Xcite Energy Limited (XEL) is a heavy oil appraisal and development company, with current interests in three licence blocks in the UK North Sea, all of which are held with 100% working interests through its wholly-owned UK subsidiary, Xcite Energy Resources Limited (XER).

Its primary focus is in bringing the Bentley oil field on Block 9/3b into production and in doing so becoming a significant independent oil producer in the North Sea by 2014.

Business Strategy

Bring the Bentley field into commercial production

Grow its reserves base from the existing 116 million barrels of oil equivalent
(“MMboe”) of 2P reserves through the conversion of its prospective resources base

Grow its resources base further through drilling activity on Blocks 9/3c and 9/3d

Employ enhanced oil recovery processes (“EOR”) to further increase its resource base

Increase its asset portfolio through license rounds and asset transactions whilst utilising its heavy-oil expertise to leverage opportunities


http://www.xcite-energy.com/

2012 in Review and the way ahead Robert Cole Video

Good to see the new thread mm. Lets hope the sp heads North soon.

The 90p "AT" twice reached during the last couple days looks like the bottom for the moment being .

Sounds the time to get some aboard ahead of the new face at 91.50p



A better Intraday chart with yesterday closing at 91.50p with Movements on "AT" and closing with "UT"

MJ - i know you are generally a very short term momentum trader, but do you see XEL breaking out of this stubborn 100p straight-jacket any time soon?

I think the date in the report should be 2012 not 2013 ? -

Xcite has been offered additional licences in the greater Bentley area under the UK 27th Licensing Round and these could add value to a Bentley hub development. Valuable data from the recent successful Bentley pre-production well test is now being used to update models, and the test results appear to have satisfied conditions to unlock a $155m reserve base lending (RBL) facility. Xcite now expects to initiate the farm-out process by the end of 2013, and securing a farm-in partner would avoid further equity dilution, although Phase 1B may move out in time as a result. Our fully diluted core NAV has decreased to 124p. However, we now expect a farm-out to be achieved that, depending on terms, will likely move this to 160-190p. An updated CPR, FDP and RBL approvals along with a farm-out announcement are now the catalysts we expect to provide share price support over the coming months.
Courtesy of Edison Investment 04/12/2012

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Thanks mnamreh.

.

.

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My cup of tea. :-))

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Like the utube post.

You can stand the spoon up in it mnamreh its so strong. lol Yep they look to be moving. Good to see these make some progress now.

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It does look like the lows has gone for the moment being, today is consolidating into a higher prices than during the last week that was making a bottom to move up from

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Xcite Energy puts CEO update online
StockMarketWire.com
A video update by Xcite Energy chief executive Rupert Cole is now available on the company's website, www.xcite-energy.com

At 2:41pm: (LON:XEL) share price was -2.37p at 92.13p


http://www.xcite-energy.com/

The video has gone down a treat ?

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I mean not good, with the sp fall.

I was being sarcy. :-))

Down over 4.5%

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Not much rise, but the volume is high 2m , more than double the usual

Looks like a double bottom has now been hapening and should be on the rise from here

Of nearly of all the shares i have held over the years this has to be one of the most frustrating shares to have ever held.

MJ - unfortunately that is what all us holders have wrongly thought on a number of past occasions ...... no doubt, it will eventually be so!

http://www.spreadbetmagazine.com/blog/


Xcite Energy's new Rupert Cole video fails to boost short term sentiment

Posted on Monday, December 17, 2012 at 9:54AM

A rather underwhelming response to the video released on Friday afternoon by Xcite Energy featuring Chief Executive, Rupert Cole, with the shares dropping 3% on Friday and close to 2% today to less than 90p. The link is http://www.xcite-energy.com/media/video-centre/2012-in-review-and-the-way-ahead

Like his predecessor, Richard Smith, who had several videos produced with Proactive Investors, Cole appears to have not produced the investor reaction he was hoping for.

Short term traders have taken the opportunity to sell as the video reiterated that the major news events like the reserves upgrade wouldn’t be available in days, rather in the first few months of 2013. This was flagged some time ago, though some investors still seemed to believe that a pre-Christmas RNS with major news was somehow imminent.

Cole does point out that the recently completed extended well test on the Bentley field exceeded expectations and all is in place for a series of steps including completion of a new reserves report (with the possibility that 2P reserves will be increased from 116 mm barrels), new CPR (competent persons report), submission of a newly revised field development plan to DECC for Bentley, completion of the reserves based lending deal on DECC approval and farm out in 2013.

The crucial farm out will take place after the new reserves report is complete to maximise the value to Xcite shareholders. The reserves report will as well as modelling the core and extended area of the Bentley field using the new reservoir data will potentially include the impact of new EOR (enhanced oil recovery) techniques that may boost the field productivity and recoverability increasing the company’s reserves further.

Plenty to look forward to in the first half of 2013 for those with a little patience. Let’s hope Cole and his team deliver on their promises!

Contrarian investor UK

http://www.offshore.no/international/article/EPC_Offshore_links_up_for_Bentley

is today on the bounce after dropping well lately and rather spiking at the moment

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re - Low volume with short covering pre Christmas pump.

We now who needs a bit of a pump all the time not just for Chrismas.....

Maybe the one who keeps deleting its own typping all the time

note - for the record just in case is deleted again ( copy and paste does the job )

how lovely ..... is that even for me (BIG kiss in return!!)

PETER RANSCOMBE / Wednesday 26 December 2012 00:19

SCOTLAND’S powerhouse oil and gas sector will continue to drive mergers and acquisitions (M&A) throughout 2013, according to senior dealmakers, but the renewables sector is expected to begin catching up.

Three-quarters of “dealmakers” – such as accountants, bankers and lawyers – predict a “healthy” flow of M&A activity in the year ahead, driven by the energy sector.

Food and drink companies, buoyed by record exports of £5.4 billion, are also expected to contribute to deals as the industry looks to grow its exports to £7.1bn over the next five years.

Craig Anderson, senior partner at accountancy firm KPMG in Scotland, which carried out the survey, said: “Our research demonstrates confidence among Scotland’s dealmaking community, albeit this may be more apparent in particular sectors than others.

“While confidence in energy remains high, both for renewables and traditional oil and gas, the well-publicised expansion in the Scottish food and drink sector is evidenced in expectations of relatively-high levels of M&A activity.

But Anderson warned: “Other sectors continue to experience challenges with just 14 per cent of respondents to our survey expecting to complete retail deals in the year ahead.”

The oil and gas sector, which is worth about £7.6bn a year to Scotland’s economy through exports, has enjoyed a flurry of deal activity in the past year.

Parkmead, the Aim-quoted oil and gas company run by Dana Petroleum founder Tom Cross, snapped up Aberdeen-based Deo Petroleum in August. Earlier this month, Cross raised £20 million through a share placing and debt-for-equity swap, giving him a warchest to carry out further deals.

Edinburgh-based Melrose Resources, the oil driller run by Robert Adair, was taken over by Petroceltic in August, spreading the combined group’s influence across the Black Sea, the Mediterranean and North Africa.

The North Sea was also the stage for a number of massive international deals.

State oil company China National Offshore Oil Corporation (CNOOC) bought Canadian rival Nexen for £9.7bn, making the Chinese firm the operator of the Buzzard oilfield, the largest in the UK. China-based Sinopec also took over the British assets of Talisman Energy.

Dealmakers expect such blockbuster transactions to continue in the oil and gas sector in 2013. More than 70 per cent expect deals involving Scottish and North American companies, while the eurozone is predicted to account for a third of deals and the fast-growing “Bric” economies of Brazil, Russia, India and China contributing 22 per cent.

Renewables are expected to close the gap on oil and gas in 2013, with a record £1.5bn expected to have been invested in the sector during 2012.

But nearly three-quarters of respondents cited a gap between buyers’ and sellers’ price expectations as a barrier to deal completions, while availability of funding remains a concern for more than a third of those asked.

Anderson added: “Convergence between buyer and seller price expectations is a critical factor in the ability to conclude deals. Should this gap begin to close, we are likely to see this reflected in increased M&A activity.”

Second day on a row with a good movement up

short term from BRITISH BULLS says tonight ...

BUY CONFIRMED
XEL 90.750 +4.0000 +4.61%

Candlestick Analysis
Today’s Candlestick Patterns:
White Candlestick

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can't see the point of posting nothing mnamreh, just wastes everybodies time looking to see whats posted.

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not really, I'm sure your post's are of use and interesting as is everyone else's. You must have a very boring existance if you've got nothing better to do than go back and remove your posts after an hour.,.

So why post at all if you think that you comments are irrelevant after only one hour?

Hurry up everyone and read post 38 only 52 mins left. :-))

.

Going great guns today

We were promised an update on the reserves etc in early 2013 fingers crossed

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mnamreh ,,,two days on the trott

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No but we are due a New Moon on the 11th if thats any good,havent looked at the stars yet.

At least we are out of double digets for now.

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Needs another viagra, :-))

Xcite Energy: Morgan Stanley takes price target from 166p to 160p and retains its overweight rating

mnamreh - pearl one knit one, you stuck on your latest knitting pattern or what?

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m - See you can speak after all, what's up with you these days? miss your caustic wit :O)

Whats this an old grannies knitting club. :-))

Don't dis m DC, quality when she's on form :O)

lol

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Sorry, but as that post is soon to be deleted, I absolutely must preserve it for posterity! The head trauma explains everything!!! ;o)
mnamreh - 10 Jan 2013 10:46 - 57 of 57
Caustic wit eh?

That's (a) big lye!

Old age, past head trauma and poor attitude to humankind all catching up with me now.

It will soon be TANKER's turn (if it hasn't already happened).

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Sorry but what's the point in engaging with some idiot who deletes their every post?
Attention seeking and succeeding.

Lighten up H, where's your sense of humour old chap, we could all be dead tomorrow:O)

Hence the ;o) in my post!......................................and don't call me old! :o)

big lye (sic)???
must be making a large batch of soap - or perhaps crack!

LOL! your so funny. Wanker.

your = you're

hi chuckles .... don't waste your time on it ..... it thinks it's frightfully clever and droll posting abuse, whereas it is water off a duck's back to me

Xcite Energy: Merchant Securities initiates with a target price of 167.8p and a buy recommendation.

.

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Wish something would boost it mnamreh

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mnamreh totally agree with you

http://tradingresearchpoint.co.uk/2013/01/21/buy-xcite-energy-at-102p-target-181p/

Buy Xcite Energy at 102p – Target 181p

AIM oil explorer Xcite Energy (XEL) is a darling of the Bulletin Boards which is normally a good reason not to buy the shares. Indeed the shares have fallen from 395p in January 2011 to 103.25p today (they were 67.5p five months ago) and whilst this is not for the feint hearted, there is a string fundamental case for this £299 million capitalised company. I believe that the shares are worth 181p and are a buy.

The company’s sole asset is the Bentley field in the UK Northern North Sea. The shares hit the all time higher as Xcite reported on a successful “transformational well” drilling result. With hindsight investors got ahead of themselves. A reserves report in May of that year dampened some of the ardour but none the less Bentley is a real asset. The 100% owned field is located in Block 9/3b (Licence P1078), one of the largest undeveloped fields in the North Sea and contains around 550 MMstb in-place of 10°-12° API heavy oil.

The company is already producing some oil from Bentley from a pre-production test well. In the three months to 30th September it produced approximately 149,000 barrels of Bentley crude, which was combined with approximately 58,000 barrels of diluent. This generated £13.3 million of revenue. But it is small beer. The company need to develop the full field and this will be expensive. But I expect that we will get news on how this progresses shortly and that will begin with a new reserve update within weeks.

That should provide the platform for securing the funding to bring Bentley into full production. A farm in deal is possible or it may be possible to secure debt finance but do not rule out the possibility of an equity issue too. As things stand, at 30th September, Xcite had cash of £54.6 million but also £53.7 million of current liabilities. It has invested more than £100 million in Bentley and although it has a $155 million loan facility to drawn down on to bring Bentley onstream it will need more. It has admitted as such. My money is on the field being funded with debt but with Xcite also issuing new equity.

So what is the field worth? The last competent persons report indicated that it offered a post-tax Net Present Value (at a 10% discount rate) for the 2P (‘Proven’ + ‘Probable’) Reserves in the core area of approximately $1.5 billion (£935 million). However there is upside on this model from the application of enhanced oil recovery techniques. Xcite has also picked up a few surrounding licenses and in theory these could add to the reserves. One would hope that the imminent new reserve report would also push the number up.

The risks here are operational (Bentley is heavy oil and in frontier territory) and also financial: how will the funding be secured? I would therefore risk weight the current estimate of NPV by and additional 30% and would also assume that there is an additional 20% dilution for the issue of new equity. That leaves me with an aggressively risk weighted target price of 181p. At 103.25p the shares are a buy.

.

http://www.spreadbetmagazine.com/blog/



Some interesting new commentary from the latest fact sheet from broker Fox-Davies on Xcite Energy. It looks like they now have a signficantly more optimistic stance than some of their previous coverage. In October they raised fears that the Bentley North Sea field may be non-commerical due to operational costs, now they say that “Based on peer group comparisons, we believe that 251p a share is a better reflection of Bentley’s value.” “Post a Company update (16th of Jan), our initial fears over the commerciality of the Bentley field have been partially offset by the disclosure of an active aquifer as drive mechanism”, following the succesful completion of the extended well test in late 2012.

