Xcite Energy Ltd (XEL)

sabretoothtigger

Was pretty amazing, still excellent volume too.

Xcite Energy announces that it will today host a site visit for media
and analysts to the Rowan Norway Jack-up Rig currently moored in
Dundee, ahead of its deployment to the Bentley Field. An overview
presentation, containing no new material information, will be given as
part of the visit.

The Canadian quote is showing a slight fall since lse close - http://www.google.co.uk/finance?q=CVE%3AXEL&authuser=0&hl=en


Some news on a well coming ? I may sell some at 178 though it seems unstoppable now, 50% retrace of whatever hopes fell in July


http://i.imgur.com/Z2ncO.png

sabretoothtigger

Did sell some at 178 but it seems to be holding 140 or so now.

upped reserves today, funny how the price moves before the news

Xcite Energy upgrades reserves at Bentley Field




By Darshini Shah | Mon, 20/02/2012 - 09:29





Shares in Xcite Energy (XEL) gained more than 11% as the company announced a resource upgrade at its Bentley field.

Oil reserves of the type 1P (proved reserves), 2P (proved and probable reserves) and 3P (proved, probable and possible reserves) for the core area on the field now stood at approximately 96 million stock tank barrels (mmstb), 116 mmstb and 140 mmstb respectively.
"The upgrade to 116 mmstb of 2P reserves for the core area on the Bentley Field is independent confirmation that Bentley is a major North Sea asset," boasted chief executive Richard Smith.

He added that the Bentley Field was expected to contain "significant" upside potential from future appraisal of the non-core area prospects, as well as the application of enhanced oil recovery techniques.

Xcite holds a 100% working interest in Block 9/3b, which contains the Bentley field and a 100% working interest in Blocks 9/3c and 9/3d, both adjacent to the field. These blocks are located in the North Sea.

The company confirmed that prospective resources for seven prospects on the blocks remained unchanged at approximately 18 million barrels of oil equivalent (mmboe) on a risked "best estimate" basis.

Shares in the company have soared more than 75% over the past month in anticipation for the initial phase of development for the Bentley oilfield.

In addition, at its analyst and media day, the company confirmed that its newly built Rowan Norway rig was currently moored ahead of a development drilling programme where two wells will be drilled and a 90 day production test will be completed.

However, broker FoxDavies cautioned investors: "Even with the reserve upgrade and the recent amendment of its rig (Rowan rig) contract, the complexity of the fields formation and the prominent dialogues with Department of Energy and Climate Change (DECC) means that the jury is still out on Xcite Energy," it stated.

http://info.iii-newsletters.co.uk/HS?a=ENX7CkKZzfGC8SA9MOBnKnfnGHxKQ3VT8PcStGb5lw8W0bBh!!!mpqVsje_HheFcQFzq

sabretoothtigger

Nice volume today for once

Any chance this flaming thing can turn positive, the drilling schedule seems like it'll take a year to complete

Negotiator

Exciting times this coming week.

armour

What have u heard then Negotiator?

Jonbvn

Rumours abound of a bid from an operator across the North Sea. However, the SP is not indicating this (yet).

sabretoothtigger

I was listening to someone discussing all these little oil firms. He pointed out FPM should do very well as they get big tax rebates from Norway (north sea is some of theres) and he mentioned Xcite as well, it should benefit especially from higher oil price the reason is their heavy oil makes them reliant on that extra profit and the share price effect is disproportionate or in simple terms it'll boom with oil

Iam in profit definitely but Ive being holding it too long, they been flat so long I bet many forgot which is how the market games people I guess. I'd like to take profits again just the same as I wrote above many moons ago

Was either this guy or iii maybe http://www.youtube.com/watch?v=_y87kNgILrc


[bid rumours are by the by, the value of company is higher then now in any case]