.

Rang them ..City Index....have to make a formal complaint which I will......but the answer is that was the price in the market at that given time....I've just been stuffed that's it...

I will be a lot more cautious from now on.....and will have to be very picky with my choices....

that's total bullshit .... i assume your stop-loss was in place before this morning ..... the price pertaining may well have been that when City Index got round to activating it, but they need to give the time when your level was actually hit in the market .... assuredly very different .... if need be, i can get a time check from IG as to when they sold my block through the market at 237, but certainly it had not been below that at the time, though it was ticking back quite rapidly from about 245 (from memory) ... furthermore, it did not then head straight down to 190 either!

i hope someone from City Index watches this BB as it looks that they have some serious explaining to do and probably a slab of compensation to you too

by the way, throughout the day, all MMs were quoting in blocks of 10,000

rf that is real bad luck and i am sorry to hear this has happened to you - that is piss poor service from ci - damn glad i dont use them - they should have had time enough not to let it drop through 230 let alone all the way to 190 - i seem to remember as watching very closely today & that it took about 10 or so minutes to drop from 240 to sub 230 - what are their IT systems powered with broken elastic bands! i would escalate the issue if in your place - that is real bad

from the other side something i have lifted for here:

'forestleaf on iii

I very rarely post on this bulletin board, but I thought it might prove therapeutic to share my thoughts after a tough day for Xcite.

By way of background, I co-run a private equity business. My partner and I both individually have holdings in Xcite. I hold 440,000 shares, buying from 57p up to 390p. I added 100,000 at 1.87 today (for the record, I'm not convinced by all the "can't buy" nonsense mooted on this board from time to time). Today has been an expensive day for me, with a significant dent made in my Xcite profit.

Let's look at what has actually happened. There is, believe it or not, some good news. In short, in my view the Board has simply failed its shareholders through its appalling communications.

First, they tell us to expect a report "late Feb / early March", then "by the end of March", then "by Easter" before it finally arrives on 10 May. How on earth the Board can have failed to manage the production of a report that they are paying for is frankly beyond me.

Moreover, Rupert Cole now seems to be suggesting (via Dow Jones Newswire / Proactive Investors etc) that the report is effectively being misinterpreted, and that indeed management's expectations of the level of recoverable oil has not changed! If that is the case, why on earth did the RNS not make this perfectly clear - if it had, the result today would have been very different. Instead Mr Cole is left to scurry around releasing comments to Dow Jones Newswire and Proactive Investors in an attempt to clarify matters.

This Board, I suspect, is technically competent but frankly their communications strategy is in my opinion shambolic.

The good news is that there is a lot of oil in the ground, and this Board is capable of producing it on a commercial basis. I also believe that there is a reasonable prospect of a takeover by Statoil - with so much upside to the Xcite share price and the obvious economies of scale to Statoil, this has to be on the cards. I further opine that, despite their protestations, the Board would be delighted to accept an approach from Statoil - I suspect that this experience is all proving much more stressful than the Board had anticipated.

I confidently predict a share price recovery in both the short and long term. The mathematics supports this. But it is up to Mr Cole and his colleagues to properly address the shortcomings in relation to the presentation of their report, and formally register that, amongst other things, management's expectations of recoverability have not changed. An interview with Proactive Investors warning us in advance that the numbers would be "conservative" is neither adequate nor relevant. What concerns investors most about this morning's RNS is the fear that management's expectations were simply overstated - from comments this afternoon, I don't believe that to be the case. '

wouldnt say no to a t/o bid!! gla

RF that is really sh*t. Looking at the charts, it took around 30 minutes for the sp to drop from 240 to 190p. City Index need a good kicking.

I also hold the shares, for the long term as I believe in this company...the other one is with spreads and I had the position covered....as I never bet and it is a bet more than I can afford to lose but this is a setback,...a bad one....the explanations I was given is just what I expected,....it's like from a government manual for excuses....but I will make a formal complaint about this this because it : smells of a deliberate delay to trade someone's position...mine...
Britain is like this now.....there are other examples of things like this going on.....all hushed up.....you make a complaint and get....nowhere....then they are on about other countries and how the UK is proud of its freedom of speech....and such....even here I am being very cautious about I put on....

http://www.business7.co.uk/business-news/scottish-business-news/2011/05/10/xcite-energy-oil-fields-could-be-worth-s1-8bn-106408-23120710/

Xcite Energy oil fields could be worth 1.1bn
By Greig Cameron
May 10 2011
0ShareAuditors estimate millions of barrels to be extracted

An independent report has said Xcite Energy's oil assets may be worth more than 1.1 billion.