The shares are holding steady today at 103p, with investors waiting with eager anticipation for the new Bentley field reserves report, and with it the potential for a good upgrade (all being well!!) from the current 116 million barrels 2P (proven and probable) reserves and which should be due any time soon from auditors TRACS. This morning, it was announced that 931,000 share options were being exercised…someone seems confident of a near term rise.

Fox-Davies http://www.fox-davies.com/media/52501/xcite_energy_factsheet__jan_2013_.pdf

“XEL’s market value is being hampered by the fact that investors are aware that funding will be required for it to meet the equity portion of its development costs, providing that it does not farm-out the asset or sell the Company first. Even allowing for the funding expectation, the discount to current valuation is excessive, unless you also start to adjust for development risks. Based on peer group comparisons, we believe that 251p a share is a better reflection of Bentley’s value. ”
In October 2012, Fox-Davies wrote, “Bentley Phase 1A successful, But Questions Remain - Successful completion of Bentley field pre-production well test programme materially de-risks the Bentley development project. Pre-production wells successfully tested full field development drilling, completion, production and export techniques. The 9/3b-7 and 7Z wells have been suspended for future use as producer wells during Phase 1B. Betley’s 2P reserves are estimated at 116mm bbl. Phase 1B development expected to commence in 2013. While news that any North Sea operation has been completed successfully and safely is good news, in the longer-term it still leaves the question of operating costs unanswered. We have always maintained that this field will produce commercially in the first phase, we remain concerned the opex costs, both in absolute terms as a well as measured on a per barrel of oil produced basis, will rise to levels that make the operations non-commercial.”

Contrarian Investor UK

Xcite Energy – XEL – Constructive Technicals
28th Feb
- See more at: http://www.directorstalk.com/#sthash.Bm2xzujP.dpuf

Zak Mir: Gulf Keystone (LSE:GKP) or Xcite Energy (LSE:XEL)
28th Feb
- See more at: http://www.directorstalk.com/#sthash.g1K98KW6.dpuf

Been looking like it was going to move for some time

Its on the move at long last mybe a blip who knows

was just going to comment along those lines ..... sp has been slowly ticking up in the last week, though i don't think the volume has been exceptional

On way back down a little maybe a breather before next leg up

Its well undervalued at present price hence have it on alerts…….watching closely as dipped toe at £1.04p for a in an out profit.
Still holding in ISA

Hope your well Cynic

not too bad thanks dear boy ...... have been having a very good run, but made a few bad and silly calls in the last week ...... for sure should have stayed in HG+HC Index, even though i banked a very nice profit for the outlay ..... i always feel C+M Index should follow the same track, but it is annoyingly and currently disinclined to do so

Certainly XEL is one to watch

Some large volume last week, looks like ready to break intraday high recently of 110p and then is on a BREAKOUT

Has twice had a 50% retracement of the Intraday high and bounce again from that point

North Sea oil boosted by Ithaca’s Valiant takeover bid
1st Mar 2:53 pm
- See more at: http://www.directorstalk.com/#sthash.O7Gdxs2E.dpuf

110.375p +7.125p

Breaking the important 110p and now can fly

one lives in hope and indeed volume is about twice the 3 month norm ...... there's certainly a lot of PIs who have had their patience tested for far too long

results due 15th March.

Job done for today

My interpretation on the posible movement this morning

Slight sell off this morning but starting to move back up fast

Am not the best on chats but its past the £1.10p residence and climbing as i type, next residence i see about £1.35p....its in breakout for sure but how far.

menorca1 any thing on your chart front?

next steps

Is this a viable punt or yet another p&d?

SILLY question a BETTER answer

re - Is this a viable punt or yet another p&d?

It seems you are all over the place looking for TIPS, about time you do your own research, or maybe after all you are not good enough.

Sequestor - 07 Mar 2013 07:04 - 287 of 288
I see a ` well known` other site is down -again
lol

what a pillock, do go away

Squelched the prat

goodby trailer trash spanish island

lol

Users you currently have squelched

menorca1

answer ..............

...... Not good enough

re - go away
Go back were you belong or was not working over there?

It is now but is down again ( it lasted 20 sec. )

MJ (menorca) - please try to stay civil ...... as i have always said, your pix and comment are often if not usually interesting .... your personal abuse is both boorish and totally unnecessary

Indeed, the bloke is unworthy of comment, best squelshed

i've never squelched anyone ever and shall not start now; why should i succumb to that form of bullying? .... as/when MJ (aka MRSI and now menorca) gets seriously out of line, he gets chucked out by the management, at least for a few weeks

Up to you, I think he is trying to bully, doesn`t work with me, he`s a gonner and good riddance

All the newcomers ( because other places do not work ) trying to make friends with other unfrienly ones?.

Do not fear the Sequestor

What The Sequestor Really Means For Your Finances >>>>>>>>> Bankrupt

Isolate yourself shares are not for you ( you are having as high diastolic blood pressure ). Doctor said take notice

Is only here cos the other place is not working

The Richest People On The Planet 2013
The ranks of the world's billionaires have yet again reached all-time highs, both in terms of the number of billionaires (1,426) and record net worth ($5.4 trillion). The United States still has more billionaires than any other country, but once again the world's richest person comes from outside its borders.

"All the newcomers ( because other places do not work ) trying to make friends with other unfrienly ones?" Sounds just like you. Pity you can't take a hint.

no need to write in bold .... our eyesight is still more than adequate ......

your (persistent) abuse of other posters is not required either!

..

On the up though not much volume, but the curb on the chart is much the same as some time back ( july to September 2012 )

Looking good

Bids loaded ready for take off

From Energy & Resources and UK - 7 Mar 2013 08:10 UTC

Xcite Energy could find partner for heavy oil project

Xcite Energy could be close to finding a joint venture partner, according to an analyst at Dundee Capital Markets. Quinn Sievewright, the analyst at Dundee Capital Markets, said in a research…

http://www.acquisitionsdaily.com/2013/03/07/xcite-energy-could-find-partner-for-heavy-oil-project/

lol
I have been a fully paid up member since MAM started

Your persistent abuse of chat and nothing about XEL

put manners at you anruly (wife) and children ( mob here )

MJ (aka MRSI aka menorca1) ..... if you don't quickly mend your manners and desist from your persistent stream of personal abuse aimed at me or anyone else, i am more than happy to be the voice of many if not most on here, and get you thrown out yet again

   LUNCH TIME FUN

re - All the newcomers

sooner or later you catch them with the trousers down and wearing ( inside out ) knikers.

I suppose to be squelch and is answering my post ....... I have been a fully paid up member since MAM started

and we have no seen a post of such a nickname since ............... naturally you have to be registered to post

An talking about the share price no one does

Nicely on the UP, ( taking off as I said earlier ) though some others would like it too

I nice ladder shape on the intraday chart

try keeping it that way then! ..... then all (most) will be more than happy to read your pearls of wisdom

Need more volume

Talk of raising cash soon seems to be the problem.

Having a spike this afternoon now 114.75p +3.25p after reaching earlier 115.75p

Worth noticing on the weeky char that it has been doing higher lows

That was yesterday's direction being at the bottom of parrallel lines, so the chance of spike like it happened seven days ago

an interesting pattern, but sp still stubbornly resists heading properly north - patience my boy, patience

AGM in bloody Paris,.......

BUT NO BLOOD ON THE SHARE PRICE 117.50p

Is following yesterday's steps and looking for 132p very soon at this rate

Plenty of volume today also more buys than sells and heading in right direction

I feel a spike in share price on its way

marky

re - I feel a spike in share price on its way

you forgot to say spike on the way down

Anyway is on the way up once again, after the retracement to 116.50p now looking for 119p and at this rate we could be looking for the high of the spike before 10am

would be good to see

THAT WAS FAST

Reached there an bounce back a bit. there is some resistance at this point, lets see how strong is this resistance

http://www.dailymail.co.uk/money/markets/article-2292866/MARKET-REPORT-Investors-Xcited-takeover-talk.htmlMARKET

Investors Xcited by takeover talk
By GEOFF FOSTER

Excited by a revival of bid speculation, punters piled into North Sea oil explorer Xcite Energy.
They chased the stock 5.5p higher to 121p amid a regurgitation of an old rumour that Statoil, the Norwegian oil and gas group, is about to launch a £2 a share cash bid. Ever since Ithaca Energy agreed to buy Valiant Petroleum, hot gossip in the City has been that Xcite will be the next North Sea operator to be swallowed by a bigger player.
Xcite owns 100 per cent of the Bentley field in the North Sea, one of the last remaining underdeveloped areas. Statoil recently received approval from the UK government for its plans for a £4.7 billion investment to develop the largest new offshore development in Britain’s sector of the North Sea.

ticking away quiet canny

is it a ramp or.....

Looks like someone miss the run or ?

XEL- BAR CHAR - Everything is a BUY .............Xcite Energy Limited (XEL.LS) 123.500+2.500 (+2.07%)3:00P EST(LSE) Detailed Opinion as of Thursday, Mar 14th, 2013 Detailed Opinion Show Signal Strength and Direction

Composite Indicators	Signal
TrendSpotter	Buy
Short Term Indicators
7 Day Average Directional Indicator	Buy
10 - 8 Day Moving Average Hilo Channel	Buy
20 Day Moving Average vs Price	Buy
20 - 50 Day MACD Oscillator	Buy
20 Day Bollinger Bands	Buy
Short Term Indicators Average: 100% Buy
20-Day Average Volume - 3,564,078
Medium Term Indicators
40 Day Commodity Channel Index	Buy
50 Day Moving Average vs Price	Buy
20 - 100 Day MACD Oscillator	Buy
50 Day Parabolic Time/Price	Buy
Medium Term Indicators Average: 100% Buy
50-Day Average Volume - 2,953,602
Long Term Indicators
60 Day Commodity Channel Index	Buy
100 Day Moving Average vs Price	Buy
50 - 100 Day MACD Oscillator	Buy
Long Term Indicators Average: 100% Buy
100-Day Average Volume - 2,766,249
Overall Average: 100% Buy
Price Support Pivot Point Resistance 123.500 115.093 123.203 131.313

Xcite Shares Soar on Statoil Bid Speculation (UK)
Posted on: Mar 14th, 2013 - 10:46 pmhttp://www.directorstalk.com/xcite-shares-soar-on-statoil-bid-speculation-uk/

Interesting trade of 100,000 gone through at £1.27p

On the rise today after the recent fall from a high of 126p, YESTERDAY WAS MARKED DOWN to support 112p and bounce back, today is on the bounce from the same level as yesterday's lows.

Intraday chart

About time the sp started to move, almost fallen asleep this one.


Xcite Energy chief Cole ‘enormously excited’ about what can be achieved in 2013
7:31 am by Jamie AshcroftLast year's well test successfully yielded 149,000 barrels of oil which was sold to a major refiner and delivered Xcite’s first revenues.



Xcite Energy (LON:XEL) chief executive Rupert Cole has told investors that he is enormously excited about what the company can achieve in 2013.

In this morning’s results statement, for the twelve months to December 31 2012, he said that Xcite remains on track to deliver the new competent persons report for the Bentley heavy oil field in the early part of this year.

The report, which will inform a revised field development plan, will be based on data from last year’s successfully well test.

The test was an integral part of the Phase 1A development of the Bentley field, and it successfully yielded 149,000 barrels of oil which was sold to a major refiner and delivered Xcite’s first revenues.

And as a result of that programme the Bentley field development has been substantially de-risked, Xcite says.

"2012 has been an excellent year for Xcite, with the successful, and, most importantly, safe, conclusion of a US$250 million project in the North Sea, on time and on budget, which is a testament to the skill and experience of our team,” Cole said.

“The entire team has worked tirelessly during the well test and in the time since its conclusion in September last year, to re-engineer the reservoir model in order to deliver an updated field development plan based on the excellent data and results from the test.

“The success of last year's project has provided us not only the information but also the confidence needed to be able to deliver our plans to commence the first phase development on Bentley, which will be largely based on scaling up the 2012 pre-production work programme.”

Revenues, from test production, totalled £13.3mln and over the twelve months period the oil field developer made a £1.7mln loss. And at the end of the year Xcite had a cash balance of £25.59mln.

On the financing front, Xcite also made significant progress in 2012 as it secured a US$155mln reserves based lending facility which is expected to cover the a substantial part of the Phase 1B funding requirements.

Daily Oil & Gas monitor

Xcite Energy (LON:XEL) – Long-term Delivery is (Always has Been) the Key Question: These results are not really the focal point, as it is what is to come that is more important. We have always said that we believe that the field will perform well enough in the first phases, but it is the longer-term performance that we have a concern with, more specifically, the operating costs juxtaposed against revenues (a function of crude price and production rate); we are not privy to the development plan, nor have we been given any insight in to the process the technical team have undertaken to mitigate any deterioration in the reservoir’s performance. There is a question, however, whether it will even get in to production under the Company Xcite. M&A transactions are calling the bottom of the equity market as the equity values are not reflecting the underlying asset values, in which case the longer term performance will become somebody else’s issue.

In this news:

• Safe and successful completion of pre-production extended well test on the Bentley field, producing over 149,000 barrels of Bentley crude which was sold to a major refiner in Europe, to record the first revenue for the Group.

• Pre-production extended well test exceeded management expectations, successfully demonstrating drilling, completion, production and export techniques, enabling the development of a cost effective full field development solution, which maximises the recovery of crude oil and associated economics.

• Bentley field now substantially de-risked and development-ready. Development can be approached with a higher degree of certainty in terms of reservoir performance, technical execution and financial outturn.

