Xcite Energy Ltd (XEL)

chris_m

DES took another hammering today - another dry well at 1300m unfortunately.
Although their statement said that they'll continue drilling to 1670m, the shares lost 28%.

flashnazia

I'm new to this but could anybody shed some light on why they might think some directors are selling?

Traded Action Notifier PriceAmountValue
23-Dec-10 Sell Rupert Cole 383.70p 1,101,666 £4,227,092.32
23-Dec-10 Sell Stephen A. Kew 383.70p 1,101,666 £4,227,092.32
23-Dec-10 Sell Richard Smith 383.70p 1,101,666 £4,227,092.32

neilsedaka

Nothing to worry about. These directors only sold about 15% of their holding, maybe to buy essentials and presents for their families. Remember that they started this company from scratch about eight years ago with their own money so it is not surprising that they have sold a small proportion of their holding at this stage.

This has been discussed in depth on the main Xcite Energy forums at http://www.lse.co.uk/ShareChat.asp?ShareTicker=XEL&share=xcite_energy and http://www.iii.co.uk/investment/detail?display=discussion&code=cotn:XEL.L&it=le . The most informed posts are by 2BYRON, Chartist_Trader, Hub and Gramacho.

stanmoor

neilsedaka wrote: »

Nothing to worry about. These directors only sold about 15% of their holding, maybe to buy essentials and presents for their families.

Hehe, £4,000,000 for presents for their families? Wish I was related to them :P

uptomyeyeballs

De-risking their capital after years of hard work? They deserve to reap rewards as much as any other shareholder.

blinko

15% is a fair chuink though this isnt a small sale to meet a tax bill etc, but i think they had always planned it and they do seem very competant, so far the news has been good and we are expecting 15h rig signing of some sort and an updated CPR which wlil certainly be interesting last one is almost 2 years old feb 2009 i believe this was more of a reward than anything sinister

the updated CPR will also boost confidence in the share

so again short term it looks good and long term it looks positive

will be intersesting to see if any ii's get on board, maybe ignis coming back ?? lets see

todays price down 5% odd even though buys outweigh more thans sells ? by apporox 200k !!

STRONG BUY at the current price especially with short term news on the horizon and long term action, FSP due Q4 2011 good luck

Jonbvn

blinko wrote: »

will be intersesting to see if any ii's get on board, maybe ignis coming back ?? lets see

AFAIK, ignis were obliged to sell some of their holding since a UT/OEIC is not allowed to have more than 10% of their NAV in one stock.

uptomyeyeballs

It certainly seemed a well co-ordinated sale though, as all the Board did the same thing, which suggests a planned option exercise.

Jonbvn

uptomyeyeballs wrote: »

It certainly seemed a well co-ordinated sale though, as all the Board did the same thing, which suggests a planned option exercise.

Rumours circulating are that they sold to an institutional investor. However, there has been a fair bit of selling. Clear as mud!

Shatners_Bassoon

Wait any day now for revised CPR and upgrade STOIIP values ahead of the OilBarrel conference. We wills tart moving then to the levels we should have seen on the flow test RNS! Good luck all this has still got a long way to go.