.

It's 40p now. Have you added more, Proselenes?

You didn't have to wait long for it.
In my opinion, it's back to 20p.

Crazy drop.....nuts....those you want to get in should in my opinion.

hyleo - so have you shorted? ..... if not, then suggest you do and marry money to mouth instead of hotair to same - and no, i do not hold these

Good for you, cynic. Wow...u seem to be in a real bad mood today.

i take it that you haven't shorted this or any other stock then, so clearly no belief in what you say or no balls or both

Well, to be honest, shorted at 48p. Wanted to short at 50p but missed it.

hyleo - it's incredibly easy to paste up charts when markets have plummeted or rocketed, but their validity becomes slightly questionable, as baby and bathwater do tend to intermingle at these times

RNS out and explains the quick drop to 40p.

Placing ahead for the EPS. Get that done around 40p and away we go with the drilling.

Rumour says placing price to be 41p

News today. Rumour is placing price circa 41p.


http://www.proactiveinvestors.co.uk/companies/news/13067/xcite-energy-raising-funds-through-placing-to-progress-bentley-oil-field-development-in-north-sea-13067.html

Xcite Energy (AIM, TSX-V: XEL) has appointed book-runners to conduct an equity placing to finance the development of its Bentley oil field in the North Sea. The company estimates that approximately C$50m is required in total. To facilitate the equity financing the company hired Arbuthnot Securities in the UK and Octagon Capital Corporation and CIBC World Markets in Canada.

The net proceeds will be used primarily to fund the C$40m drilling and flow testing of a pre-development well on the Bentley oil field. Additionally C$5m is intended for early production system planning and engineering, and a further C$5m will be raised for general working capital purposes.

The planned pre-development well represents the company’s next step towards full production following the BP (LSE: BP) off-take agreement signed in January 2010. The international oil major’s BPOI unit will sell the crude from the Bentley field in return for an incentive-based fee per barrel. The off-take fee is directly related to the realised price achieved by BPOI for the Bentley crude oil in relation to the prevailing Brent crude price, thus incentivising BPOI to maximise the price per barrel achieved for XER by minimising the discount to Brent crude.

Furthermore the FTSE100 constituent is also supporting the commercial development of the Bentley oilfield. BPOI will procure US$20 million of financing from a commercial bank for Xcite and provide credit support from BP once Xcite moves to full field development.

Last month, Xcite said it will be drilling the development well in the current first quarter of 2010. Last October the company announced an agreement with Fugro Well Services Ltd to drill and test the well, called 9/3b-R, on a risked basis. Fugro will bear a material percentage of the cost of the well in return for a commitment to be engaged to carry out future work if the well is successful. Fugro has joined the Bentley Alliance, a management and operational structure created by Xcite to direct the Bentley field into full field development.

According to Xcite, the Bentley field is among the largest undeveloped heavy oil prospects in the North Sea. Its resource estimate was last year upped to 690 million barrels of oil (mbo) with the upside at nearly 890 mbo following a 3D seismic survey.

glad i didn't allow myself to get suck(er)ed into these, especially with sp now down to 38/41 (nice spread eh?!)

I am glad I got suckered into these at circa 20p.......100% gain in just a few months :) and so much more to come.

not if you haven't banked it it isn't!

looks a good bet to me for the patient

Lots going on :

http://www.investegate.co.uk/Article.aspx?id=201002100700099213G

Xcite Energy Limited
10 February 2010

TSX-V, LSE-AIM: XEL


XCITE ENERGY SIGNS LETTER OF INTENT FOR HEAVY DUTY, DEEP WATER JACK-UP RIG

Xcite Energy, a developer of heavy oil assets in the UK North Sea, is pleased to announce that it has exchanged a letter of intent with Applied Drilling Technology International ("ADTI"), the well management arm of Transocean Drilling U.K. Limited, for the provision of a heavy duty, deep water jack-up drilling unit to undertake the drilling and testing of the 9/3b-R well on the Company's Bentley field.