• Signing of a US$155mm Reserves Based Lending facility with a leading group of lending institutions, which will form a substantial part of the funding requirement for Phase 1B development of the Bentley field.

• Strengthened balance sheet, with new net equity capital financing of £63.4 million and new debt financing of US$60 million during 2012. Cash balance at year end of £25.6 million.

• Strengthened management team and increased staffing levels, to support future project activity levels moving into the development and production phase of the Bentley field.

• Success in the 27th Licence Round provides new acreage to the Xcite Energy Resources Limited portfolio. Blocks 9/4a, 9/8b and 9/9h add four identified prospects to the future exploration and appraisal programmes in the wider Bentley area




http://www.proactiveinvestors.co.uk/columns/fox-davies-capital/12509/xcite-energy-president-energy-ithaca-energy-and-faroe-petroleum-feature-in-fox-davies-newsflash-12509.html

Cracking RNS for once

8 April 2013

Xcite Energy Limited

("Xcite Energy" or the "Company")


Reserves Assessment on the Bentley Field


Statement of Reserves Data and other Oil and Gas Information (Form 51-101F1)


Following the successful completion of the pre-production well test in September 2012 and a new 3D seismic survey, Xcite Energy is pleased to announce the results from its updated reserves assessment report as prepared by TRACS.


Highlights

· Mean PIIP for the Bentley field of 909 MMstb, increased from 550 MMstb as previously reported in February 2012.

· 1P, 2P and 3P oil reserves for the Bentley field of 198 MMstb, 250 MMstb and 312 MMstb, respectively, based on an initial 35 year production period.

· Projected P50 peak production rate of approximately 45,000 stb/d in the first phase development, increasing to approximately 57,000 stb/d in the second phase development.

· NPV10 (after tax) value of oil reserves for the Bentley field of approximately $1.5 billion, $2.2 billion and $2.8 billion on a 1P, 2P and 3P basis, respectively.

· An additional 46 MMstb of P50 Contingent Resources assigned to the Bentley field for recoverable volumes beyond the initial 35 years production period.

· Aggregate, unrisked mean Prospective Resources assigned of approximately 96 MMstb, relating to prospects adjacent to the Bentley field and prospects as awarded in the recent UK Offshore 27th Licence Round.

looking promising as in Auction

Xcite Energy (LON:XEL) earned praise from the top after its reserves were boosted again at the Bentley oil field in the North Sea.

Morgan Stanley sat up and took notice after it revealed Bentley, which is located to the east of Shetland in the North Sea, is now estimated to contain between 198mln and 312mln barrels of oil reserves (1P to 3P).

This in-turn values the project between US$1.5bn and US$2.8bn, and supports estimated peak production of 45,000 barrels of oil per day in the first phase, rising to 57,000 barrels a day in the second.

Morgan Stanley’s Jamie Maddock, who has an ‘overweight’ rating on Xcite and 160p target price, said today’s upgrade confirms Bentley as “one of the largest production potential oil fields in the UK”.

He said: “Management plans to seek a partner to share the costs, allowing them to realize the field’s potential. Size and producing potential will likely prove widely appealing.”

City firm Sanlam Securities joined Morgan Stanley in hailing the upgrade with a ‘buy’ rating.

The broker reckons investors are yet to properly appreciate the potential of the project, and analyst Brendan Long says that as a result of the reserves upgrade his 167p price target is now too low.

The analyst said: “These results underscore our belief (a contrarian belief in the equity market) that the Bentley field is one of the best undeveloped oilfields in the UK North Sea (arguably now the single most attractive field in many respects).”

XEL is going nowhere despite the update. Poor.

welcome back to the whizz kid! ..... 99% of the time he says a share is rubbish and you/we should SELL!SELL!SELL!, but never does he put money with his mouth

Xcite Energy
Reserves assessment update
Impressive reserves upgrade


Valuation: 50% core NAV uplift but farm-out still key
Our core valuation increases significantly as a result of the latest reserves assessment from 124p to 181p. However, to approach the $8.8/bbl inferred by the TRACS economic valuation of $2.2bn (500p per share) the company must first secure a suitable farm-out. In the event of Xcite securing suitable debt and farm-out deals we expect our valuation to increase to 260-290p on a risked basis. The Bentley project is highly sensitive to both development cost escalation and commodity prices which need to be figured into an investment decision. However, the project economics are now much more robust than was previously understood and this should put the company on a sound footing to secure the financing deals in 2013 and in turn unlock value for Xcite’s shareholders.



http://www.edisoninvestmentresearch.com/researchreports/Xcite100413update.pdf

Xcite Energy: Sanlam Securities raises target price from 167p to 204p keeping its buy recommendation

Xcite Energy upgraded by broker following rise in oil reserves
By Jamie Ashcroft April 12 2013, 9:39am The reserves report confirmed the Bentley field as one of the largest in the UK, with over 900mln barrels of ‘in-place’ oil and 312mln barrels of reserves.The reserves report confirmed the Bentley field as one of the largest in the UK, with over 900mln barrels of ‘in-place’ oil and 312mln barrels of reserves.



City firm Sanlam Securities has upgraded its view on North Sea oilfield developer Xcite Energy (LON:XEL) following Monday’s reserves audit.

The broker’s target price is increased to 204p from 167p.


The reserves report confirmed the Bentley field as one of the largest in the UK, with over 900mln barrels of ‘in-place’ oil and 312mln barrels of reserves.

Importantly the audit supports Xcite’s plan for peak production of 45,000 barrels a day in the first phase, and 57,000 barrels a day in the second.

And in its note today, in which it repeated a ‘buy’ recommendation, Sanlam highlighted that the development could now be considered to be low-risk.

"We are particularly attracted to Xcite due to the low-risk nature of the Bentley field, which has been extensively appraised with nine well penetrations, a normal production test, another 68 day production test, and 3D seismic," said Sanlam analyst Brendan Long.

"Such an extensive understanding of a reservoir before it is commercially produced is not common amongst the assets developed by junior oil & gas companies; however, thanks to this extensive testing we can have a very high level of confidence in the Bentley reservoir."

The broker says it is taking a conservative view when valuing Xcite, by only considering the 178mln barrels of reserves in the Bentley core area and by applying a 50% discount to the project because the Bentley development is not as yet fully funded.

Long believes, however, that the recently launched farm-out process will bridge the funding gap and the reserves upgrade will be a boost to the process.

“We believe the new reserve estimates will be increasingly appealing to farm-out parties because they are premised on 3D seismic, but most importantly because the reserves are increasingly material for major oil companies.

“We believe that a farmout is likely over the course of 2013.”

Malcolm Graham-Wood, analyst at VSA Capital, advises investors to buy when the shares hit 80p for a “very substantial long-term upside”.

http://www.iii.co.uk/tv/episode/should-i-buy-shares-xcite-energy

Some of these analyst talk rubbish

there shouting BUY £2.60 target price and now this clown is talking 80p

i saw that, but i wonder if it is some old historic reporting

I don't think he's talking rubbish at all,just giving his view on how the market is behaving at present.Money left in stock where news is someway off in the future,is idle money,so the long term for many is no longer an option,hense the drift me
ntioned.

When is the £2.60 target going to be hit ? Sounds like 12 - 18 months before much is going to happen.

Results of Annual and Special Meeting
RNS
RNS Number : 9313E
Xcite Energy Limited
16 May 2013


TSX-V, LSE-AIM: XEL


16 May 2013



Xcite Energy Limited

("Xcite Energy" or the "Company")



Results of Annual and Special Meeting and Chairman's Opening Remarks



Xcite Energy is pleased to announce the results of its Annual and Special Meeting held on 16 May 2013.



The holders of ordinary shares of the Company approved the following matters at the Annual and Special Meeting, with votes in favour shown in brackets as a percentage of total votes cast:



(1) the reappointment of the following nominated directors to the board of directors of the Company and for them to continue in office in accordance with the Company's Articles of Association:



Rupert E. Cole (98.9%)

Scott R. Cochlan (95.8%)

Timothy S. Jones (94.9%)

Stephen A. Kew (99.8%)

Gregory J. Moroney (96.3%)

Roger S. Ramshaw (95.5%)



(2) the reappointment of BDO LLP as auditors for the ensuing year and the authorisation for the directors of the Company to fix their remuneration (99.9%)



(3) a resolution to ratify and confirm the Stock Option Plan of the Company dated 26 September 2007, as amended (94.6%)



(4) a resolution to ratify and confirm the existing Shareholder Rights Plan of the Company dated 30 November 2010, as amended (96.6%)



At today's AGM the Chairman, Roger Ramshaw, made the following opening remarks:



"2012 saw the safe and successful conclusion of the pre-production well test on the Bentley Field, which concluded in mid-September. This was a very significant achievement, for a company of our size, to manage a $250 million offshore work programme safely, on budget and on time, over a 10 month period. We produced 150,000 barrels of Bentley crude, blended it offshore and successfully sold it through our marketing partner, BP. We also captured significant quantities of data over the course of the test, which has provided the evidence to update our reserves report so comprehensively and given us a high degree of confidence in the new Field Development Plan for Bentley. From any perspective, this is something of which we can be very proud.



"The real impact of the 2012 well test is an increase in confidence in how the field might be developed. The test encompassed all aspects from drilling, through processing and flow assurance, to blending and offtake to market. We have been able to implement all the lessons learnt into a more robust and efficient Field Development Plan. The months of analysis and modelling following the well test, together with the interpretation of our new 3D seismic over Bentley, have resulted in far greater certainty in the field and its development plan, as evidenced by the recent and substantial increase in recoverable reserves and asset value.



"Our 2P Reserves for Bentley now stand at 250 million barrels, with a discounted net present value after tax of approximately $2.2 billion. This represents an increase of over 116% against the previously reported 2P Reserves of 116 million barrels).



"Heavy oil fields generally have long production lives, and Bentley is no exception with a 35 year Reserves profile out to the year 2050, reflecting the current design life of facilities used in the North Sea. TRACS, our independent reserves auditor, recognises that there is additional economic production from Bentley of a further 20 years beyond this initial period (out to the year 2070) and has assigned a further 46 million barrels of Contingent Resources to this 20-year period. We believe that by more detailed work on areas such as optimising the field and extending field life, there is the potential to access these Resources and deliver further low-risk upside.



"We also have other areas of potential future growth through the implementation of enhanced oil recovery techniques on the field, as well as exploration on adjacent assets, including those awarded in the recent 27th Licensing Round. These are at an early stage and we would expect to progress them systematically, as we have always done.



"Not surprisingly, we are greatly disappointed by the share price performance, especially following the great result we have delivered, but we will continue to move forward and focus on what we can control, which is the development of Bentley. Securing funding is a critical element of this and we have recently begun a farm-out process to find a suitable partner. We believe it should be possible to materially increase our RBL facility as a result of the Reserves upgrade and will be engaging with our existing and new banks to progress this. We will also be re-submitting an updated FDP in the coming months.



"We believe heavy oil's time has come in the North Sea, as evidenced by the very significant investments currently being made by Statoil (and partners) into the Bressay field just to the North of Bentley, the Mariner field to the south of Bentley, and EnQuest (and Partners) expected commitment to develop the Kraken field to the west of Bentley. Together, these fields represent very substantial sources of future long-term oil production from the North Sea, which as currently forecast, would make substantial long-term contributions to the UK economy.



"Finally, I would once again like to thank all of the Xcite team for their hard work, expertise and dedication to this outstanding Bentley project, which the Board has been very pleased and proud to be part of over the last few years."



For further details, please see the management proxy circular dated 9 April 2013 available on the Company's website and at www.sedar.com.

From the above -

"Not surprisingly, we are greatly disappointed by the share price performance'' You can say that again.

From iii

One quick point from reading.......Farm out with RKH was 3 months.....they say early stages also Financing seems sorted........quicker than we think maybe...


The meeting took place in a relatively small but full room with some 40 or so investors present. Certain members of the BoD seem to have a good sense of humour. That's a good sign but some of the jokes would not be appropriate to convey on public website.
Here are some main points that were said or came out of questions asked. I would invite other shareholders to give their commentary and correct anything I may have got wrong.

- Rupert Cole went as far as he could to say there would be no further dilution. IMO to have ruled it out explicitly wouldn't have been responsible.

- Financing need likely to be split $400M (RBL) and the balance to come from expected farm out. The lending basis will be the 1P reserves allocated to first stage/phase (ie 100M barrels and not 198M). However it can't be 5 X $155m (100M is almost 5x 22M which is the previous 1P figure) as the banks would put other caps e.g. financial leverage

- Farm out process is at an early stage. It was confirmed that farm out the RBL are linked. Even though RBL would be a more straight forward deal, its final outcome would depend - at least to an extent - on the outcome of farm out. Not surprising at all IMO.

- Once the way is clear (RBL, farm out, FDP) then it would be approx 2 years to production. No major technical / engineering risks are expected in that phase.

- No need for FPSO means that a simple FSO would suffice, diff. in cap ex is $1m vs. $50-60k (think it was per day but in retrospect may be wrong as the $1m pd sounds excessive)
- Still on the technical front the oil is quite hydrophobic which is good news as it reduces penetration of water into oil and the steps required to extract it. So further savings on operational expenditure.

- The other fields eg Chadwick, Chartwright have less viscous oil. That means that oil from such fields could provide the perfect diluent for the core area. Does this mean that they should be developed at the same time? Forgot to ask that one!
- It was acknowledged that the farm out partner's role would have much broader scope than merely to co-finance the project.

