.

"Recent Budget changes in North Sea tax will not affect the Company's plans to move forward with its First Stage Development. The increased benefit of the heavy oil tax allowances will have a material offsetting effect on the increased supplemental corporation tax charge;"

and losses up to 2.5m from 0.78m, though that is not really particularly significant

Its up Cynic thats the main thing news up date cant be far away,will be happy if news delayed so i can get it in my ISA.....

quite so, but sp has certainly been very dull of late - ditto RKH

"Following the outstanding success of the 9/3b-6 well at the end of 2010, with the Rowan jack-up rig under contract and the advanced position with the other material aspects of the work programme, the Group is well placed to move ahead with the plans for the First Stage Production (FSP) during 2011.

The effect of the 9/3b-6 well has been to transform the perception of the Group and its value with the investment community as well as the industry itself, enabling a wider selection of business partners to be entertained in key aspects of the Groups development. Indeed we are pleased that we have also been approached by a number of significant business entities who are keen to assist us during 2011 and beyond.

With the Reserves Assessment report currently being constructed, the XER team is confident that this will provide the catalyst required to move ahead rapidly with the FSP work programme and target First Oil in the first quarter of 2012."

Note also they have opened a small office in Guildford area

where they will also find the likes of BOC (Linde) and Air Liquide from memory

i am in here longer term
when the sp wacks up further good
sorry to marky and others i may have disagreed with
i wish you all the best
but this epic and current nav

i am in here longer term
when the sp wacks up further good
sorry to marky and others i may have disagreed with
i wish you all the best
but this epic and current nav

.

mnarmeh
no ramp xel does not need me or anyone to ramp the company speaks for itself...
appologies i know xel i was in a rush other companies caught my eye on l2 - fast moving inlcudiing val and jjb
imo watch rrl & rrr & ggp
stuff not far away
gl

and appologies to your great grandson
i am sure he will be well educated as i am but i do rush too often - but hey hoe thats life in the fast lane

this i the start as you know - new news soon:
imo
Xcite Energy Limited ("XEL") is a TSX-Venture and AIM listed, independent oil company, which is focused on the development of heavy oil resources in the UK North Sea. Through its UK subsidiary Xcite Energy Resources Limited ("XER"), XEL currently owns a 100% working interest in the Bentley heavy oil field on Block 9/3b in the North Sea. The Bentley field is a pre-development asset, with independently assessed, base-case recoverable contingent resources of 122.5 MMbbls. Upside recoverability has the potential to exceed 200MMbbls without enhanced oil recovery techniques. XER is focused on bringing the Bentley field into commercial production during 2011.

rather north sea then somewhere else - nothing to do with gkp lol - that is regaining its feet nato in all politics and before some one says i know gkp not based in libya
dont leave your buying or spreads too long - imo
keerrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrchinnnnnnnnnnnnnnnnnnnnnnnngggggggggggggg

the other side::

Western Europe Unexpected Tax Rise Could Derail North Sea Investment Renaissance

Industry / United Kingdom

The decision to raise the supplementary charge on oil and gas company profits from 20% to 32% threatens to reverse gains in the North Sea as the economics of mature field projects worsen.

2011-03-24

BMI View: The decision to raise the supplementary charge on oil and gas company profits from 20% to 32% threatens to reverse gains in the North Sea as the economics of mature field projects worsen.

British Chancellor of the Exchequer George Osborne championed his budget as a boon to British business.

The UK's oil and gas industry, however, is likely to take issue with that claim.

The sector was caught by surprise when Osborne's budget, announced on March 23, called for a rise in the supplemental tax levied on the industry from 20% to 32%.

The tax will raise about GBP2bn (US$3.26bn) in additional tax revenue from oil and gas production, according to the Budget Report.

The funds will be used to cover a GBp1 cut to fuel duty, a populist move designed to appease drivers and the haulage industry.
Major Players

The British section of the North Sea has experienced something of a revival since 2009, with both majors and independents taking advantage of existing infrastructure, a stable investment climate and higher oil prices to try to squeeze as much as possible from the area's mature fields.

Companies at the forefront of that revival had been particularly cheered by comments Osborne made after taking office in May 2010 recognising the need for what he called a 'stable' investment climate.

To be blindsided by a significant tax rise, then, has caused concern in the industry and threatens to derail what has been an upward recent trend in North Sea investment.

The largest North Sea producers are still major international oil companies (IOCs) such as BP, Royal Dutch Shell, Total, ConocoPhillips and Eni. These companies account for about half of British production.

It is smaller companies such as Premier Oil, EnQuest and others, however, which have restored some of the lustre for the UK section of the North Sea after years of declining production.

These companies have been snapping up mature fields from majors, which see them as too small to justify the investment needed, and taking steps to extend their working lives.

The problem with raising the supplementary tax is that the project economics for these mature fields are already tight and the tax rise may make some projects non-commercial for smaller producers.

The tax rise may cause others to abandon the North Sea altogether.

This could pose a problem for majors, which have been looking to raise cash by selling mature fields.

BP expected to raise about US$1bn by selling all of its Southern North Sea assets as well as the onshore Wytch Farm project.

Exxon Mobil is also reportedly planning to sell about US$2bn worth of North Sea assets.

Conoco announced plans on March 23 to sell an addition US$5-10bn of assets and we expect Conoco's North Sea assets to be offered as part of the plan.

Rising investment in the North Sea has slowed the rate of decline in British production. We estimate output to have been 1.35mn barrels per day (b/d) in 2010, which we see declining to under 1mn b/d by 2015, falling as low as 630,000b/d by 2020.

If investment slows in the North Sea's mature fields, this decline will only be hastened.

http://www.oilandgasinsight.com/file/100603/unexpected-tax-rise-could-derail-north-sea-investment-renaissance.html
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http://www.proactiveinvestors.co.uk/companies/news/26700/xcite-energy-shares-pick-up-as-co-says-uk-oil-tax-changes-wont-affect-bentley-development-plans-26700.html

Xcite Energy shares pick up as co says UK oil tax changes wont affect Bentley development plans
11:49 am by Jamie Ashcroft

I thought we were supposed to get big RNS by end of month........worrying it hasn't happened.....Maybe tommorrow, oh no April fools day!!!!

Will the RNS be on the 6th April or after, so new Isas can be put in place.

I know i would like it to be on the 6th or after so i can put it in an ISA,dont think there are any problem Baleboy i can only see it going to be a very Comprehensive and well evaluated RNS when it does come out which should cross all the boxes, also I think the board are one of the best around and deliver the goods every time just a little patience needed here.

would be nice to see a blue day for once, why sell?

Topped here for a 4.29pm rns ready for tomorrow..........bring it on.,.