.

sellers going away - shorters closing

just another 3p to break even - a minor miracle!! lol

Well, glad I sold all some time ago at 350p to 400p levels :)

I did the right thing cynic, sold the lot for a big profit and stayed out ever since then.


This from the Sector Watcher over at FT.COM

.................
[It] doesnt look awfully good. Third party consultants TRACS have come up with 2P reserves estimates for the Bentley heavy oilfield of 28m barrels recoverable, with a further contingent resource on a best estimate basis of 87m barrels, i.e. a total of 115m barrels. Previously XEL had been talking about ultimate recoverable reserves of 160m barrels of oil on a P50 basis, ie almost 40% higher, with a P10 estimate of 235m barrels. TRACS have also provided estimated valuations for the reserves which look quite punchy $396m for the 2P case and an additional $961m for the contingent resource, translating into $14/bbl and $11/bbl respectively. These have been done on an NPV10% basis, which I think is too high for a heavy oil development in the North Sea. Typically we would assume an NPV of $11/bbl at a 10% discount rate and $7.5/bbl at 15%. In other words, even if I allow for the entire contingent resource (which is debatable), Id only get to the current market cap using the lower number. Given the risks inherent in heavy oil developments, Id be an outright seller of this.............

prose - well done on getting out at 350 - i did similar levels and lower - never should have got back in today - didnt think it through! out now @ 224 small loss which thankfully gained back = a little more at pace - which is now underperform - hold at best imo


interesting paragraph to take heed of

glad i put my profit into blvn and COV and not into this one for time being.,.

despite being smacked very hard today, i've also almost certainly made plenty here, as i have on the markets in general over the last couple of years ..... on the other hand, and no side intended, i'm glad i'm out of FI stocks; at least XEL looks as though it's got a proven commercial field

if it gets back to 250 might get out altogether.,.

what is it you tell us.......................bank profits.,.

you can sit on the naughty step and think about what you've done!!.,.

i do indeed, and also to cut losses

AOTFS again!
7p spread suggests possible bear squeeze but don't bet on it

this is looking good all of a sudden.,.

it is isnt it!

i must be mad - back in 235!!!

if it tanks i deserve it - doing ok so far though -;

be nice to climb back to around 300 again!!! what a day that would be - l2 looking good

nice to see 250p back.,.

Cynics committed harry carry as he would be in profit again.,.

oh dear - i thought he had been quiet just now!

watching closely here now - pretty standard stuff - must remind myself not to be too greedy!!!

ah well inside the last hour - look fwd to the last 30 mins as i expect the bounce may continue tomorrow once everyone fully digested the news correctly v overdone drop - did i hear there is an xel conf call today somewhere? maybe this afternoon?

Oil & Gas Sector: Xcite Energy falls despite report confirming Bentley field potential
StockMarketWire.com
North Sea heavy oil assets developer Xcite Energy's shares fell by more than 23% in afternoon trading despite an independent report confirming its belief in the value and potential of the Bentley field.

Xcite (LON:XEL)announced the results of an evaluation of oil and gas properties in which it holds an interest.

The company recently drilled and tested the 9/3b-6 and 6Z wells in the northern part of the Bentley field which demonstrated commercial flow rates.

It commissioned an independent audit of reserves and resources from TRACS International Consultancy.

The reserve assessment report highlighted oil reserves of the type 1P, 2P and 3P in the first stage production of approximately 22 MMstb, 28 MMstb and 35 MMstb respectively.

CEO Richard Smith said the Reserve Assessment Report confirmed management's belief in the commercial value of Bentley and its potential as one of the largest undeveloped fields in the UK sector of the North Sea.

no cynic wouldn't, and actually bought a few back at 223 - wasn't brave enough at 200, and by the time i looked again it had relatively whizzed