Further details are expected to be announced after the contract is completed, which is subject to various approvals, including Xcite Energy board approval, available funding and regulatory approvals.

ADTI has also joined the Bentley Alliance, the management and operational structure created by Xcite Energy as the vehicle to direct the Bentley field to full field development. The addition of the ADTI technical expertise and project management skills is expected to greatly assist Xcite Energy in moving the Bentley field towards production.



AND


http://www.investegate.co.uk/Article.aspx?id=201002100700099214G

Xcite Energy Limited
RNS Number : 9214G

TSX-V, LSE-AIM: XEL

KEY ROLE FOR AMEC IN BENTLEY FIELD DEVELOPMENT

Xcite Energy, a developer of heavy oil assets in the UK North Sea, is pleased to announce that Xcite Energy Resources Limited ("XER"), its 100% owned subsidiary, has signed an agreement with AMEC for it to assist Xcite Energy demonstrate the reserves potential of the Bentley field and help bring it into production.

AMEC will advise on the upcoming Bentley 9/3b-R horizontal test well and then provide technical expertise, engineering and project management skills for the planned Early Production System for the Bentley field and the full field development solution in due course.

The services to be provided will include integrated project management, engineering, facilities design, planning and programming, supply chain management and operational support.

AMEC is a focused supplier of high-value consultancy, engineering and project management services to the world's natural resources, nuclear, clean energy, water and environmental sectors. With annual revenues of over 2.6 billion, AMEC designs, delivers and maintains strategic and complex assets for its customers. AMEC's Natural Resources, Power & Process and Earth & Environmental businesses employ almost 22,000 people in around 40 countries worldwide.

http://www.proactiveinvestors.co.uk/companies/news/13161/xcite-energy-contracts-amec-and-transocean-drilling-to-progress-bentley-oil-field-development-13161.html

Xcite Energy (AIM, TSX-V: XEL) is making further progress on the Bentley field development in the North Sea, with two separate agreements with third party contractors. The company has signed an agreement with AMEC (LSE: AMEC) for the provision of technical expertise, engineering and project management. Separately it has exchanged a letter of intent (LOI) with Transocean Drilling UK, which will supply a heavy duty, deep water jack-up drilling unit.

AMEC has been hired to advise Xcite on the upcoming Bentley 9/3b-R horizontal test well, and will support the company further through the planned works on early production systems and the full field development in due course, Xcite said. The services to be provided by AMEC will include project management, engineering, facilities design, planning and programming, supply chain management and operational support.

Transocean Drilling’s well management unit, Applied Drilling Technology International, will provide a heavy duty, deep water jack-up drilling unit. The rig is being procured to undertake the drilling and testing of the 9/3b-R well on Bentley. As part of the deal ADTI has also joined the Bentley Alliance, the operational structure created by Xcite. The addition of ADTI’s technical expertise and project management skills is expected to greatly assist Xcite Energy in moving the Bentley field towards production.

The LOI is subject to certain approvals, including Xcite Energy board approval, funding and regulatory approvals. Xcite will announce further details after the contract is completed.

Earlier this week, Xcite announced plans to raise funds for the Bentley field development. On the 8 February the company appointed book-runners to conduct an equity placing to finance the development. The company estimates that approximately C$50m is required in total. To facilitate the equity financing the company hired Arbuthnot Securities in the UK and Octagon Capital Corporation and CIBC World Markets in Canada.

The net proceeds will be used primarily to fund the C$40m drilling and flow testing of a pre-development well on the Bentley oil field. Additionally C$5m is intended for early production system planning and engineering, and a further C$5m will be raised for general working capital purposes.

Today’s appointment of AMEC as a development consultant marks the participation of a second blue-chip industry partner for the Bentley oilfield development. In January, BP (LSE: BP) signed an off-take agreement for the Bentley oil production. The international oil major’s BPOI unit will sell the crude from the Bentley field in return for an incentive-based fee per barrel. The off-take fee is directly related to the realised price achieved by BPOI for the Bentley crude oil in relation to the prevailing Brent crude price, thus incentivising BPOI to maximise the price per barrel achieved for XER by minimising the discount to Brent crude.

