.

It might be taken over before development, ....just the sort of little oil company that would fit the bill for some big boys.

slightly more chance that with all the other mini-minnows that get touted for t/o from time to time

Canadian Broker Note :

http://www.xcite-energy.com/docs/XEL_initiate_report.pdf

.

And the "know it alls" can see the unrisked blue sky figure in the broker report is over 800p.

It could go there.

Never say never when there is a chance of possible.

:-P

Looks like a late August spud date for the well.


RNS Number : 6451O
Xcite Energy Limited
02 July 2010

TSX-V, LSE-AIM: XEL


Rig Contract - Ocean Nomad

Xcite Energy is pleased to announce that it has entered into an agreement for
the Ocean Nomad semi-submersible rig to drill the 9/3b-R well on the Bentley
field, with an expected spud date around the end of August subject to the
current rig programme.

The Company expects to conclude final contracts shortly.
This rig provides significant metocean operating advantages over a jack-up unit
for the 9/3b-R well programme, which continues to be managed by Applied Drilling
Technology International.

On a rebound back today.

IC 03/06/10 quote below :

"...The shares, at 75p, have risen on our tip as awareness of Xcite's potential percolates through to a wider investor audience.

With analysts estimating that a successful drilling result could support a valuation of 800p, we reiterate our earlier advice. Buy."

has anyone heard any news here as sp has suddenly come to life
it may merely be that peeps are registering that spudding should take place in the next 6/8 weeks or whatever

Indeed - how very odd. IG have 'market closed' symbol every so often on this in the last few minutes

They keep on pushing the spudding date back....wasn't this supposed to be in April-May at first ; now mid-September....anyway will stay put as this has so much sp potential.

http://www.investegate.co.uk/article.aspx?id=201007200700095862P

.......20 July 2010

Rig Contract - Ocean Nomad

Xcite Energy is pleased to announce that Xcite Energy Resources Limited ("XER") has entered into a binding contract for the Ocean Nomad semi-submersible rig to drill the 9/3b-R well on the Bentley field. With an expected spud date around the middle of September subject to the current rig programme, this will enable XER to complete the intended 9/3b-R well programme as planned in 2010.


ENQUIRIES:

Xcite Energy Limited
+44 (0) 1330 826740
Richard Smith Chief Executive Officer
Rupert Cole Chief Financial Officer

Strong since the rig confirmed.

You can ISA this one too.

Hoping for 100p to be touched during the drilling, and of course with good luck a lot lot higher after drilling success.

i'm surprised at the lack of interest on this board in this particular stock ...... though sp has performed strongly of late, there looks to be plenty more upside - arguably 50% in the immediate future when the well is spudded and of course a huge amount more if all is successful as hoped

And its a stock you can ISA.

However, sometimes the obvious big gainers are missed.

I was buying this at 20p and I missed buying at 5p.

People buying now missed buy at the 20p I did.

In a couple of months there might be people buying at 200p when they could have bought now.

chart already looks pretty good, and if the all-time high of 83p can be broken with impetus, then sp could rocket away

Recap of the Shares article from June ( if they do not mind :) )

Xcite Energy (XEL:AIM) 69.5p - BUY

Plenty to Xcite

The case for investing in Xcite can be made simply by comparing the market valuation with the risked net present value (NPV) ascribed to its Bentley heavy oil field by an independent audit carried out earlier this year.

This audit suggested the asset is worth $546 million, while the groups market cap at the time of writing is $133 million. The massive gap could close in the near term with the group set to drill an appraisal well on Bentley, thought to contain as much as 200 million barrels of oil, at the end of next month. Results are expected either in late August or early September.

It is worth remembering that drilling does not represent blue sky exploration. A well was successfully drilled and tested on the field more than two years ago and this confirmed excellent reservoir characteristics. While the risk profile maybe increased by the single asset focus, investors should be more than compensated by the level of reward on offer.

If the appraisal work is successful the group hopes to bring Bentley onstream as early as next year, with full field development planned for 2014. The economics of the project have been improved by changes introduced in the April 2009 UK budget when the government announced new tax incentives for heavy oil projects.

Seems to be some confusion by some people on the Ocean Nomad.

As far as I am aware in the last RNS Xcite said they had signed a binding contract to use the Ocean Nomad in September, this falls into line with a mobilisation, arrive on site and spud mid-September.

http://www.investegate.co.uk/Article.aspx?id=201007200700095862P


However, some people are saying that the Ocean Nomad will be drilling Kraken first for NPE, however I find no data to back this up. NPE did release a note saying they signed sn AGREEMENT (no mention of rig name) to drill Kraken in the summer, but this was way back in April.

http://www.investegate.co.uk/Article.aspx?id=201004061146527388J

It appears to me the Ocean Nomad was an "option" for NPE, however it seems that NPE have not signed a CONTRACT and in the meantime now Xcite (XEL) have signed a binding contract to use the Ocean Nomad in September, meaning that either NPE use another rig, or plan to drill Kraken later on now.

For those suggesting in other places that the ON will drill Kraken before Bentley, I think you are wrong....... does anyone have any other data to suggest this, or is it just confusion over the words "option and agreement" as opposed to "binding contract" ?

I have not looked into it in too much detail, but this seems to be the case to me.

Worth watching.

http://www.proactiveinvestors.co.uk/companies/stocktube/478/xcite-energy-bentley-north-sea-oil-field-could-be-a-two-billion-dollar-asset-prize-478.html

.

pp see NPE RNS dated 6th April 2010 re agreement to use ON "in the summer".

Halifax, notice that it was in APRIL, and its only an AGREEMENT.

Notice that XEL have recently (this month) RNS'd a "BINDING CONTRACT".

Looks like NPE's agreement fell through, and XEL picked up the rig.