- A question was asked about Socius ...and Rupert replying to the question whether he saw anything untoward in the structure or the nature of the investment he said no to as far as he knew.

- Throughout the presentation there was acknowledgment or implication as to how undervalued we are.

- Director share purchases were excluded for the time being as we're in a "closed period" until farm out is complete.

- Last not least and that may be a subjective comment but one of the key things I was looking for was to get reassured about the quality of management. As far as I could tell we are in good hands and in particular the reference is to the executives. The presentation was well balanced informative and BoD and especially Rupert Cole tried to answer questions as much as possible.

Off to enjoy more of Paris.

MHB

Xcite Energy announces its results for the 3 month period ended 31 March 2013.

Highlights
· Net loss in the current period of £1.7 million, arising primarily from unrealised foreign exchange losses on a strengthening US dollar over the 3 month period.

· Cash of £20.4 million as at 31 March 2013, of which £12.3 million was held in escrow relating to the Bentley Phase 1A work programme, with £11.6 million of the escrow amount having now been released.

· Effective 31 December 2012, upgrade in 1P, 2P and 3P oil reserves for the Bentley field to 198 MMstb, 250 MMstb and 312 MMstb, respectively, based on an initial 35 year production period, as announced on 8 April 2013.

· Success in the 27th UK Licensing Round provides new acreage to the Xcite Energy Resources Limited portfolio. Blocks 9/4a, 9/8b and 9/9h add four identified prospects to the future exploration and appraisal programmes in the wider Bentley area.

· A binding agreement has been entered into relating to the sale of certain technical well data for $15 million.

· Commencement of the Bentley field farm-out process with industry participants.

http://www.moneyam.com/action/news/showArticle?id=4597796

"Under the terms of the Agreement, XER will receive $15 million in respect of the well data and associated interpretation work. An additional payment of $1 million will be made to XER following certain regulatory milestones being achieved by the purchaser"

Well If it’s a card game someone has shown their hand and very interested in been a partner……….should open the door to a few more players with a bit of luck.

Again I think things are at a more advanced stage than they are letting on………the SP will determine this.

Another good blue day

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How can you follow this thread ? cannot see the point of leaving dots. Getting very frustrating!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Its a dot dot Dash...........it means some thing is brewing with XEL

More a dot marky . :-)) Perhaps that's the only key that works on his computer.


24 out of 24 of m's posts are a (. ) , not really worth the posting ? MVO

.

Thanks for that mnamreh. :-))

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..,

thank u for pointing that out

Is there not at least a gap between Bressay and Bentley field of about 18 months between them been developed ? ..,

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..,

Would be nice to see what you have typed as been away all weekend and just logged on.

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http://oilbarrel.com/news/xcite-energy-tantalises-shareholders-as-it-sells-bentley-well-data-for-us-15-million

May 28, 2013

Xcite Energy Tantalises Shareholders As It Sells Bentley Well Data For US$15 Million



Xcite Energy surprised – in a good way – its followers last week when the AIM-quoted company announced the sale of a package of technical well data for US$15 million. This is an unusual move but then £300 million market cap Xcite has prided itself on thinking outside the box when it comes to its 100 per cent owned Bentley heavy oilfield in the North Sea.


The confidential deal covers technical data for the Bentley 9/03b-6, 6Z well and the 9/03b-7 and 7Z extended pre-production well test plus associated interpretation work. Xcite will receive an additional payment of US$1 million when the buyer passes certain regulatory milestones.

This is good news for Xcite, adding up to US$16 million to the coffers. The company ended Q1 with cash of £20.4 million, of which £12.3 million was held in escrow for the Bentley Phase 1A work programme; £11.6 million of this has now been released.

The data sale also underscores the technical credibility of Xcite's work on the Bentley field, signalling that the work has value to other operators. And while there is no information as to the identity of the mystery buyer, investors are obviously speculating that the deal signals some very real interest in the project or possibly the company itself.Xcite CEO Rupert Cole said the deal was “complementary” to the farm-out process that recently got underway, a statement that had industry watchers scratching their heads as companies engaged in the farm-out would surely have had access to this data in the data room as part of the due diligence.

“This has been done without compromising the company's intellectual property and is a good commercial outcome that provides additional working capital," said Cole.

Bentley is a major asset. It was discovered in 1977 by Amoco and is one of the largest undeveloped oilfields in the North Sea. The Bentley field may be heavy oil – between 10 and 12 degree API – but it's a quality reservoir, with oil saturations of more than 90 per cent and high porosity and permeability. Xcite has now drilled three wells into the field – that makes seven altogether when adding in wells already sunk by former operators Amoco and Conoco – and its work has successfully derisked this heavy oilfield, demonstrating it is capable of flowing at commercial rates and firming up 1P reserves of 198 million barrels, 2P reserves of 250 million barrels and 3P reserves of 312 million barrels.

It hasn't all been good news, however. The stock was the darling of the small cap markets, surging more than 700 per cent in 2010, but was dented following a conservative reserves report of 2011 and an FDP knock back by DECC. To restore confidence – and secure a US$155 million reserves-based lending facility - Xcite ran a pre-production test, known was known as Phase 1A, with the well exceeding management expectations. Water breakthrough was better than expected – a key indicator in heavy oil economics – and around 149,000 barrels of oil plus diluent were successfully sold to BP, raising £13.3 million. Importantly, the company now has a better understanding of how oil, gas and water move through the reservoir to help optimise the field development plan.

This, however, is still a long way short of being what most investors consider a developed oilfield. Phase 1B, involving a 15-well template, is the next key milestone and a farm-down is necessary to shoulder the development costs. This will be a key benchmark of how the industry values this project. Bulletin boards are alive with chatter, however, that the company will be acquired before then, with Norwegian oil giant Statoil tipped as the most likely candidate given that it is already signed up for the US$7 billion development of the 250 million barrel Mariner heavy oilfield.

Indeed, industry watchers suspect Statoil could be the mystery buyer of the Bentley well data – after all, £15 million is relatively small change to the Norwegian giant – signalling its potential interest either in a farm-in or corporate transaction. For its part, Xcite is playing its cards close to its chest but once again the AIM company has won plaudits for extracting cash from industry before a deal has even been inked.

.

Cancellation of Rowan Rig Option



Xcite Energy announces that its 100% subsidiary, Xcite Energy Resources Limited ("XER"), has cancelled its option for a jack-up drilling unit from British American Offshore Limited, a subsidiary of Rowan Companies, Inc. The rig contract was initially entered into in February 2011 and subsequently amended in February 2012 ahead of the pre-production extended well test on the Bentley field, which was completed in September 2012.



Following the extended well test, which has led to the significant increase in reserves and updated field development plan, the Company no longer believes the terms and structure of the rig option to be appropriate for its commercial objectives.



XER has been in constructive dialogue with other drilling rig providers to develop alternative commercial solutions, which potentially would deliver better strategic alignment and fit for purpose structures to reflect the amended Bentley field development programme. Consequently, Expressions of Interest have now been issued to a number of drilling rig providers to formally develop an optimised drilling solution for the Bentley field.



Rupert Cole, CEO of Xcite Energy, commented:



"We are grateful for the provision of the Rowan Norway and the associated drilling support during the successful extended well test last year. The amendments to the Bentley field development plan have given us the opportunity to construct a more commercially attractive and longer term approach to drilling up the field, and we are encouraged by the alternative structures that the industry has to offer. We look forward to updating the market in due course on the outcome of this initiative, which could further enhance the economics of the Bentley field development."

Completing; forming a complement.
(of two or more different things) Combining in such a way as to enhance or emphasize each other's qualities.

Xcite Energy is pleased to announce that its 100% subsidiary, Xcite Energy Resources Limited ("XER"), has entered into a non-exclusive, confidential, binding sale and purchase agreement ("Agreement") for certain technical data in respect of the Bentley 9/03b-6, 6Z well, and the recently concluded 9/03b-7 and 7Z extended pre-production well test.

Under the terms of the Agreement, XER will receive $15 million in respect of the well data and associated interpretation work. An additional payment of $1 million will be made to XER following certain regulatory milestones being achieved by the purchaser.

Rupert Cole, CEO of Xcite Energy, commented:

"We are very pleased to have completed this agreement, which is complementary to the recently commenced farm-out process....."

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looks like she is starting to blow at long last

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Or to put it another way?

-./---/-.-.

..-./---

.-../---/.-..

Taken from iii

Statoil are progressing with two major North Sea heavy oil projects involving a spending commitment of at least £12.5 billion with Bressay costing about £5.5 billion and Mariner £7 billion. In fact the UK government reported last summer that over the next 45 years Statoil would be spending around £18 billion on these two heavy oil projects alone.

However, in my opinion, this massive spending commitment could be revised quite dramatically in the downward direction if they succeed in incorporating a technology/IP methodology which is currently in the closely guarded possession of one of their neighbours – no prizes for correctly guessing who that would be. I will try and expand on this toward the end of this post.

Please allow me first of all to elaborate on Statoil’s Mariner plan and accept my apologies if it becomes a bit technical – bear with it if you can.

Mariner is approximately twice the size of Xcite’s Bentley field in terms of oil in place with nearly 2 billion barrels from two relatively shallow reservoirs (Maureen formation & Heimdal sandstones of the Lista formation) of which approximately something like 300 to 500 million is expected to be recovered while the Bressay field has a further 200 to 300 million barrels of recoverable oil. Bentley competes well with these two fields having recently reported 250 million barrels of 2P reserves. Take note that all of the reserves figures I’ve quoted here are before taking in to account of EOR techniques. The Bentley figure also doesn’t take account of the oil in its outlying fields.

Last December, Statoil announced awards of the EPC contracts to Daewoo and Dragados for the PDQ (Production & Drilling with Quarters) platform topsides and steel jacket respectively for the Mariner field and similarly for the Bressay field in February this year. The Mariner PDQ is scheduled for delivery to the field by January 2016 with production for 2017 while Bressay is a year behind with delivery of the PDQ by early 2017 and production in 2018.

The method which Statoil intend to use to extract the viscous ultra heavy oil from the Mariner field will involve drilling lots of horizontals in relative proximity to each other and re-injecting copious quantities of the produced water (something like 250,000 bbls/day) in order to maintain a targeted 55,000 to 75,000 bbls/day of oil production. The PDQ platform will feature 50 well slots and tie in to a circular shaped floating storage unit (FSU) which will be used to store up to 1 million barrels (75% crude, 25% diluents) of oil. The FSU will have the ability to export 20,000 barrels of diluents to the PDQ platform to mix with the heavy crude and will also have the ability to receive 80,000 barrels of the mixed crude from the PDQ for eventual forwarding on to a shuttle tanker.

The produced well fluids will be separated into oil and water on the PDQ with the water being re-injected back into the reservoir in order to maintain the required pressure to lift the oil. In a 2011 Statoil presentation it was indicated that the Maureen formation they plan to utilise 16 producers and 6 water injection wells while the much more viscous Heimdal formation will require 44 dual multi laterals, 3 producers and 32 water injection wells. The Bressay PDQ will have something like 30 well slots and utilise 25 producer wells.

So, Statoil are going to be drilling a massive number of wells from the Mariner and Bressay fields in order to get them to produce. They’re also going to be re-injecting an awful lot of water to help maintain the production over time which requires a lot of energy. Both the capital investments required and operational costs are significantly high. Hold this thought about the high costs involved while I now elaborate on what Xcite are doing.

Since Xcite announced their recent major upward revision of reserves of the Bentley field they have revised the field development concept from a 3 phase development (requiring 3 platforms) and costing an initial $320million investment to a 2 phase development (requiring 2 platforms) costing initial $699million investment. The earlier concept would have produced 15,000 barrels/day in phase 1B while the first phase of the revised concept will produce up to 45,000 bbls/day.

Xcite have cancelled the Rowan jack-up rig contract and are now proceeding in developing an optimised drilling rig solution utilising a Production, Utilities & Quarters (PUQ) platform. The first phase PUQ will have 20 well slots. There will be 18 producers each with up to 4 or 5 laterals each, two subsea gas production wells and one subsea water injection well for the South East Bentley area. The first phase will also include an extension phase which will include 2 more producers and 2 water injection wells. For the second phase, a further 20 well slot PUQ platform is planned with 8 producers and 3 water injection wells with the remaining well slots reserved for later EOR wells.

Bearing in mind that Bentley oil is more viscous than Mariner and slightly more viscous than Bressay, to my mind, the number of wells required and especially the number of water injection wells required on Bentley seems considerably less than what is required on Mariner & Bressay. How is this so? That must be a question running through the minds of other majors. This would be one very good reason why a company like Statoil might be very interested in seeing Xcite’s EWT data and to even want to pay a significant sum ahead of a dataroom process suggests a sense of urgency to see this data. It may not give away the secret of how it’s done but it will at least show the proof it can be done. Xcite have demonstrated with Bentley that it is possible to lift heavy oil of just 10 degrees API and for what seems to be a significant fraction of the costs of their competitors. I appreciate that Bentley may have some superior oil qualities including possibly a better aquifer over the Mariner or Bressay fields however I would suspect these advantages alone are not sufficient to explain the reduced number of wells and minimal water re-injection proposed on Bentley in comparison to Mariner or Bressay.

