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Will we need plane tickets, train tickets or a boat to travel to the EGM?
Blue-Eyes. Correct. A lot of people have been posting that they think the BH'S are oil related. If my sources are correct, then they are a limited liability partnership based in London.
bodog. SK has had nothing to do with the bonds or any other finance arrangement, past, present and future. He is an upstanding OILMAN with no say on financial matters . Not one of those scum accountants....
Wait till you see the RNS on Monday.......BOOOOOOOOOOOOMMM! Or should that be......DOOOOOOOOOO00MMM! HB. I will post the name of the alleged principle bondholder before the EGM. SW3 Dandy Highwayman....
Jup4it. All part of the Westminster master plan.
toxicnerve. It was Bressay FDP approval. Speaking of Bressay. Why have we not heard about an extension yet? Only 3 months left before they stand to lose the extended license. I take it this magical Quad 9 Hub that the OGA have been promoting is now dead in the water. Or is it.....!!!! Andy Samuel- One of the impasses was to do with drilling and two were for asset transfers. A fourth regarding an area plan is still being sorted out. from Statoil- Project Summary The Mariner East field is located in block 9/11b. An Environmental Statement for the combined Mariner and Mariner East developments was submitted to DECC in July 2012 and was cleared by DECC in February 2013. At that time the Mariner East development proposal was a four well sub-sea template tied back to the Mariner PDQ platform. This concept is currently being reconsidered as part of an area-wide plan. Last Updated: 22-AUG-2016 09:16:22
No wonder they wouldn't give guidance on bondholder dilution. Can you imagine what would have happened if they told the good people attending, that their investment was only going to be worth 1.5% of current value. From AGM- They won't give any guidance on when funding will happen or whether there will be dilution. Will not elaborate on RNS statement. Extrapolating what people are asking and what they BoD are saying there are some serious discrepancies. E.g. Bonds need to be repaid before FDP, yet they say likely dilution and reduction in bond capital. They said if they got funding package that paid off the bonds not an issue. So does existing funding package not cover that if they get guarantor?
Looking at the AGM presentation. One would think that the OGA (Government) have been involved longer than first thought Page 6: Necessity to focus on alternative sources of funding http://www.xcite-energy.com/investors/presentations-and-documents/agm-2016-presentation Again Page 8: Quad 9 is a priority for the OGA to deliver MER UK policy. Looking at the notes provided by Tagnol from the AGM we have this- Had asset funding for MOPU after 12 months (summer 2014) and then oil price fell. That asset funding required bank guarantee. Still have that source of funding. But cannot currently get bank guarantee. Private equity was supposed to be saviour of North Sea. But no. Not suitable for a project like Bentley. Slide showing discussions with government on alternative approach to funding. Not possible until recently. Also talking with Chinese/ Asia companies since late 2014. Number of options in that area. Different way of working with Chinese. Etc. Devasset funding requires partner for guarantee of funding supplied by funder. No one done this before so unknown territory. Making progress on this. Someone will Pay for construction and. Xcite will lease. That's the core gist. China/Asia funding and dev/ asset funding two main initiatives at moment. (Not government ) And we get this from AS last week- Andy Samuel- “What we’re looking for now is pace. If people have got valuable licences, we want to see investment. If there’s investment being blocked that should go ahead, we’ll use our powers. Equally, industry has a right to ask us to use those powers, so it works both ways.”
Greg is the second person (since GovCo 01/10/16) connected with the OGA to mention the i word- 1st: Andy Samuel- “What we’re looking for now is pace. If people have got valuable licences, we want to see investment. If there’s investment being blocked that should go ahead, we’ll use our powers. Equally, industry has a right to ask us to use those powers, so it works both ways.” 2nd: Greg Clark- “As a Government Company the Oil and Gas Authority will have the powers it needs to be a strong, independent regulator and act with greater speed and flexibility to attract investment, support jobs and ensure that UK oil and gas remains a major player on the world stage.” Is it too little too late for our beloved Xcite?????
If only- Andy Samuel, Chief Executive of the OGA, said: “We have been in action since day one, supporting industry to deliver our shared objective of maximising the economic recovery of oil and gas. Industry has made great strides to increase production, efficiency and collaboration, recognising the need to compete for investment in a global market. “Today marks a new chapter for the OGA. All the good work will carry on as we regulate, influence and promote the oil and gas sector, working closely with industry and government. We will use our new powers strategically to help maximise economic recovery and increase collaboration, transparency and pace of delivery. We are committed to helping industry capitalise on the potential 20 billion barrels of oil equivalent (boe) that remain. UK Government Secretary of State for Business, Energy and Industrial Strategy Greg Clark said: “We have a world leading oil and gas industry in the UK that we are extremely proud of, and establishing an independent regulator shows that we are listening to what the industry needs. “As a Government Company the Oil and Gas Authority will have the powers it needs to be a strong, independent regulator and act with greater speed and flexibility to attract investment, support jobs and ensure that UK oil and gas remains a major player on the world stage.”
Pending approval of an FDP by the OGA, the accumulated costs to date in appraising the Bentley field remain within E&E assets. It is anticipated that once a FDP has been approved by the OGA, and the Group has decided to commit to commercial production, the Group will undertake an impairment review prior to transferring the E&E asset carrying value within intangible assets into tangible Production Assets. As at the date of this financial review there remains unused Equity Line Facility (“ELF”) capacity of £30.84 million ($41.29 million), available until July 2017, to provide the Group with additional sources of capital to be used at its sole discretion.
On 30 June 2016 the Group’s Bondholders agreed to certain amendments to the Bond agreement dated 27 June 204, whereby an extension to the maturity date on the Group’s senior secured bonds from 30 June 2016 to 30 September 2016 was granted, in order that the Group and the Bondholders may continue negotiations with respect to a potential restructuring of the Bonds. Whilst the negotiations to date have been constructive, no terms have yet been agreed. However, should agreement on the terms of a restructuring be reached, it is considered likely that such a restructuring will involve a reduction in the Bond liability for an equity stake in the Company.
The cash balance as at 30 June 2016 was $7.36 million, compared with $20.78 million as at 31 December 2015 and $34.39 million as at 30 June 2015. The decrease in cash balance during the three and six month periods ended 30 June 2016 has arisen due to servicing of the Group’s Bond liabilities, in addition to continued, but reduced, investment by the Group into the Bentley field development in order to further advance the project towards Field Development Plan (“FDP”) consent by the Oil and Gas Authority (“OGA”). Additions to E&E assets in the six month period ended 30 June 2016 totalled $18.74 million, which includes capitalised interest costs in respect of the Bonds of $10.43 million, together with amortisation on Bond fees of $4.02 million, professional and advisory fees of $1.73 million and capitalised staff and contractor costs of $1.80 million.
So at what time in the day will they deliver the EGM RNS tomorrow? More importantly. Where will the EGM be held?
It's not AIM, it's the whole system. Look at the announcement made by our beloved Government last week. Lloyds Banking Group shares will only be offered to large institutions. So the public who saved the bank in the first place are getting zero chance to invest. A complete turnaround from what was muted last year. I hate London!!!!!!
Looks like another late afternoon RNS. How I miss those 7am belters we used to get.....
So where will the EGM be when announced before Friday's close? I don't think it will be within an hours flight of UK waters thats for sure. Toxic. King Cole was only supposed to be a short term CEO. God only knows how he managed to stay on at this level for so long, with zero industry knowledge. The proof is in the pudding. Better known as- "The Great British Rip Off"