Furthermore the FTSE100 constituent is also supporting the commercial development of the Bentley oilfield. BPOI will procure US$20 million of financing from a commercial bank for Xcite and provide credit support from BP once Xcite moves to full field development.

The Bentley field is among the largest undeveloped heavy oil prospects in the North Sea. Its resource estimate was last year upped to 690 million barrels of oil (mbo) with the upside at nearly 890 mbo following a 3D seismic survey.

Page 3, some coverage for Xcite

http://www.bridgehall.co.uk/images/Bridging%20the%20Gap%20Tips%20for%202010.pdf

.

http://www.proactiveinvestors.co.uk/companies/news/14051/xcite-energy-wins-transoceans-challenger-minerals-as-farm-in-partner-for-bentley-oil-field-14051.html

Friday, March 05, 2010

Xcite Energy wins Transocean's Challenger Minerals as farm-in partner for Bentley oil field


Xcite Energy Ltd (TSX-V, LSE-AIM: XEL), a developer of heavy oil assets in the UK North Sea, said its subsidiary Xcite Energy Resources Ltd has signed a legally binding agreement with Challenger Minerals (North Sea) Lrd for CMNS to farm in to the Bentley field, commencing with the forthcoming 9/3b-R well intended to be drilled this summer.

CMNS, a subsidiary of Transocean Drilling UK Limited, will provide US$4 million as its share of the 9/3b-R well costs in exchange for 4% working interest in the Bentley field through an earn-in mechanism, which allows CMNS to join the Bentley field licence at any time prior to the commencement of the first phase development of the field.

Xcite is making good progress on the Bentley field, On February 10, it announced two separate agreements with third party contractors, one with AMEC (LSE: AMEC) for the provision of technical expertise, engineering and project management, and another with Transocean Drilling UK, which will supply a heavy duty, deep water jack-up drilling unit.

AMEC has been hired to advise Xcite on the upcoming Bentley 9/3b-R horizontal test well, and will support the company further through the planned works on early production systems and the full field development in due course, Xcite said. The services to be provided by AMEC will include project management, engineering, facilities design, planning and programming, supply chain management and operational support.

Transocean Drilling’s well management unit, Applied Drilling Technology International, will provide a heavy duty, deep water jack-up drilling unit. The rig is being procured to undertake the drilling and testing of the 9/3b-R well on Bentley. As part of the deal ADTI has also joined the Bentley Alliance, the operational structure created by Xcite. The addition of ADTI’s technical expertise and project management skills is expected to greatly assist Xcite Energy in moving the Bentley field towards production.

A few days prior to the AMEC and Applied Drilling Technology agreements, Xcite appointed book-runners to conduct an equity placing to finance the Benmtley development. The company estimates that approximately C$50m is required in total. To facilitate the equity financing the company hired Arbuthnot Securities in the UK and Octagon Capital Corporation and CIBC World Markets in Canada.

The net proceeds will be used primarily to fund the C$40m drilling and flow testing of a pre-development well on the Bentley oil field. Additionally C$5m is intended for early production system planning and engineering, and a further C$5m will be raised for general working capital purposes.

In January, BP (LSE: BP) signed an off-take agreement for the Bentley oil production. The international oil major’s BPOI unit will sell the crude from the Bentley field in return for an incentive-based fee per barrel. The off-take fee is directly related to the realised price achieved by BPOI for the Bentley crude oil in relation to the prevailing Brent crude price, thus incentivising BPOI to maximise the price per barrel achieved for XER by minimising the discount to Brent crude.

Furthermore the FTSE100 constituent is also supporting the commercial development of the Bentley oilfield. BPOI will procure US$20 million of financing from a commercial bank for Xcite and provide credit support from BP once Xcite moves to full field development.

The Bentley field is among the largest undeveloped heavy oil prospects in the North Sea. Its resource estimate was last year upped to 690 million barrels of oil (mbo) with the upside at nearly 890 mbo following a 3D seismic survey.