In a dreary office in Banchory Business Centre (nr Aberdeen, Scotland), Jan 31st, raining hard, 2 degrees centigrade. Two cups of cold brown coffee and 3 day old croissants.
"Richard Smith (Chief Exec Xcite Energy): So what do we do guys? Those folks at British American want that damn rig signed and they keep ringing me every day. I've put them off until the 11th with some bull about our lawyers not liking a clause.
Charles Lucas-Clements (Director of Strategy and Business Dev. Xcite Energy): Yeah, but the guys in London want to get £11 out of Stat and we can't drop the Rowan Norway yet!
Richard: Just keep extending the rig talks until the city boys do the deal. I've bought the set of irons and we complete on the Spanish villa in March. I can't take another god damned week in Banchory!
Charles: I know, I know. If we have to take another trip on one of those helicopters to the rig again with my air sickness that'll be it for me !!
Richard: So you reckon we push up the takeover price to more like 15 quid if the CPR guy finishes?
Charles: Yep. He reckons it looking like 250 million reserves so at £11 they're buying us on the cheap.
Richard: Sod it, I've got my eye on that vintage Ferrari. Keep those idiots on the bulletin sweating another couple of weeks.
Charles: Agree. Let's feed them a few more lines. Wasn't it great when they were all following Betty Knutsen for the flow test and we weren't even using it. Ha! Ha! Ha!
Richard: Phone the PR company and tell them to post some crap on the bulletin boards. That'll keep 'em guessing! Saw some idiots are selling their shares!
Charles: Yep, I gave them a big hint at oil barrel but they didn't take the bait! What can you do!
Richard: Anyway, I'm busy sorting out the Caribbean trip for the whole of March once we do the big deal. Another wet weekend in Scotland...no, no!"
(no offence intended of course Xcite board of directors!)
Tuesday, February 1, 2011
Xcite Energy rig signing postponed again but maybe for CPR?
Two RNS's this morning, one confirming that Xcite are still in negotiations with British American Offshore on Rowan Norway rig and deadline has been extended to February 11th and other saying that the company has had a further £5 million drawdown on the SEDA (Standby Equity Drawdown agreement) where shares are issued in exchange for cash. Groan.... more waiting!!
The 11th February date could well tie in with the Competent Persons Report (CPR) which is due late February or March. Apart from this, I cannot see a valid reason for a delay apart from takeover talks.
01 February 2011
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES
TSX-V, LSE-AIM: XEL
1 February 2011
Xcite Energy Limited
("Xcite Energy" or the "Company")
Extension of Letter of Intent for "Rowan Norway" N-Class Jack-up Rig
Xcite Energy announces that its 100% subsidiary, Xcite Energy Resources Limited ("XER"), has entered into an extension to the binding letter of intent ("LOI") with British American Offshore Limited("BAOL"), part of Rowan Companies, Inc. for the N-Class "Rowan Norway" jack-up rig.
The LOI has been extended by mutual consent to 11 February 2011 with no amendment to the existing termination fee payable by XER in the event it does not enter into a definitive agreement by this date.
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