The study, by auditors from TRACS International Consultancy, looked at the Bentley field and other blocks in the North Sea.

The report also found there was potential extraction of 17.7 million barrels of oil equivalent.

Xcite said there may be opportunities to extract further oil using different recovery techniques.

The Aberdeen company now hopes to progress towards first production from the fields.

Richard Smith, chief executive, said: "This is an excellent outcome. The Reserve Assessment Report confirms 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.


"This reserves upgrade allows us to proceed with the first stage production and is a key milestone in our program to determine full field reserves and deliver significant value for shareholders."

Small caps: Xcite update disappoints

By Neil Hume and Bryce Elder

Published: May 10 2011 20:48 | Last updated: May 10 2011 20:48

Xcite Energy fell sharply on Tuesday after the North Sea oil explorer released a disappointing update on its Bentley heavy oilfield.

The market had been expecting Xcite to announce recoverable reserves of around 160m barrels of oil, but an independent audit of the field put the so-called P2 figure at 28m barrels with a further contingent resource on a best estimate basis at 87m barrels.

That news saw the shares drop 25 per cent to 237p, with some analysts also taking issue with a third party valuation of the field. However, Evolution Securities retained its buy recommendation, arguing that Xcite could now push on with development of the field.

The classification of 28m barrels of 2P reserves is a positive step forward for Xcite and its management team as it is the first time booked reserves have been classified for the Bentley field. The company can now push ahead with securing the financing, both equity and debt, to deliver first production by the end of the first quarter of 2012, said analyst David Farrell.

Traders reckoned Tuesdays decline had been exaggerated by retail investors who were forced to close their positions after failing to meet margin calls.

bounce again north tomorrow perhaps...................

rf

It is entirely possible to take on the SB firms with a legitimate complaint and through perseverence win. I did so myself with a SB compnay a few years ago. Without going into boring detail it transpired that I held positions in FX trades of which I was totally unaware, it sounds ludicrous, but these positions were not visible on my trading platform and it took a little while before I understood what the fuck was going on. Additionally there was no warning on the platform and it took a lot of reading within the T&C small print to find what can only be referred to as a passing comment to my positions. I went straight to the finance director and after a frank exchange of correspondence, I won my case and received compensation. I could probably have sued the company for what was tantamount to malpractise, but in truth I was happy enough to accept their offer. I also understood that their dealing platform information would be updated as would their T&Cs. Talking to the dealers is a complete waste of time, go stright to the finance director, with evidential proof of the market at the time. if you receive no satisfaction take it higher, it is possible to beat these guys.

Thanks for the advice ptholden....I will make a formal complaint about this and take this further as I find it hard to understand.....

Very sorry to hear about your dilemma, rf. I hope u get your money back.

RF sorry to hear that i have also lost a packet today i had a small house riding on this its now more like a bomb site at moment the board want shooting.....this is the worst year i have had ever. feel totaly numb.

Marky, after rkh loss would have thought you'd look after your money better.....no more pocket money till you promis to bank profits.,. :((

Please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts. Email ftsales.support@ft.com to buy additional rights or use this link to reference the article - http://www.ft.com/cms/s/0/d97b4a14-7b17-11e0-991a-00144feabdc0.html#ixzz1LzfbIL2u


Xcite Energy fell sharply on Tuesday after the North Sea oil explorer released a disappointing update on its Bentley heavy oilfield.

The market had been expecting Xcite to announce recoverable reserves of around 160m barrels of oil, but an independent audit of the field put the so-called P2 figure at 28m barrels with a further contingent resource on a best estimate basis at 87m barrels.

That news saw the shares drop 25 per cent to 237p, with some analysts also taking issue with a third party valuation of the field. However, Evolution Securities retained its buy recommendation, arguing that Xcite could now push on with development of the field.

The classification of 28m barrels of 2P reserves is a positive step forward for Xcite and its management team as it is the first time booked reserves have been classified for the Bentley field. The company can now push ahead with securing the financing, both equity and debt, to deliver first production by the end of the first quarter of 2012, said analyst David Farrell.

You will get nowhere with any complaint re. the share price with a sb firm, read the small print 99 to 1 it will say that the sp at any given moment is THEIRS whether they get that from the LSE,PLUS or any other supplier is for them to decide.

Solution- don`t use stop losses.

looking good so far ;-

Marky,...not a good day for us, it seems.....

Stop griping rf, sp will be back.....just got to wait longer.

the mms took no prisoners yesterday - hope things get better for you quickly

cynic hope you still have your 223 should be some profit today here!

Wish I'd bought some at 180p but chickened out.