The Rowan rig cancellation raises an interesting question. Xcite are now forecasting first oil in late 2015 on the assumption funding and FDP is all in place by 3Q of this year. Either they are confident they can independently source a suitable PUQ platform and have it ready for installation in 2015 or they’re relying on a deal with an industry partner where the partner already has a suitable rig to put in place for then.

This latter possibility brings me back to Statoil. As I already mentioned earlier they already have two PDQ rigs planned for construction, the Mariner rig for 2016 delivery and the Bressay rig for 2017 delivery. Is it conceivable that they could do a quick adaptation of the Bressay/Mariner rig designs, to produce a suitable modification and place an order with the existing EPC contractors for an additional rig and put the modified design ahead of the queue for use on the Bentley field? This could be a feasible scenario if Statoil have everything to gain by partnering with Xcite and acquiring some significant stake in or outright purchase of Bentley and assumes that there is significant benefit in utilising Xcite’s IP methodology on Mariner & Bressay. Statoil’s partners for Mariner & Bressay (Shell, ENI, OMV & Nautical) would also stand to benefit from the potentially massive cost savings and therefore would quite possibly willingly approve such radical changes to the development plans on Mariner & Bressay.

At the last quarterly results Statoil (current market capital approx £37 billion) reported £7 billion cash/cash equivalents, nearly £13 billion debt, and net debt to capital employed ratio of 13%, with adjusted net earnings of £4.6 billion against revenues of 17.7 billion. To my amateurish eyes this looks like a good state of financial health. I believe the involvement of Statoil in a farm in of Bentley is a likely prospect while a full takeover Xcite or 100% acquisition of the Bentley field by Statoil is also not out of the question.

My main point is that access to Xcite’s IP methodology for lifting heavy oil may be key in providing an opportunity to save not just £millions but hundreds of £millions if not even £billions on their existing heavy oil projects not to mention the savings on future heavy oil projects. A Society of Petroleum Engineers paper reported that there’s an estimated 9 billion barrels of heavy oil in place still to be unlocked in the North Sea alone. To think that Statoil would pass off on an opportunity like this would be madness.

There is of course plenty of other potential competition for involvement in the Bentley farm in and ultimately I feel Xcite are likely to end up with several industry partners supporting the project. What proportion of Bentley Xcite will be give away is impossible to predict but I believe any of Statoil’s partners in Mariner & Bressay are likely to express an interest to farming in to Bentley (with or without Statoil) not to mention other industry players with nearby interests such as Enquest or BP and Total etc.

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http://www.investegate.co.uk/xcite-energy-limited--xel-/rns/memorandum-of-understanding-with-amec/201306120700048127G/



Memorandum of Understanding with AMEC



Xcite Energy announces that its 100% subsidiary, Xcite Energy Resources Limited ("XER"), has entered into a Memorandum of Understanding ("MOU") with AMEC Group Limited ("AMEC") setting out commercial principles for future cooperation to support the development of the Bentley Field.



XER and AMEC will shortly commence a front-end engineering and design (FEED) programme, during which the terms for a wider services agreement are expected to be formulated to include project and programme management and controls, further detailed engineering and design, fabrication management, sub-contractor management, hook-up and commissioning, operations and maintenance planning and system build, and Duty Holder services.



XER and AMEC intend to build on the already agreed MOU principles to optimise the commercial benefits for all stakeholders and provide a strong foundation for the life-of-field technical and operational solutions.



Rupert Cole, CEO of Xcite Energy, commented:



"We are very pleased to have developed our existing relationship with AMEC to create the basis for these commercial arrangements. I believe that AMEC's expertise and track record in delivering major UKCS offshore and heavy oil projects will complement the Company's own skillset to deliver a best in class development programme. This is another industry confirmation of Bentley as one of the largest development-ready North Sea fields and provides further, complementary support to the current farm-out process as we progress towards development."

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mnamreh it needs more than Bollinger bands tightening it need a rocket up its arse.

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Is this the spirit of posting, keep leaving blanks ?

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He's a complete moron who spends more time deleting than posting.,.

no i don't .... that's an outrageous calumny!

I don't believe that was aimed at you, though it reveals a certain guilty conscience underneath that cynical exterior! ;o)

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43 of your posts been blanked and no doubt 44 soon. 192 won't be.

An explanation of why all your posts keep being blanked, would be appreciated.







.mnamreh - 27 Jul 2013 11:02 -


192 of 192
Name calling BB, really?

Next you'll be thinking of words like 'infantile' and 'oaf'.

I wonder why that would be?

8>)

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mnamreh - 27 Jul 2013 18:36 - 194 of 194
dc

Most just contain 'throw-away' lines which add little, if anything new, to the thread.

Some posts have been directed to specific posters on LSE and ii and thus, after being read, are no longer necessary.

I am sure you would agree that the threads are easier to read if the only posts through which you have to wade are relevent and add something.

Most of mine add little. The impermanence and subsequent deletions should be the norm, given the quantity of nonsense abounding.

Just squelch me and voila!

Alternatively, take the intellectual and not-at-all unnecessarily overly-aggressive route, like Balerboy and Harrycat.

Mnam



I'm not aggressive and would not go down that route, each to their own. Every post you have made on here is blanked, so you say none of them are relevant to xel or other sites you blank. Most of the thread has become a one way conversation ending in your blanks,with 20% of the posts blanked. Nothing on the site links up. New investors looking in must wonder whats going on ? I also do not squelch posters, otherwise again what you are left with is a thread that is just non flowing sense, as to put it. Mopo, I think you would be more respected leaving your comments on the thread. End of, not for me to dictate to other posters.

mnamreh

I am out most of the day working down the mine it would be nice to read what has been posted by you than look at dots when I get a chance to go on computer.

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Cynic, behave! mnamreh, appologises just frustrated with the dots, like marky only read when able.

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think the word ends in an "n" .,.

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:)

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;)

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mnamreh that should baffle Cynic for a while

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OK Carla1, come out with your hands up, we know you are in here

.

Results for 3 & 6 Month Periods Ended 30 June 2013

http://www.moneyam.com/action/news/showArticle?id=4655608

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Buy

Xcite Energy

Snap up shares in Xcite Energy, Liberum Capital advises. The broker thinks its Bentley oilfield is on cusp of development and “discussions with potential farm-out partners and lending banks are ongoing”. They rate it a buy with a 340p price target for shares that are 104.5p.




http://www.independent.co.uk/news/business/sharewatch/market-report-investors-ditch-afren-over-lion-sale-8783157.html

Xcite Energy Turns a Huge Profit During First Six Months of 2013
August 26th, 2013

http://www.electric.co.uk/news/

The London Evening Standard - BUY

Xcite Energy

Snap up shares in Xcite Energy, Liberum Capital advises. The broker thinks its Bentley oilfield is on the cusp of development and “discussions with potential farm-out partners and lending banks are ongoing”. It gives shares, which at present are about 103p a pop, a 340p target





http://www.standard.co.uk/business/markets/market-roundup-footsie-on-retreat-but-upbeat-petrofac-claws-back-ground-8785846.html

sp getting a little excited this morning for no clear reason except perhaps delayed reaction to above old news .... volume is good but not massive

Just nice to see the SP move Cynic

Graph looking canny, interesting what happens today if new uptrend

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Can't hear it in these neck of the woods. Turn up the volume. lol

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mnamreh, To me Sounds like a slip up. The company has issued no rns.

And no sp movement.

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With an rns may have been nearer 150p today.

About time something came about to XCITE us, well nearly. lol

Interesting post on other forums looks like first possible farm out leak, info now removed from consultants cv could be fireworks monday ?? DYOR

More a box of damp sparklers and wet matches. :-))

.

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mnamreh I thought you agreed that you would stop deleting posts ?

I for one would like to read them.



Looking a bearish chart at moment

Looking to good so bought a few at 116.75

Its in breakout

Interesting in Shares this week in short Broker Liberum Capital carries estimated NAVs for Xcite of 340p respectively. So a deal at the same level as the Bridge bid would infer take -out price of 323p.

I had hoped for more. My holding is at 5000 @150p

what takeover? ..... all pie in the sky

Far from pie in the sky.

That's one choice the company has . Mvo I do not think the current directors will take this to production. This will need $700m and will need a partner with huge pockets.
Good to hear other views.

Why would a company pay $15 million for the well data, can they not see this if they were to become a farm in partner? I still think this will be taken out.

possibly, but don't bank on it

Only my thoughts. Any others.

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my totally uneducated guess is that, should there be a takeover at some point in the future, £2.00 would be the max

any logic to that?
no, but just what i think to be a realistic guess

Ticking away slow but canny

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Good volume today also nice tick up

A years high also chart looking very good

but does it actually signify anything?
the supreme optimists might like to imagine that a game-breaking announcement in on its way

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of course i do .... words failed me :-)

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Its finding it hard breaking the resistance of £ 1.25P so knocking on door again, canny gap up if breaks

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knocking at the door again with poor volume

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mnamreh - 29 Sep 2013 09:26 - 256 of 256
Type V. Fore-Arc Basins
Fore-arc basins are located on the ocean side of volcanic arcs. They result from both extension and compression, are elongate and asymmetrical in profile, and architecturally are the result of subduction. Fore-arc basins are few in number and generally not very productive (Klemme, 1980a, 1980b).
Very small amounts of heavy oil are found in the Barbados basin. Although a natural bitumen deposit is reported in the Shumagin basin, volume estimates are not available.

Essentially no heavy oil or natural bitumen is found in fore-arc basins because these basins do not generate large quantities of petroleum of any type and therefore provide relatively little material to be degraded.

http://pubs.usgs.gov/of/2007/1084/OF2007-1084v1.pdf

All the way back to £1 mark then ready for the bounce back up

Well worth a read to get up to speed


http://contrarianinvestoruk.squarespace.com/posts/2013/10/12/my-old-favourite-xcite-energycan-they-finally-deliver.html

My old favorite Xcite Energy....can they finally deliver

2nd chart.

http://goo.gl/7Gtf5L

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great! come in on an evening to catch up and hermans hermits is still at it.

good heavens! the emu's out of hibernation .... must be late spring in oz! .... how are you keeping old bean?

I'm still here keeping an eye on you buddy, just been a bit busy lately. Not a lot going on in my portfolio at the mo.... very boring. Hope your well, booked into the woollie this xmas?

indeed .... back there as usual but haven't worked out excat date we'll go down yet

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Taken from iii

Enquest and the Kraken hit the newswires recently as they got FDP approval. The big story run by the media was that it would generate 1000's of jobs. And bring in valuable tax rev. Not surprisingly the UK gov are happy.

And yesterday we heard that Statoil were 'parking' their bressay plans. This will undoubtedly be a blow to the UK gov/DeCC and any job creations that were pen'd in for this development and then there's the lost tax revenue.

This story is fresh and not surprisingly the media have not sniffed it out as yet.

But the undercurrent to all of this is of course XEL's Bentley licence.

This is double the size of Kraken and should attract the headlines of the year in the E&P sector and the general media when or IF a deal is announced.

With Mariner, Kraken and potentially a JV FDP or wholly owned statoil fdp on Bentley and Bressay - the heavy oil sector could see close to 1bln recoverable under development. That's serious production!

Statoil's move to park Bressay could mean several things (for balance).

1. The EWT data has forced them to rethink their recovery techniques/number of wells required for optimum ROI production numbers. Hence they need to draw up new plans.

2. An accountant at Statoil has run the numbers and informed the project manager of Bressay that they can save XX on Bressay if they farm into Bentley and combine several obvious huns and infrastructure.

3. They have parked Bressay until they agree terms with XEL on potential collaboration agreement which sees an entirely new more efficient phased FDP plan that mingles 1st stage Bentley with possibly a second stage Bressay.

4. They plan to buyout XEL lock stock and barrel and then resubmit a jointly run FDP with bressay and hence benefit from over $800mln+ of tax losses in first phase.

It could be none of the above but as I said a while ago, XEL's real value was in their ability to get the commercial / economics of Bentley working so well via EOR and data.

Statoil are no spring chickens and yet it looks like XEL have taught them a trick or two.

Tricks that have Statoil shelving Bressay and surely looking for a more knowledgeable way forwards with not only Bressay but also Mariner.

And they got all that for just 15mln! Nah.. me thinks XEL have saved some data for later! The type of data that Statoil really want but will have to pay a large chunk for.

There's no way XEL would reveal all their secrets for 15mln.

The question in all this (and consider the impact of the recent Kraken news) is how involved are DECC. What promises have they made to Statoil and if any to XEL? They are a very key part of this potential deal and naturally would like to see job creation and revenue from Bressay and Bentley.

Two is better than just one to her majesty.

HUB

Things seem to be squaring up quite nicely here.,.

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market clearly totally unimpressed by the latest numbers
they must have been pretty nasty as I see sp is -15%

StockMarketWire.com
Xcite Energy hiked its 9-month net profit to £9.6m, from a profit of £0.9m a year earlier. Revenue was nil in both periods. It was in talks with potential farm-out partners and lending banks.

"It has been a very busy and successful 12 months for Xcite, in which we have appraised a major, strategic asset and delivered clear value for Xcite, as well for others in the industry," said CEO Rupert Cole in a statement.

"We are now engaging, through data sharing and a collaborative approach, in the process of finding a suitable and robust partner for the Bentley development," he added.

"We have an understanding of the key investment drivers for Bentley and will continue to work diligently towards delivering a result to create value for all parties."

Another share I will be glad to get my money back on, seem to have cash locked in this for ages, with little movement of the sp. Out of oil shares after this one. Just beginning to wonder what return share holders will eventually get ?



