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RNS Number : 8185Y

Xcite Energy Limited

04 January 2011

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES

TSX-V, LSE-AIM: XEL

31 December 2010

Xcite Energy Limited

("Xcite Energy" or the "Company")

Successful suspension of 9/3b-6z well and rig off hire on Bentley Field

The Company announces that the 9/3b-6z well has been successfully suspended for potential future use as a production well and the Ocean Nomad drilling rig is off hire from the Bentley field location.

In addition to the successful well flow test announced on 21 December 2010, high quality downhole pressure, temperature and sample data has been safely recovered following a 36 hour shut in and build up period after the flow test.

Analysis and interpretation of this data will now commence, with the intention to update the information in the February 2009 Competent Persons Report potentially enabling a reserves report to be issued in due course.

Xcite Energy would like to thank all the business partners that have played a part in the success of this transformational well for the Company.

Not long to wait for a new CPR and a "reserves report".

That will put the fire under the share price of XEL :) Bring it on......

MMs playing games again ...... if they walk sp down far enough, i shall probably be tempted yet again

strong rumour has it that an inst. directly picked up directors sells. Not totally convinced myself as yet; and would suggest mms are working the sells through the open market. Prior to directors sells mms kept the buy sell ratio on a parity with rocket science precision . Subsequent to their selling mms have allowed buys to run slightly in excess of sells and still marking it down in search of buys ../ Firmly believe once this backlog has been cleared and CPR with news of reserves comes into the public domain XEL will become a stock with a 5 / 6 price tag as insts pile in .......................................................................................................................................Agreed Cynners.lf they walk it down to anything like previous low of 325 i will move in with the heavy artillery. Anything sub 350 will be an open invitation for me if i am honest /.bloody hate MM only stock.........Only concern being more director selling .........................Nearly all my oilees strongly up today which is a sign of what the mkt is chasing

hopefully a move soon to main mkt from AIM

Xcite are doing Oil Barrel on the 13th of Jan !


http://www.oilbarrel.com/oilbarrel_forums.html


40TH OILBARREL CONFERENCE - 13TH JANUARY 2011

13th January 2011 9.30 am - 1.30 pm

**NEW VENUE**
Merchant Taylors' Hall
30 Threadneedle Street
London EC2R 8JB

Presenting Companies Include:

Neon Energy
Gulf Keystone Petroleum
Coastal Energy
Xcite Energy


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God, i do so hate being in tune with a croaking frog!
i would doubt very much if there will be further director sales, not least because with an imminent CPR report, it would be sailing very close to the wind to put it mildly

have topped up again after top slicing 50% to bank some profits[always prudent to do so when i get the chance, helps to offset the losers].
GLA
Alex

my greed also got the better of me and i bought a few more at 365

greed..........not like you....u have me thinking now...news on 2 fronts very soon...a good safe share with upside to double or treble..........any more cynic as good as this.

AFR

seconded, but also i think EO still has plenty of puff .... that said, performances like that from XEL and RKH are rare beasts and generally unpredictable

it also just may be that BLNX, despite the naysayers, will bring home the bacon

At the moment NPE is performing slightly better than Eo. i hold both.

NPE is not one i have ever followed at all

looks like you topped up too early in xel, dropped again this am.,.

hindsight's wonderful isn't it! ...... actually, looks very much like MMs playing annoying and coordinated games

Next ten days should move things on:

Xcite Energy is pleased to announce that its 100% subsidiary, Xcite Energy Resources Limited ("XER"), has entered into an extension to the binding letter of intent ("LOI") with British American Offshore Limited ("BAOL"), part of Rowan Companies, Inc. for the N-Class "Rowan Norway", a harsh environment, deep water jack-up unit, designed and built for simultaneous drilling and production, which is currently under construction.

The LOI has been extended to 15th January 2011, in consideration for which the termination fee payable by XER in the event it does not enter into a definitive agreement by this date has been increased to US$4 million.

Decent buying today. Hopefully we will get the new updated CPR before the 13th of Jan :) !!


L2 now 3 v 1 @ 359/367

MMs have been having a ball these last few days .... must have been making almost as much as Haystack's "buddy" Muhammed Dahlan (Moishe Dayan in a previous life)

Should be a raft of news coming soon, then hold on to your halfpenny.......woooosh.,.