Xcite Energy Ltd (XEL)

uptomyeyeballs

Might be just a tree shake or a bear raid. It's made up 50% of it's loss so far @ 2:24pm

chris_m

Could be - I'm happy with what I made anyway, the sudden jump up yesterday took them above my target gain. I'll keep an eye out in case they might be worth another go as the week progresses.

uptomyeyeballs

There doesn't seem to be any adverse news, so maybe somebody started a rumour somewhere influencial, or maybe DES investors are just incredibly jumpy, I don't know.

CashStrappedTeen89

uptomyeyeballs wrote: »

There doesn't seem to be any adverse news, so maybe somebody started a rumour somewhere influencial, or maybe DES investors are just incredibly jumpy, I don't know.

Its happened before, apparently a lot are saying that some people posted about selling and everyone jumped ships, the trades tab on shareprice was going mental!. :eek:

Glad im not invested, i was tempted to get in when it went below £1 but held off.

Shatners_Bassoon

Up to my nuts in DES and will find out soon if Rachel is a goer! Lots of jumpy PI's and false rumours!

spike87

Shatners_Bassoon wrote: »

Up to my nuts in DES and will find out soon if Rachel is a goer! Lots of jumpy PI's and false rumours!

That is one hell of a crazy share! I was watching the live share price yesterday afternoon and couldn't believe when it dropped like that. All on a rumour!

Shatners_Bassoon

Oh happy days!!!!

Desire Petroleum PLC

Rachel North Exploration Well

/**/RNS Number : 2396X
Desire Petroleum PLC
02 December 2010




For Immediate Release 2 December 2010

Drilling Update
Rachel North Exploration Well 14/15-2
Oil Discovery

Desire Petroleum plc (AIM:DES) the oil and gas company wholly focussed on the North Falkland Basin, wishes to advise that the 14/15-2 Rachel North well has reached a total depth of 3052 metres.

Preliminary data collected indicate that this well is an oil discovery. The company has run an initial suite of wireline logs and this together with the drilling data indicate that the well encountered a 349 metres gross interval from 2621 metres to 2970 metres of sands and shales with hydrocarbons ,of which 57 metres is net pay in multiple zones. The thickest zone is 8 metres thick with an average porosity of 20% . Other zones are thinly bedded and lower porosity but require further analysis from additional wireline logs to establish reservoir potential.

Desire now intends to complete the wireline logging and wireline sampling programme to obtain more information on the reservoir quality, the hydrocarbon saturations and the fluid type to assess the significance of this discovery. Further information will be released in due course.

Commenting on the well, Stephen Phipps Chairman of Desire said, "It is highly encouraging that the initial results from the Rachel North well endorse both our findings and geological model from the previously drilled Rachel sidetrack well. This discovery combined with Rockhoppers' Sea Lion discovery confirms our belief that the eastern flank play fairway in the North Falkland Basin is highly prospective and that further oil fields will be discovered in this area".

Subsurface support is provided to Desire Petroleum by Senergy (GB) Ltd and the results reported today are based on the work of the Senergy operations team.
This statement has been approved by Dr Ian Duncan of Desire Petroleum plc, who is a Fellow of the Geological Society, Chartered Geologist, and a member of the American Association of Petroleum Geologists with over 35 years experience in petroleum exploration and management.

uptomyeyeballs

Xcite Energy has broken through £3.00 today.

uptomyeyeballs

315p at the time of posting this.

CashStrappedTeen89

It will settle though, support is building on £3.
Happy Christmas so far people.
Even with 3 foot of snow at my door, i feel like im at the alps