MARKET REPORT: Impatient punters pile out of Xcite Energy over project delays

By Geoff Foster

PUBLISHED: 22:00, 29 November 2013 | UPDATED: 22:00, 29 November 2013

Impatient punters first thing piled out of Xcite Energy and you couldn’t really blame them.


The speculative North Sea-focused oil explorer said yet again that talks with potential farm-out partners and lenders are still ongoing regarding its flagship project, the Bentley oil field.


They had been told exactly the same thing back in August. The shares were sold down to 91.5p before closing 8.5p or nearly 8 per cent lower at 102p. Xcite has current interests in six blocks in the North Sea but is mainly focused on bringing the Bentley field, in which it has 100 per cent ownership, into commercial production.



A computerised display of the FTSE 100 index

To many City dealers it does appear that the heavy oil project has seemingly been on the cusp of development for a considerable time. It has led to sporadic bouts of speculation in recent months that a bigger industry player would soon swallow Xcite to just get its hands on the Bentley field.


Fingers were pointed at Statoil after it received approval from the Government for its plans for a £4.7bn investment to develop the largest new offshore development in Britain’s sector of the North Sea.


Earlier this year Xcite announced an increase in reserves at Bentley. It forecast a peak production rate of 45,000 stock tank barrels per day in the first phase of development, rising to 57,000 in the second phase.


Xcite also reported yesterday that it earned net profit of £0.9m during the three months to end-September, compared with a loss of £0.6m during the same period last year.


It has now made £9.6m net profit over the first nine months of 2013, mainly due to the £8.3m earned from the sale of technical data to a third party.


Read more: http://www.dailymail.co.uk/money/markets/article-2515702/MARKET-REPORT-Impatient-punters-pile-Xcite-Energy.html#ixzz2m7WRDFaA
Follow us: @MailOnline on Twitter | DailyMail on Facebook

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dreamcatcher - 27 Apr 2013 18:02 - 143 of 272 edit this post

Malcolm Graham-Wood, analyst at VSA Capital, advises investors to buy when the shares hit 80p for a “very substantial long-term upside”.


Not far out was he ? Dropped to 92p yesterday.

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sp above 100p once again.....when's the bid coming ?...

after i'm dead and maybe you too :-)

Forgot I had these. lol zzzzzzzzzzzz

I'm stuck in these...and can't bring myself into selling at a loss...

Join the club.

RF.... where you been, your very quiet these days. Must admit even I don't have much to shout about at the mo.....just high hopes on some and desperate hopes on others...lol
Happy new year to you anyway.,.

Happy new year Balerboy...been busy sorting out my life.....can't explain on here.....very little time last year...

Hope to see you making money on here this year then.,.

Me too....my portfolio might just be on the turn....check out NBU.....one of EK's...new factory...plus a divi...£45 million cap....anyway....this year I reckon is going to be better than the last few years...

I reckon you have taken a few years out to spend your RKH profits, rf! Good to see you back, though don't think XEL is in quite the same position.....bit of a slow burner! ;o)

Hi there Harrycat !....XEL needs a partner...Statoil (Norway's state oil company might be a good suitor)...

Up a few pennies again...oil and gas sector doing a bit better now overall.......

forget Statoil ..... that'll almost certainly never happen as the approval process in norway will be very long and convoluted

Centrica then ...

i wouldn't be fussed even if it was PMG!

One is gas mainly...the other heavy crude....one southern northsea...the other on the border with norwegian waters...but who knows...?...oil and gas developments nowadays is as much as with finance in the city as the actual extraction and production...

i was joking .... PMG don't remotely have the clout

Too busy with their own discoveries...

Whooooaaaa.....steady now...a 2% rise today.....phew !......getting overexcited here....

">

Looking tasty now at this SP 85p.

it's about as tasty as a spoonful of the jollop they've found

this company is smelling like week-old fish
it has failed to perform for far too long, delivering just empty promises

anyone else's patience running out? Many still in this and hoping to someday get the seemingly great potential value?

Salvation might come in the form of an offer/JV from Tom Cross of Parkmead. If XEL's assets are worth anything, he's probably the man to have an eye for a bargain.

Can't believe the way the sp has dropped....I've noticed that XEL, PVR, and RKH are having trouble bringing into production great reserves in the ground...

So...are we having a great farmin'...or a great farmout ?.......to put in the way Smashie and Nicie might put it !...

Week old fish is how I like to describe my portfolio......can't seem to get anything right any longer...

i know the feeling well .... thought it was just me being out of form
as for PMG, they're not so hot either!

The worst share I have ever bought.

Hey marky.....still down that mine?? this is going like rockhopper......down hill fast.,.

Been buying RKH

i bought some more here as it seemed to have bottomed out, nicely in profit and reckon this will climb back to 90p.,.

next floor haberdashery....... going up.,.

He was right.


dreamcatcher - 27 Apr 2013 18:02 - 143 of 306

Malcolm Graham-Wood, analyst at VSA Capital, advises investors to buy when the shares hit 80p for a “very substantial long-term upside”.



markymar - 29 Apr 2013 08:01 - 144 of 306

Some of these analyst talk rubbish

there shouting BUY £2.60 target price and now this clown is talking 80p

just a minor dip, back up tomorrow.,.

Mine are sitting at £1.50 :-((

same for me, but will trade last little batch i bought.,.

Not averaging down. Just wonder why Statoil are holding off ?

Well done on the rise Bb.

Found by Chappi
Are we starting to move

SPD currently have a requirement for a Wells Project Manager to lead its Wells Team in supporting Xcite Energy in delivering its prestigious Bentley Development.

This role will be based in Xcite’s office leading the SPD team delivering all Well Engineering aspects of this very large, complex, multi, well offshore development. You will be a highly experienced individual capable of leading and integrating the wells project team and have at least 5 years’ experience in the role of Wells Team lead / Drilling manager as well as significant prior experience in well design, planning and operational execution.

You will have a strong track record in successfully managing multi-disciplinary teams in delivering offshore developments ideally in the UKCS, from the concept through to execution and review. A key requirement is your ability to maintain excellent working relationships with client personnel, vendor personnel and with the wider SPD support groups while delivering this complex wells project.

http://www.spdltd.com/vac/713/wells-project-manager/

P.S Notice the "part of the Petrofac Group" in the bottom right corner:)

MOU with Teekay Shipping

RNS Number : 1837E

Xcite Energy Limited

07 April 2014



Xcite Energy Limited

("Xcite Energy" or the "Company"

MOU with Teekay Shipping



Xcite Energy announces that its 100% subsidiary, Xcite Energy Resources Limited ("XER"), has entered into a Memorandum of Understanding ("MOU") with Teekay Shipping Norway AS ("Teekay"), which sets out the principles of co-operation for the supply of a bridge linked Sevan floating storage and offloading ("FSO") facility for the life of the Bentley field.

XER and Teekay intend to work together on an exclusive basis during the project, from front end engineering through fabrication, hook up and onwards into production operations and maintenance.

XER believes that the bridge linked Sevan FSO offers a number of significant benefits to the overall Bentley field development concept, including available deck space to locate utilities on either the platform or FSO. In addition, XER believes that there would be reduced flow assurance risk, due to the removal of subsea pipelines and minimised motion characteristics to aid reservoir fluid dehydration.



Rupert Cole, CEO of Xcite Energy, commented:



"We are very pleased to be joined by Teekay as a partner in the development group, following on from their important role in the successful Bentley extended well test. Building on this relationship as we progress Bentley towards production, we believe will deliver the Sevan FSO as a vital component of the Bentley field development plan."

Blimey....the dragon has been awoken .....

Lets hope so.,.

Buyers back in so jumped on bandwagon for ride.

http://www.iii.co.uk/articles/164117/xcite-set-bidding-war

A collaboration agreement between a subsidiary of Xcite Energy (XEL), Royal Dutch Shell (RDSB) and Statoil (STO) has prompted rumours of a takeover.

The market reacted positively to the news and Xcite's share price rose by over 16% in morning trading to 74.25p with a spread of 0.75p. The group has a market capitalisation of £185 million and was the best performer in the AIM 100 index, which was down in morning trading.

Xcite Energy Resources (XER) and the two leading oil and gas companies will share field-specific information for the evaluation of collaborations between the Bentley and Bressay fields. The trio will work towards using common infrastructure, assets and operational solutions in the fields' development.

The Bentley field is 100% owned by XER. Statoil has a 81.625% working interest in the Bressay field and Shell holds the remaining stake.

Chief executive Rupert Cole said: "We are pleased to continue to work with Statoil and Shell in this important initiative and, following their purchase of the Bentley EWT data in 2013, believe that it demonstrates the value that independent oil companies can bring to the North Sea to unlock major energy assets.

"We also believe that the principles contained in this Collaboration Agreement complement the recent UK Government commissioned report, 'UKCS Maximising Recovery Review' by Sir Ian Wood, and will provide an important early framework through which additional value can be captured in area development scenarios."

Investor view

The majority of users on the Interactive Investor discussion board were pleased with Tuesday's update, with some saying it indicated interest in a potential takeover.

'Bigbootsss' said: "Not only did Statoil buy the data, so did Shell. So two biggies toying for the asset. Will they work together or will this eventually end up in a bidding war for XEL? Either way this is a massive announcement and a win-win for XEL and their shareholders."

'RedDragon3' thought the update signalled a cheap acquisition of assets. The user said: "So the move to acquire Xcite's assets as cheaply as possible continues apace. Shell and Statoil will not be doing this for nothing. Ask yourself who is in the strongest bargaining position, the people who own the safe, or the people who have the combination and the means to open it."

However, 'wahlburg' said: "Rubbish. If they wanted to acquire XEL as quickly as possible the time would be now. XEL have 'the combination and the means to open it' as demonstrated by the data sale."

Rating Xcite 'buy', 'ArtemisSA' commented: "Another good news story again this morning. Could Xcite be about to live up to its name? Someone said on here recently that the supermajors wouldn't have any interest in Xcite. I don't believe that for a minute. Statoil have always been in the wings. As the large oils increasingly struggle with their CAPEX, maybe little ol' Xcite has something useful to teach them. As for the 'worked-out' North Sea, the LSE:BP.:BP chief for North America at the OTC in Houston yesterday named the North Sea as one of the company's four most important areas globally."

Also dismissing cheap asset buying, 'BigBootsss' added: "It is clear that Rupert is playing hard ball here. Will not sell the asset on the cheap, he knows what it is worth, more importantly is that Statoil AND Shell know how important and how good this asset is, so what Rupert is doing is getting into bed with two majors but will only get out when the right number is put in front of him. Ask yourself why would Statoil and Shell link up with such a minnow if there was not an end game here? Take out by both or either, either way this is massive for XEL shareholders."

Bentley field

Drawing attention to the timeline of the Bentley field, 'rollthediceagain' said: "XEL quantified the asset years ago so when are they actually going to monetise it by actually producing anything? It's fine getting in bed with all these big names but why's it taken so long and what's the timeline to production."

'Palspurs' replied: "Wait for developments. This confirmation is the first concrete step to production. Hopefully this process will move apace - note the reference to the Wood report. We are going to production - it's now a matter of time as the process and stages to production are ticked off - yipee indeed and at last."

Now the collaboration had been agreed, 'Tomthebomb' thought the timeline would now speed up. "If anyone was ever worried about holding XEL it should have changed now. We are now operators with a 100% interest in a 256 metre 2P field including memorandum of understandings with TEEKAY (TK), AMEC (AMEC) and ARUP. We have sold 150,000 barrels to BP for $100 per barrel (p/b). We now also have an agreement in place with Statoil and Shell.

"Development of Bentley will be fast tracked now in my opinion. We should also get information with regards to reserve-based lending soon. A takeover is looking even more likely now. I want the board of directors to make sure they have drilled at least one in Blackbeard before selling up though. We have potentially another Bentley there. $15-20 p/b x 2..."

Of the market's reaction to the update, 'Ranger gb' said: "This should fly, we should easily be at 120p in short term based on this great news not 70p.

However, some users were not convinced by the news. 'Middler2' said: "I wish I could be as confident. The RNS said virtually nothing. What does collaboration mean? And why Shell? If BP or Statoil thought it was that good, why not say they will provide the finance and infrastructure and let XEL lead with their understanding of the field? I am afraid I don't even see it as a holding RNS and I really want to. XEL is my biggest holding."

'Wahlburg' reminded the user: "Why Shell? Because they have an 18.375% interest in Bressay."

Looks positive this afternoon after the 1/3 profit taking on reaching 73p the bounce was on as buyers and Level 2 signaling the turning

the depth in orders on the Level 2 is 35 v 21
bought some at 75.20p

it would be very nice if this rise proves sustainable instead of just a few lemmings getting on board on the basis of a weakly rumoured t/o

Supper finish, and though it was tough as it was reaching 80p, once it did go through it went up fast
with spread of 81.75 v 82p and the UT at 82p

In London was up by 28.63%, but back in Canada finished up by 35.55%

XEL Xcite enegi 82p - 28.63%

Yesterday 1.125c
today 1.525c - 35.55%

Volume and buyers back in....those adverts piss me off!!!

no volume = no notice or impact

=============

for my sins, i've held these for ages at one level or another, and on balance i'm probably well out of pocket

i now cannot make up my mind whether this is just lemming-momentum or something of substance, though i'm very happy to see a bit of paper dosh returning to the coffers

After this sudden burst into life....I fear that the sp might trickle back down again as there are very few rns's from this company.....and Bentley is taking ages to get going so....still nice to some rise ....

