.

i suspect it's just some bear covering ahead of AGM ..... reaction following that may be interesting

The AGM is the key for now, if that loony who (allegedly) saw a 300% rise in the share price is allowed to comment along those lines again, the price will plummet, investors don`t like slicks.

Doing really well now.

Filing of Material Change Report

very confident xel & looking fwd to the agm either way

Mr S .... who/when was that?

At an oilywhatsit meeting a few weeks back, a director told several people that he couldn`t guarantee a ten bagger agan, but trebling was on the cards, it was on AFN so it must be true-lol- the price then was about 350p from memory

fucking idiot! ..... mind you, i haven't bothered with oilbarrel for a couple of years now as i quickly came to the conclusion that it was just a platform for company self-promotion

PS - i assume abuse of (mis)directors is permitted!

Oh its thoroughly encouraged dear boy, I reckon the clown must have knocked a quid off the share price when the muppets realised it was BS, but they believed him for a while

lol

Downgrade from Numis, snippet below, more on the link :

http://ftalphaville.ft.com/blog/2011/05/17/570841/markets-live/

.............Risky relative to other E+Ps. We think Xcite is a riskier proposition than many other E+P stocks. With the RAR now passed, there is a substantial length of time until the next catalyst (first oil from the FSP, 4Q11) and continued uncertainty on the fields
ultimately recoverable resource, in our view.

Valuation. That said, in the meantime we think Xcites share price will be underpinned
by a healthy 28mmbbl reserve base, and the stock remains inexpensive at just 0.57
times NAV versus the E+P peer group at 0.78 times. Our target price has moved from
453p to 225p, and with 17% upside to this target we move our recommendation from
Buy to Add..............

Pro must be wanting the price to go lower so he can buy back in.

So they have halved their target, you couldn`t make it up

Evolution Securities

XCITE ENERGY (XEL) - BUY - PRICE/TARGET : 192P/322P

FILING OF MATERIAL CHANGE REPORT
Company focussed on shifting Resources in to Reserves

EVO TAKE The most interesting aspect of the Material Change Report issued today by Xcite is the fact that the company intends to submit a field development plan for BOTH the First Stage Production AND Second Stage Production. This will allow the 87mmbbls of contingent resources to be classified as Reserves, taking the total 2P count to 115mmbbls. On this basis, Xcite would certainly look cheap, trading on a current EV/2P of $4.4/bbl versus a $11.8/bbl valuation in the Reserves Assessment Report and $10/bbl for typical North Sea transactions.

DETAILS The Material Change Report provides some of the detail behind the numbers issued in last weeks Reserves Assessment Report and is a requirement under Xcites Toronto Stock Exchange listing. We will look at the costing assumptions in the Reserves Assessment and fine tune our model where necessary but we do not expect to make material changes.

VALUATION AND RECOMMENDATION The shares have fallen over 40% since the Reserves Assessment last week which, although below our expectations, do mark an important stage in the monetization of the Bentley asset. We think the fall is overdone and remain Buyers.

Company focussed on shifting Resources in to Reserves (David Farrell) David Farrell
+44 (0)20 7071 4447 david.farrell@evosecurities.com

Someone been sacked,lets hope its for the better.

interesting chatter circling xel.... what was effectively a reserve update conf yesterday to 87m contingent reserves to total 115m is now considered cheap by the city - apparently - expect some blue here today - we shall see

other good news as mm states - rubbish has been fired - agm etc

excellent!

New advisors - says one thing.

Placing/Fund Raising on the way............. lets see if the rumours of 200p were correct when it happens a few weeks down the line.

The new advisors will be looking closely at the bod now,

watch this space

it doesn't matter about what (shale) oil canada does or doesn't have ..... XEL's stuff, now of debatable quantity, is in the north sea lest you had not noticed! ..... anyway, the AGM clearly excited (sorry about the pun) no one, nor scared them either

Well oddly enough I DO know where the North Sea is---so?

oh and show me a car running on their oil.

People get so carried away with BS from these people, suddenly every one holding a handful of dubious oily shares is an expert petrologist ( study of rocks dearie)

I think another F*ck off coming......;))