.

Hope they have the windows open to let the heat and steam out ?

you're quite an acid-tongued little beastie aren't you Mr S, and not necessarily with justification either

Lets just hope we are towards the bottom and after the agm a steady rise in the sp.

sounds like the ceo doesnt dispute the resource report but has BELIEF of using other than conventional recovery techniques,which will be assesed IN DUE COURSE.
sounds promising,without actually stating so. what if?
might need to use plan B.
good luck to you all. i hope it flys but doent think it will.
for gap theorists theres a daily and weekly gap sitting down at 140sh level.
just my opinion as always.
regards
jkd

I have listed all points from their briefing note dated May 11th in relation to Xcite's New Reserves Assessment Report. This is not their main report, but highlights from it which Al Grant was happy to share and formed part of a wider daily briefing note.

For an official PDF (including contacts at Octogan etc) of the entire briefing note so you can authenticate my posting, please e-mail me at xcitecelebration@hotmail.co.uk and I will forward on via an e-mail circular tomorrow morning before the markets open. If you respond after this I will do another e-mail Wednesday morning.

Word for word as follows beneath (please read through all of the points so you can get the context of the note and the thrust of the thread!)

New Reserves Assessment Report

- On May 10, Xcite Energy Ltd, released its new Reserves Assessment Report (RAR) for its Bentley field. Xcite commissioned TRACS international Consultancy Ltd to prepare this independent audit of reserves and resources for the Company's assets. TRACS replaces the former independent reserve company, RPS Energy (RPS), which Xcite is retaining on a consulting basis.
- The new engineering group focused on the reserves accessed from a single drill centre for the northern core of the field relating to the First Stage Production (FSP). In addition, the TRACS RAR assessed the core area development scenario with a Second Stage Production (SSP) drainage area. This addition of an intermediary SSP as part of the field development following a successful FSP has introduced an element of confusion to the market, as it compares the previoulsy announced full field prospective resource to the newly booked reserves and contingent resource assigned to only the FSP and SSP drainage areas (the core area in the north part of the field).
- We interpret that the format in which the breakdown of reserves, contingent resource and prospective resource has confused the market, as it was not made clear that the sum of the parts keeps Xcite whole in the overall discovered resource at Bentley.
- To summarise the RAR: - FSP oil reserves assigned 1P, 2P and 3P are 22 MMstb, 28 MMstb and 35 MMstb, respectively
- SSP contingent resource assigned are 73 MMStb, 87 MMstb and 101 MMstb on a 'low estimate, 'best estimate' and 'high estimate' basis, respectively.
- Prospective resource for seven prospects (including East Bentley structure) at 17.7 MMstb on a risked 'best estimate' basis
- By summing the 2P reserves, the 2C 'best case' contingent resource is 115 MMstb of oil. This number is comparable to the 122 MMstb released in 2009 by RPS, but can not be interpreted to include the prospective resource that would not be reclassified to reserves in the FFD by the SSP drainage. The current Xcite release does not clarify that the remainder of the main Bentley field resource (not including the Bentley East structure) is excluded.
- Our conclusion is that the new third-party reserve engineers are being conservative with Xcite management with the current RAR and that the results from the horizontal 9/3b-6z well confirm and/or add to the volumetric calculations of the oil in place.
- The NPV10% (after tax) value of the 2P plus 2C for the core area in the north part of the Bentley amounts to $1.35 billion, and when the upside resource of the entire field is included to bring the total recoverable resources up to 200 MMstb, the NPV10% (after tax) is approximately $2.4 billion.
- In our opinion, the markets have overreacted due to the format of the reserve/ resource reporting. We are maintaining our BUY ratung and $10.49 target price.

Summary of TRACS 2011 Reserve Assessment Report
MMSTB
FSP Oil Reserves
1P 22
2P 28
3P 35
SSP Contingent Resource
Low 73
Medium 87
High 101
Prospective 17.7
Main Bentley (est) 46

Total Resource FSP + SSP Main Bentley (est) Total
Low 95 46 141
Best 115 46 161
High 136 46 182
Plenty to digest in the above, but makes a lot more sense than the TRACS RAR RNS imo.

I look forward to reading the feedback and would encourage any of you on other boards to circulate this assessment for general discussion.