The spike on share price continues this morning with AUCTION on the way as it rises too fast.

another 10p up so far and looking good

back in profit soon.,.

Is Xcite set for a bidding war?
By Harriet Mann | Tue, 6th May 2014 - 13:06

A collaboration agreement between a subsidiary of Xcite Energy (XEL), Royal Dutch Shell (RDSB) and Statoil (STO) has prompted rumours of a takeover.

The market reacted positively to the news and Xcite's share price rose by over 16% in morning trading to 74.25p with a spread of 0.75p. The group has a market capitalisation of £185 million and was the best performer in the AIM 100 index, which was down in morning trading.

Xcite Energy Resources (XER) and the two leading oil and gas companies will share field-specific information for the evaluation of collaborations between the Bentley and Bressay fields. The trio will work towards using common infrastructure, assets and operational solutions in the fields' development.

The Bentley field is 100% owned by XER. Statoil has a 81.625% working interest in the Bressay field and Shell holds the remaining stake.

Chief executive Rupert Cole said: "We are pleased to continue to work with Statoil and Shell in this important initiative and, following their purchase of the Bentley EWT data in 2013, believe that it demonstrates the value that independent oil companies can bring to the North Sea to unlock major energy assets.

"We also believe that the principles contained in this Collaboration Agreement complement the recent UK Government commissioned report, 'UKCS Maximising Recovery Review' by Sir Ian Wood, and will provide an important early framework through which additional value can be captured in area development scenarios."

How Much Lower Can Xcite Energy Limited Go?

By Rupert Hargreaves - Tuesday, 6 May, 2014 | See also: XEL
http://www.fool.co.uk/investing/2014/05/06/how-much-lower-can-xcite-energy-limited-go/

Xcite Energy (LSE: XEL) shareholders have every right to be disappointed in the company’s performance so far this year. Indeed, even after the company reported a stellar set of pre-production flow test results from its Bentley oil field at the end of last year, the oil minnow’s share price has gone nowhere but down during the past few months.

However, Xcite announced some great news this morning, revealing that the company had entered into a collaboration agreement with Statoil and Shell, allowing the parties to evaluate potential synergies between the Bentley and Bressay Fields. This agreement has opened up the possibility of a joint venture between Xcite, Shell and Statoil.

Still, the question remains, even after this good news, will Xcite’s shares push back to their 2011 high of 400p, or retest the 2010 low of 35p?

The bigger picture
oil rig

Unfortunately, Xcite is facing several headwinds going forward, none of which are under the company’s control.

For example, it is widely believed that Xcite is unlikely to receive any takeover or joint-venture offers to develop the Bentley field, until the Scottish referendum has taken place.

Further, the company is constrained by operating conditions within the North Sea. Specifically, ageing infrastructure, high tax liabilities and high costs are three factors driving oil companies away from the region.

Still, the recently released Wood Report, commissioned to establish the best way of extending the North Sea’s life and boosting the UK’s oil production, contains many recommendations that would make the region more attractive to investors.

Thankfully, the proposals put forward within the report are likely to be adopted after the outcome of the Scottish referendum; both the Scottish and UK governments have voiced their support for the reports proposals.

Additionally, Xcite’s management remains proactive and are doing everything possible to speed up the development of the Bentley field.

During the space of the last year alone, Xcite has signed an offtake agreement with BP, a memorandum of understanding with AMEC for the development of the Bentley field,another memorandum of understanding with Teekay Shipping for the provision of shipping services for Bentley field infrastructure, and as mentioned above, the collaboration agreement with Statoil and Shell.

But how much is Xcite worth?

Of course, the key question on everyone’s lips is how much is Xcite actually worth and are the company’s shares under, or overvalued at current levels?

My preferred method of valuing oil exploration companies like Xcite, is to compare the company’s PV-10 figure to its enterprise value.

The PV-10 ratio attempts to show us the future value of all of the hydrocarbon reserves held by the company, net of extraction expenses. Therefore, oil and gas companies trading below their PV-10 figure are often considered undervalued.

Xcite’s PV-10 value of proved and probable reserves stands at £4.5bn, after the deduction of tax this figure drops to £2.1bn, significantly above Xcite’s current enterprise value of around £250 million.

So, as Xcite is currently trading at a huge discount to the value of its oil reserves, it would appear that the company is seriously undervalued.


Risky business

Xcite appears undervalued at current levels, although one thing to remember is, that the oil business can make you rich but it can also make you poor. That's why the best investors build a portfolio with a combination of both risky oil companies and reliable dividend paying stocks, reducing risk and allowing you to sleep soundly at night.

To help you build your dividend portfolio, the Motley Fool's top analysts have put together this free report revealing the secrets on how you can "Create Dividends For Life".

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Rupert owns shares in XCITE ENERGY LIMITED.

The intraday shows the same as yesterday, once the profit taking / 50% retracement on the up again

looking good for another step up some big buys coming through now, but how far will she go, undervalued definitely............good to see rise

well mr panto, do you think this is a fundamental sea-change or just lemming-led stuff? ..... or aren't you fussed either way?

volume is certainly very heavy, for the average is only about 1.5m and already it's 4.5m

Its excite...ing

Plenty of MMs manipulation this afternoon, as many trades( all at the same time ) suddenly disappearing on the order book.

most likley they wanted some panic by the sellers to filled their books again for tomorrow

From today's Daily Telegraph:

"Xcite Energy 82p +18.25p
Questor says HOLD

INDEPENDENT North Sea developer Xcite Energy announced an agreement with oil majors Shell and Statoil that sent shares in the Aim-listed oil business up almost 29pc. If the data shows commercial production is possible then it could start a bidding war for the UK-listed oil minnow.

The successful development of the Bentley heavy oil field is critical to Xcite. The company doubled its estimates of the potential reserves there last year. However, the gap between large estimates of reserves and actually getting the black stuff out of the ground is very wide.

Xcite moved a step closer yesterday but getting the Bentley field into production is forecast to cost at least $700m (£416m) before the project turns profitable, which is expected towards the end of 2015. Xcite has some flexibility as regards its ability to finance itself, although it is seeking a partner to help it exploit the field.

An Xcite division and the two oil majors will share field-specific information for the evaluation of the field. The trio will work towards using common infrastructure, assets and operational solutions in the field’s development.
The Bentley field is 100pc owned by Xcite’s Energy Resources unit.

“We are pleased to continue to work with Statoil and Shell in this important initiative and, following their purchase of the Bentley data in 2013, believe that it demonstrates the value that independent oil companies can bring to the North Sea to unlock major energy assets,” said Rupert Cole, Xcite chief executive.

Xcite shares are certainly not for the faint-hearted, having traded in a wild range from lows of about 4p in late 2008 up to nearly 400p in early 2011. Questor thinks yesterday’s announcement removes some of the risk and those with a healthy appetite for the risk still remaining, and who can stomach some wild moves, could benefit if the data is positive.

Starting to get weak on the order book, with not much volume and mosly selling, so I did the same at 90.33p

lemmings exit left :-)

well I am still on bored, gut feeling it will be slightly down today or back in the blue, then take off again on Friday, neck on block.

plenty of volume today, only 200 more sells so all to play for

The company is worth 300p...perhaps more....I'm at a loss here but it's nice to have a rise.....long may it continue...not much news from this company that's the trouble....

i sold my balance at a far lesser loss than it was 7/10 days ago
however, that does not preclude me buying back in as i'm pretty sure we'll now see the lemmings getting out with no more news due any time soon

HOW LONG BEFORE OIL COMES OUT OF THE SEA BED, MONTHS/YEARS ?

dreamcatcher i was hoping more the company would be bought out, more buys than sells now so hoping blue before end of day.

I suppose you have to ask, why it has not been bought out to date marky. I suppose like many investors I never thought it was going to take so long and the sp declining over the last year. I hope it is bought out otherwise at this pace it will be years. So many of these small oils comps look good when they are researched but perform so poor for the run of the mill investor. I hope it does well.

I see they finished well down on the day at 84.625p and tomorrow is end of the week

also see "cynic" follow me though with a loss to my close to 20% profit in less than 2 days and did not have to pay for the stock.

that is life in the stock market of up and down, so this days the motto is: any good profit take it before is too late and if any reverse cut your loses, otherwise could be a long wait for the share bounce back.

panto - before you start on one of your very silly and offensive rants, i'd actually been holding XEL for a long time ..... thus, it was for once a very sensible and intelligent move of mine to crystalise a fairly small loss against one that would have been about 25p greater a couple of weeks back

other than that, your final comment is spot on

===========

i know it goes against your general philosophy, but in this instance, if sp drops back to an arbitrary 70p, then it would certainly look interesting to buy back

or indeed perhaps a 25p greater loss in a couple of weeks. Who knows with this one.
My average is 150p, got to hold on.

DC - hard to accept, but that has to be the wrong philosophy

Just looked back and found they first discovered oil 7 yrs ago, been a long ride.


In 2007, an oil discovery was made on exploration well 9/3-1. A year later, the company appraised the find by drilling the 9/3b-5 well to a depth of 4,105 feet (1,251 meters), encountering heavy oil bearing Paleocene Upper Dornoch formation sands at 3,712 feet (1,131 meters). During the drill stem test, the well flowed at a rate of 150 bopd from a 50-foot (15-meter) section of the oil column.

Xcite Energy recovers ground as it signs collaboration deal with Statoil and Shell
08 May 2014 by Our Oilbarrel Staff

Shares in AIM-quoted Xcite Energy enjoyed a welcome surge this week after the heavy oil developer announced a collaboration agreement with Statoil and Shell. The company, which holds 100 per cent of the Bentley heavy oilfield in the North Sea, has agreed to share technical and operational information to evaluate potential synergies between Bentley and the Bressay oilfield.

Statoil, which holds 80 per cent of Bressay alongside Shell, delayed its development late last year amid concerns about costs, thought to be up to US$7 billion to bring the heavy oilfield onstream in 2018.

BVI-registered Xcite was once the darling of the AIM oil patch but its performance has disappointed over the last two years as the heat generated by its breakthough extended well test of 2012 dissipated. Tuesday saw the company regain some of that buzz, however, with its shares surging almost 29 per cent during Tuesday trading.

By Wednesday lunchtime, the share price had edged higher to trade at 93.25 pence as news of the collaboration whetted investor appetites for a more lucrative tie-up. This speculation is not new: in 2013 Statoil paid US$15 million for a package of technical data from an extended well test on Bentley, raising hopes that the Norwegian oil giant was lining up a bid either for the asset or the whole company. Investors may be more wary this time round.

Even so, the latest news is welcome as it is again a vote of confidence in the quality not only of Bentley but also of Xcite's approach to proving up the commercial potential of this heavy oil asset and finding a cost-effective development solution. A joint team from Xcite, Statoil and Shell will now work together to analyse existing information and develop proposals to potentially share infrastructure, assets and operational solutions. Xcite's CEO Rupert Cole said it demonstrated “the value that independent oil companies can bring to the North Sea to unlock major energy assets”.

There is no doubt that Bentley is a material asset. The average UKCS discovery size over the past ten years has been 25 million barrels of oil equivalent and 90% of current fields in production on the UKCS are producing less than 15,000 boepd. At ten times the average size of a UKCS discovery, Bentley is expected to have an economic field life of 50 years and modelled to produce 15,000 barrels of oil per day after 17 years of production and approximately 8,500 barrels per day after 35 years of production.

The big issue is how Xcite can monetise this resource base. Even a scaled back phased development approach requires deeper pockets than it can currently muster, notwithstanding its efforts to line up a slate of world-class partners on a shared risk/reward basis: last month, for example, it agreed an MoU with Amec and Arup to co-operate on the the design and development of Arup's self-installing, steel ACE platform for the Bentley field and another with Teekay Shipping for the supply of a bridge-linked Sevan FSO.

These kinds of agreements mean Xcite can refine costs, design and scheduling of Bentley to present a development-ready situation to reserves-hungry oil majors – and the collaboration with Statoil and Shell shows the asset is certainly on Big Oil's radar.

75 may be a good place to buy .... it's where it conveniently hits 25 dma

Thought there would be a pullback...very few shares go up now and stay up...very few...

bollocks ..... meant to get back in this morning, but got too tied up with contract matters and have missed the boat somewhat

Faroe Petroleum is another option Cynic.....pullback overdone this morning....will rebound...

11% down today, hit hard.

i think this is silly so have bought a few at 69.25

Memorandum of Understanding with AIBEL AS

RNS


RNS Number : 4351L

Xcite Energy Limited

04 July 2014






NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION



TSX-V, LSE-AIM: XEL





4 July 2014



Xcite Energy Limited

("Xcite Energy" or the "Company")



Memorandum of Understanding with AIBEL AS



Xcite Energy announces that its 100% subsidiary, Xcite Energy Resources Limited ("XER"), has entered into a Memorandum of Understanding ("MOU") with Aibel AS ("Aibel"), which sets out the principles for executing the Engineering, Procurement and Construction of the Ove Arup & Partners ("Arup") designed self-installing ACE platform selected for the Bentley field.

Aibel will work with AMEC, the international engineering and project management company, acting as XER's Project Management Contractor, to deliver the ACE platform. XER believes that the combination of the AMEC, Arup and Aibel project management, engineering, and construction experience will deliver a quality and cost effective asset.

