.

what price to buy back is the question <300p if i can not too worried if gioes much lower as should climb back

thinking the same question - keeping an eye on l2 - auction again as tanking at the moment - maybe 250 - interesting day ahead here!

to anyone in long here i would not be worried just typical aim today

there will be the usual "sell on the news" stuff plus no doubt some forced sales as stops are hit ..... i'll just wait for more knowledgeable comment

barely sub 300p is about right.

Going to need cash soon.

Sold 40% @3.10 will be back in if alex gets his 250p ave now 1.24 so quite happy with whats left.

rob may not reach 250 today!! baler report below interesting gla

i bought 293 reason:

Arbuthnot

Xcite Energy* Strong Buy

XEL.L / 316.50p / 516.5m / TP: 600p

Event: Other

Xcites much anticipated reserves assessment report has been published, the highlights are:

Oil reserves of the type 1P, 2P and 3P in the First Stage Production of approximately 22

MMstb, 28 MMstb and 35 MMstb, respectively. The report estimates that the post tax NPV 10

for these reserves are $229 MM, $396 MM and $558 MM, respectively

Contingent resources are estimated to be 73 MMstb of oil, 87 MMstb of oil and 101 MMstb

of oil on a low estimate, best estimate and high estimate basis, respectively. The report

estimates that the post tax NPV 10 for these reserves are $661 MM, $961 MM and $1,315 MM,

respectively

Prospective resources for seven prospects are 17.7mmboe on a risked best estimate basis.

Overall this is a positive progression for the company as it moves a significant proportion of the resources

into reserves for the first time. There has also been a significant increase in the NPV of the asset since the

last CPR ($1,354m versus $881m on a best estimate basis). This is despite the increase in UK North Sea

taxes at the last budget.

This is another important milestone for Xcite following the drilling of the previous well. The company

continues to make progress on its development plan which should be submitted for DECC approval in the

short term in anticipation of development drilling starting in 4Q2011.

We continue coverage with a Strong Buy recommendation with a 600p target price.

Sam Wahab, 020 7012 2097, samwahab@arbuthnot.co.uk

i suspect Arbuthnot are house brokers and if so, they're drum-banging is a bit suspect

i know but i am banking on pis buying into that as they tend to, the report might be enough to stop todays slump and even reverse it - if not i will hold and wait - only a few months till oil flows anyhow - win win really and sub 3

Also could be a bit of wait now till next news so sp could drift in that time as not much there to keep it up imo.,.

Don`t forget the AGM is only a week away, nothing to report there bar whats available now, got to slump after the meet?

so are you going short then?
there already looks to be a lot of forced closing

Too early to get in, cynic... now 280p... fund raising on the way will drag it down.

its a sea of red

got more @ 277!!

bad "ouch!" at the moment .... rather self-feeding i'm afraid

Nobody is "forced" to close, it was over hyped by a director, over ramped by boiler room gangs and generally BS`d

with hindsight sale of millions of shares at 360p+ by their directors last christmas eve should have given the game away.

lol had better days at the office!!

halifax i wish you reminded me of that earlier - still just means i will probably have to hang around here a little longer than anticipated - however i can think of much worse companies to be stuck in!! after the euphoria of this rns has gone expect a steady rise to august time

wonder when the directors will buy back in if ever - lol!

MR S - forced sales = sales of positions with stop-losses and/or where there are margins called .... but as you're such a smartarse, please tell us all at what level you shorted this one

fwiw, if i read L2 correctly (quite possible that i have not), there is a now a preponderance of MMs looking to buy stock, so if you're very brave, this may be an interesting time to do likewise

on revision, i clearly got that wrong!