I believe the market has misinterpreted the RNS and Xcite has been severely oversold. This has been accentuated by the insane amount of short term, leveraged positions taken on Xcite in readiness for the report where margin calls and stop gaps made a bad situation much worse.

Of course you must dyor but I think the reiteration of the $10.49 target price and NPV10% (after tax) value of $2.4 billion on the entire field is compelling.

NM

m
my previous post no.1683 was based upon the info contained in h98's post, the content of which i do not know the date of.
however i do agree with Lambournes comment that this now carries more risk than conventional UK North Sea developments.
maybe that was why the ceo felt it necessary to comment about "other than conventional" techniques. maybe not.
i stand by my post no.1642 p83. existing holders will take a different view and stance to that of potential "new" buyers. new buyers and existing buyers who consider averaging down, Beware and be careful. if nothing else do use money management and have a plan B.
hope it flys, but i doubt it. just my opinion.
regards
and good luck
edit and ps. i have no position. and no i never have.just trying to be honest from a neutral view point.

I can't find at the mo an operations chart/list does anyone have a list of events forth coming for the rest of this yr and early next?

i too would not be a new buyer, but on balance am comfortable holding what i have - i think!

I am just going to wait and observe. Just have a small holding. Could go either way.

The board at some point need to raise funds i dont think they will at this price so i guess a huge PR Operation is going to take place and bring some confidence back in this share, the AGM is on Wednesday I would like in an ideal world that the board issue a new RNS clearing up all this confusion before AGM.

I am gutted and hurting at this share price as this was my biggest holding there are a few know how many i am holding and will know what I have lost a paper loss but still in profit overall.

I cant see where the bad news is in the RNS just in the confusion of it which has resulted in this sp been walked down quiet happy to hold till they start bringing the oil up just disappointed in the SP at this present time.

m
i sense from your post that your energy and style of post has changed.
never figured you for a ramper before, but get impression you attempted to overide my post 1683 with 2 Long posts .
the market doesnt misinterpret it is simply shown in the price. it is only us that misinterprets. the price doesnt lie. the market is always right.
sorry if you are having a bad time.
i really do hope this recovers for your sake.
have you considered biting the bullet? cashing in? taking your long term profit. taking a good holiday. and coming back refreshed and renewed? ready to take the market on again?
it will still be here. new opportunities as well. new stocks. new tomorrows baggers.
im not invested here.
regards
jkd

jkd -- the only stocks i hold i ramp why ramp a stock i dont hold?

m
thanks
now we all know who you are and where you stand.
personally i prefer to be truthfull
regards
jkd

jkb the people who matter know am thruthfull

You got a problem keep it off the thread my mail box is open...

I think this could well get much cheaper ahead.......... quite simply.

RNS is official. Its 100% true and its regulated.

Phone calls, chit chat, house brokers and the like is "spin". When a company releases an RNS and then many other people, and indeed company people, try to tell you off the record what it should mean, well that means that officially the RNS is correct and they know people will not like it, but then they try to spin it in unofficial ways, nudge nudge wink wink............

If people need to "spin" an RNS and try to say its now what it seemed then you can be sure it was interpreted correctly and now the "fire brigade" are out trying to put out the fires they knew would start but could not do anything about as RNS has to be factually correct and no lies or spin or BS.

seq lol 1667 & 1668 - glad you agree that buys will often show as sells then

i was simply stating all sites such as moneyam etc in their daily buy / sell / unknown trade indicator cumlative totals often show a totally inaccurate qty set to each of these definitions - moneyam itself was way out yetsterday as the majority of xel 'sells; were really buys at that time - some of them my own buys! i did not say it was a conspiracy but it is fact and the mms like the confusion it can cause people who do not understand and will exploit this as far as the rules will allow them to - they do sail close to the wind! using the knowledge that the majority of xel sells yesterday were actually buys and some other analysis enabled me to turn a nice profit here quickly - of course some of the sells were real sells by people who panic and believe that all sells were really sells when they were not!

keep up your funny posts

xel - not worried for my long term holding - meanwhile good trading prospects - its a win win either strategy utilised correctly!

more smoke and mirrors for the AGM?

welcome to the club marky ..... i usually ignore, but it can get tiresome when persistent