREED........
Mr Kew has retired from the industry for good, so no chance of him returning. If Mr Cole knows what's good for him ????? I would love to know how XER managed to find enough money to last a further four months after we were told the lights were out by late January. What plant equipment did they sell, was it the turbines? Should XEL been forced into liquidation in December considering XER are still operating six months later? What is really going on? What role is the OGA playing in all of this? Are the rumoured Chinese consortium going to be the new owners? If so they will require personnel with Bentley technical expertise- http://www.xcite-energy.com/about-xer/management-team Probably why King Cole was forced to resign, after all he had/has no idea regarding surface and sub-surface engineering, or accountancy for that matter.
I see TS Jasper is still under construction and still managed by our old friends COSL. Not sure how up-to-date that information is. http://www.rigzone.com/oil/data/offshore-rig-search/rig-profile/1957/jackup/china_oilfield_services_ltd/ts_jasper/
Anyone else having trouble entering Xcite's homepage? http://www.xcite-energy.com/ Been down for two days now.
It's a pity I couldn't add someone else to that list......
highlandsbull. Question we will never get answered.
Since 2011 fewer than 25% of oil and gas projects have been delivered on time; with projects averaging 10 months’ delay and coming in around 35% over budget (relative to estimates made in FDPs consented by DECC (now Department for Business, Energy and Industrial Strategy)/the OGA). In the same time period, levels of capital expenditure (see Figure 1) have been at an all-time high, averaging just over £12 billion annually money of the day (MoD) since 2011. This compares to £3 to £6 billion (MoD) per annum through the last decade; and £1 to £2 billion annually on decommissioning. If only DECC granted XEL permission to drill back in 2011 they would be swimming in Bentley Crude right now... No wonder projects come in 35% over budget. What a bunch of ??????? https://www.ogauthority.co.uk/media/3380/oga-lessons-learned-from-ukcs-oil-and-gas-projects-2011-2016.pdf
Will the team manage to seal the deal with the Chinese before the 30/06/17? http://www.xcite-energy.com/about-xer/management-team
Rivendell666. It was King Cole- https://beta.companieshouse.gov.uk/company/04560068/officers