Rupert Cole, CEO of Xcite Energy, commented:

"We are very pleased to have Aibel, with its experience and expertise in offshore projects, join the Bentley development group for the construction of the ACE platform, which has significant economic benefits over the life of the field, including rapid deployment and ease of decommissioning. This further validates our strategy and development plan as we continue to refine the project costs and reduce future schedule risk through the early involvement of our development partners, prior to submission of a field development plan."

Market talk -
Xcite shares (currently trading at 65p) to 254p per share. Edison, which expects FDP approval in 2015 and first oil in 2018, calculates a core net asset value of 146p.


August 15, 10:29 PM



Xcite Energy has suffered a similar fate to Gulf keystone and Quindell, losing around half of its market value. And if news is what the market wants to kick-start interest for a rerating, it looks like investors could be waiting a while.


Market Talk's insight:


Xcite Energy has suffered a similar fate to Gulf keystone and Quindell, losing around half of its market value. And if news is what the market wants to kick-start interest for a rerating, it looks like investors could be waiting a while.



Interactive Investor reported on Xcite's half-year results on Thursday, with the company saying it was making good progress towards submitting a field development plan for its Bentley project in the North Sea. But it's slow-going and there was not a great deal else to report in the oil company's half-year update.



Xcite had £41.5 million of cash on 30 June and is still expected to submit the field development plan (FDP) for the 257 million barrel of oil equivalent (mmboe) Bentley project at the end of the year

Broker and nominated advisor Liberum Capital decided not to publish any fresh forecasts Thursday, implying little has changed since its last piece of research back in April, when it cut its fair value assumption for Xcite shares (currently trading at 65p) to 254p per share. Edison, which expects FDP approval in 2015 and first oil in 2018, calculates a core net asset value of 146p.

Collaboration Agreement with Statoil and EnQuest

RNS


RNS Number : 2121R

Xcite Energy Limited

10 September 2014






NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION



TSX-V, LSE-AIM: XEL





10 September 2014



Xcite Energy Limited

("Xcite Energy" or the "Company")



Collaboration Agreement with Statoil and EnQuest



Xcite Energy announces that its 100% owned subsidiary, Xcite Energy Resources plc ("XER"), has entered into a Collaboration Agreement with Statoil (U.K.) Ltd. ("Statoil") and EnQuest Heather Limited ("EnQuest"), in order to share field-specific technical and operational information to evaluate the potential utilisation of common gas import infrastructure between the Kraken, Bentley and Bressay fields.

A joint XER, Statoil and EnQuest team will work together to analyse the current available information and develop a number of proposals to assess the potential benefits of installing a shared gas import pipeline in conjunction with the development of the Kraken, Bentley and Bressay fields.

Rupert Cole, CEO of Xcite Energy, commented:

"We are pleased to continue to work with Statoil and extend this to include EnQuest in the assessment of this shared infrastructure. This new collaboration with Statoil and EnQuest to assess this shared infrastructure is an important initiative, which highlights the scope of potential opportunities available to our respective projects.I believe that today's announcement further demonstrates that additional value can be created by companies collaborating in key development activities and it reinforces our commitment to "Maximising Economic Recovery" from the area immediately surrounding the Bentley field."

Watch: Rupert Cole, CEO: Xcite Energy - Baker Hughes MOU

Click here

Another one...drop way overdone.......a RF screaming buy !.....

you been very quiet lately rf.,.

Just very busy with work Balerboy....and the markets have been not very favourable....but perhaps a rebound for battered oilies is just around the corner....if I remember correctly : XEL's sp was around 23p when the appraisal well was flowed and Proselenes and myself were in it....and I think Cynic and a few others jumped in...it went to nearly four quid.....now it's back at 46p... was even lower last week.....just a crazy sp even though crude has dropped....

StockMarketWire.com
Xcite Energy said that following talks with the Oil and Gas Authority (OGA), the Secretary of State for the Department of Energy and Climate Change has extended the P.1078 licence containing the Bentley field until 30 June 2017.

This licence extension is expected to assist Xcite Energy Resources plc's ("XER", the Company's wholly owned subsidiary) current process to secure the financing required for the approval of its Bentley Field Development Plan and to repay its outstanding senior secured bonds, which are due for repayment by 30 June 2016.

Only need another 130p to break even. :-))

You and me both.

Not a great follower of this but looks like Statoil may be pulling out? Hope for the best.

Strong rise again today.

Rise over one week

Share Price Movement
RNS
RNS Number : 2338R
Xcite Energy Limited
07 March 2016

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION



LSE-AIM: XEL



7 March 2016



Xcite Energy Limited



("Xcite Energy" or the "Company")



Share Price Movement





Xcite Energy notes the movement in its share price and can confirm it knows of no reason for this movement.







Forward-Looking Statements



This announcement contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. Whilst the Company believes the expectations reflected herein to be reasonable in light of the information available to it at this time, the actual outcome may be materially different owing to factors beyond the Company's control, or otherwise within the Company's control, for example, if the Company decides on a change of plan or strategy. Accordingly, no reliance may be placed on the figures contained in such forward-looking statements.



Notes to Editors



Xcite Energy (LSE-AIM: XEL) is an oil appraisal and development company with a portfolio of heavy oilfield assets in the Northern North Sea in the UK. Xcite Energy holds a 100% working interest in the Bentley field; a heavy oil field with 2P recoverable reserves of 265 MMstb, making Bentley one of the largest undeveloped oilfields in the UK Continental Shelf

Very odd to say the least today. :-))

Result of Bondholder Meeting
Xcite Energy announces that holders (the "Bondholders") of the $135 million senior secured bonds (the "Bonds") have approved the amendments to the bond agreement dated 27 June 2014 (the "Bond Agreement"). The maturity date of the Bonds has been extended until 30 September 2016 in order to continue negotiations with the Bondholders.

There were sufficient Bondholders present at the meeting to hold a quorum. The proposed resolution obtained 100% of the votes, and the proposal was adopted according to the voting requirements of the Bond Agreement.

Meanwhile, to offshore and the North Sea, and the next few weeks are critical for Xcite Energy Limited (LON:XEL) as it works to escape its debt trap, so says Cantor Fitzgerald analyst Sam Wahab.

Some US$140mln of debt is overdue and whilst lenders have so far shown some leniency by giving the company three months to seal a refinancing the clock is ticking loudly. Bondholders have given the North Sea firm until September 30.

Lumbered with debt it can’t repay and facing the prospect of a hefty debt-to-equity swap, Xcite Energy’s predicament is similar to what Gulf Keystone faced just weeks ago, wrote Proactive this week.

Proactive Investor - RISERS

Xcite Energy PLC (LONL XEL) up 9% to 7.5p. Hurricane Energy’s well update today sparks all North Sea independent oil and gas explorers into life.

Not Good...

Share holders shafted in preference to the bond holders. Nothing left for share holders.

StockMarketWire.com
Xcite Energy has noted the recent rise in its share price and provides an update on the restructuring of its $135 million senior secured bonds issued by Xcite Energy Resources plc.

As announced in its full year results for the year ended 31 December 2015 on 21 March 2016, the Company has been in discussions with its principal Bondholders with respect to a potential restructuring of the Bonds and, on 16 June 2016, it subsequently announced an extension to the maturity of the Bonds until 30 September 2016 in order to continue those discussions and allow it to resolve terms for restructuring the Bonds.

At the time of this maturity extension, the Company highlighted that while those discussions had been constructive, no terms had yet been agreed, and that should agreement on the terms of a restructuring be reached, it was likely that this would involve a reduction in the balance of the Bonds in return for an equity stake in the Company.

Whilst terms of the restructuring have still to be agreed, the Company now believes that there will be a minimal residual equity stake attributed to the Company's existing shareholders following the restructuring.

The Company will update shareholders as soon as any further information relating to the restructuring of the Bonds can be made available.

Proactive investor -

Is there any recovery hope for Xcite Energy?



15:10 13 Sep 2016

The kernel of Xcite’s problem is US$135mln of senior secured debt

picture of oil rigs

Oil price slide has hit sector hard


Xcite Energy, formerly one of the most actively traded and popular stocks with private investors, lost around three-quarters of its value yesterday in a brutal early session.

Precipitating the movement was what looks likely to be a punitive debt-for-equity swap that will dilute existing shareholders to the point of being the most minor, or minority owners.

It is not the first fallen star of the oil exploration sector to tread this path.

Gulf Keystone Petroleum (LON:GKP), which took its legion of investors to the moon before burning up on re-entry, is undergoing a US$500mln refinancing that will cede the banks control of the business.

But for Xcite (LON:XEL), whose shares were up strongly on Friday, any prospect of a more generous settlement has been well and truly stubbed out.

“Whilst terms of the restructuring have still to be agreed, the company now believes that there will be a minimal residual equity stake attributed to the company's existing shareholders following the restructuring,” the firm said on Monday.

A footballing cliché is apt here: It’s the hope that kills you.

So how did we get to this point?

The kernel of Xcite’s problem is US$135mln of senior secured debt.

The owner of the Bentley heavy oil field has been in restructuring negotiations bondholders for months now.

In fact the date on which these liabilities crystalised was pushed out to September 30 to allow the parties to “resolve terms” of a deal.

With that deadline just over a fortnight away comes this morning’s advisory.

The company is just one of a handful of former E&Ps that borrowed heavily in the boom times and are now faced with the reality of oil below US$50 a barrel.

But that’s too simple an explanation, really (although taking on debt with only a trickle of revenues from test production was always going to be a major risk).

It is the story of initial entrepreneurial zeal being overtaken by the harsh reality of being a small cog in a big machine.

For Xcite also took what it no doubt saw at the time as a calculated risk.

It opted to continue on drilling in order prove the full potential of the Bentley field before bringing in an industry partner to shoulder the costs of development.

It’s not an uncommon strategy and it’s an approach that could have added tens of millions to the sum a potential partner might pay to for a chunk of Bentley.

Initially things looked good. It built a number of partnerships with operators and incentivised contractors.

BP was unveiled as a marketing partner, helping Xcite sell its crude oil, while Baker Hughes was signed up for drilling and engineering.

Larger North Sea operators such as StatOil, Shell and EnQuest inked collaboration deals covering a variety of matters, including potential infrastructure sharing arrangements.

But none of them were the kind of ‘farm-out’ partnerships that investors (and one assumes management) hoped for where a larger, deeper-pocketed business shoulders the cost of construction and expansion.

It meant that Xcite was left as sole operator and developer of an asset that didn’t really fit the conventional mould. For while Bentley is estimated to be host to 900mln barrels of crude, it is thick, viscous heavy oil that often has to be blended or might sell at a discount to lighter products.

The lack of interest meant Xcite was forced to perform a financial juggling act.

The US$135mln bonds were issued in June 2014, replacing loans carrying an eye-watering 12.5% interest rate.

It was the latest in a series of interim measures that it was hoped would ultimately be vindicated when Bentley’s real value became more tangible.

The subsequent collapse in crude prices altered fundamentally the economics of bringing new fields online.

And it also it froze industry budgets for expansion, leaving very few options for alternative financing.

Now, the group’s shareholders are at the mercy of its bondholders.

The share price tells us all we need to know.

Back in 2010, when Xcite’s investors thought the company had a tiger by the tail, the shares were changing hands for 10p short of four quid.

Today, you can pick up the stock at 2.7p – yet even at that bargain-basement price there are few takers.

StockMarketWire.com
Xcite Energy's shares have been suspended from trading on AIM after bondholders told the company that they will seek the appointment of a liquidator.

The company announced on 27 September that it was concluding restructuring negotiations with the principal bondholders and expected to exchange 100% of the value of the outstanding bonds for 98.5% of the enlarged share capital of the company.

Xcite says the principal bondholders have informed the company that they are not satisfied that the transaction is capable of being implemented in a manner acceptable to them.

On this basis, they expect to instruct the bond trustee to petition the court in the British Virgin Islands within the next 10 days requesting the appointment of a liquidator to the company, which is expected to take effect approximately 4 to 6 weeks from the filing of such request.

On the basis of advice received by the company and the directors, the directors believe that liquidation is unlikely to result in the return of any value to the company's existing shareholders.

As a consequence, the directors have requested the immediate suspension of the trading on AIM of the ordinary shares in the company.

a sad demise for a company that promised much just a few years ago

It did amaze me why punters where still buying this..

Another one bites the dust........ happy christmas...... not :((

Could never understand why a partner never came forward. What happens to all that oil now ? Same here Balerboy.

the bentley field is heavy oil and not worth a lot per barrel
i don't know at what juncture it becomes viable to extract it, but presumably a lot higher than the present level

So along will come one of the big boys and all the hard work has been done.
I suppose the heavy oil can be used for power plants, ships and factories

it takes much more refining and hence its big discount to light crude
btw, ALL extracted crude has to be refined ..... you don't just extract it and send it off to the petrol pump or factory!

Cheers cynic.

22 November 2016

Court Hearing Date


Further to the Company's announcement on 25 October 2016, a petition to the Eastern Caribbean Supreme Court in the British Virgin Islands requesting, amongst other things, that the Company be placed into liquidation will be heard by the court on 5 December 2016.

29/11/2016 7:00am

NOTICE OF CANCELLATION OF ADMISSION TO TRADING ON AIM

XCITE ENERGY LIMITED

Trading on AIM for the under-mentioned securities has been cancelled from 29/11/2016 7:00am, pursuant to AIM Rule 1.

I bet this is a fraud of some kind......it has a big discovery in the north sea....was once a stockmarket darling !....crazy....

Don't I know it........ lost a lot on this one.