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Xcite Energy - North Sea Heavy Oil (XEL)
Proselenes - 22 Oct 2009 11:14
.
cynic
- 30 Jun 2011 13:40
- 2035 of 3002
ass! ..... that has to be the most disingenuous bit of rationalisation i have ever come across!
Sequestor
- 30 Jun 2011 14:51
- 2036 of 3002
it will fall back to the dilution price 118p always does.
Cynic there is a word for people who believe they are never wrong and always refuse to admit mistakes, what is it again, oh yes --pillock,
ps using disingenuous and rationalisation together is an oxymoron.
Cynic there is a word for people who believe they are never wrong and always refuse to admit mistakes, what is it again, oh yes --pillock,
ps using disingenuous and rationalisation together is an oxymoron.
cynic
- 30 Jun 2011 14:54
- 2037 of 3002
being a moron i often incorporate oxymorons or other silly word games in my posts! ..... but i don't think i agree with your analysis - ingenious rationalisation it most certainly was not (lol)
Sequestor
- 30 Jun 2011 14:55
- 2038 of 3002
reported to abuse for being a moron, on oxygen!
markymar
- 30 Jun 2011 15:17
- 2039 of 3002
Xcite Energy shares show signs of recovery
1:56 pm by Jamie Ashcroft
http://bit.ly/iS5k2K
Investors who have viewed Xcite as an oilfield developer not an explorer, understanding that the groups primary target is to produce oil not find it, are undoubtedly frustrated at the disparity between Xcites apparent progress and the market value of its shares.
There are signs that the tide has turned for Xcite Energys (LON:XEL) share price, with a fifty percent rebound in the past three days.
The share price has been rocked by a relentless, and arguably undeserved, decline which has seen the stock lose two thirds of its value, from around 330 to 105p, since Mays reserve report for the Bentley fields first stage production area.
But the decline, which many experts have previously described as overdone, appears to have run its course.
This week there have been three things to indicate this. The most obvious being the sharp recovery in the share price, from its most recent low of 104p part way through Tuesdays session. Since then the shares added 55p as they reached an intraday high of 159p earlier today.
Meanwhile, the second positive sign is that trading volumes have been sufficient to allow Xcite to issue over 10 million new shares though its existing equity-line facility with Yorkville Partners, raising 12.5 million as it does so.
As they are being issued at 118p these new shares, which represent almost 6 percent of company, are already in the money as a result of the share price rally.
Yorkvilles YA Global Fund will take 5 million shares and Xcite has arranged for Arbuthnot Securities to take 5.5 million shares, with a view to selling them on the investors on the funds behalf.
The third and perhaps the most significant sign of strength is the fact that two of Xcites more hands-on directors have put their names down to buy two million of these new shares from Arbuthnot.
Finance director Rupert Cole is buying one million shares to increase his holding to 6.1 million shares, while exploration and development director Stephen Kew is also buying a million to take his total holding to 6.2 million shares.
The Citys brokers also see the shares going higher.
Morgan Stanley currently rates Xcite at overweight which broadly equates to a buy recommendation with a 315p target. Arbuthnot Securities see the stock as a buy with a 348p target although this was cut-back last month, from an ultra-bullish strong buy targeting 600p.
Meanwhile Evolution Securities have a buy recommendation with a 322p target, Numis has an Add rating with a 225 target and recently appointed house broker Oriel Securities rates it as a buy and values the shares (risked-NAV) at 383p.
Investors who have viewed Xcite as an oilfield developer not an explorer, understanding that the groups primary target is to produce oil not find it, are undoubtedly frustrated at the disparity between Xcites apparent progress and the market value of its shares.
You see at recent prices Xcite has been valued at levels last seen in October 2010, before it had finished drilling the successful development well that ultimately proved the Bentleys heavy oil could be produced commercially which was the whole point of the work programme to begin with.
Now Xcite is gearing up to embark on a programme to start first stage production on the Bentley oil field by the end of 2011.
In May the junior oil firm reached a major milestone in this process when a third-party reserve assessment report (RAR) was completed for the core area of the oil field development. The report gave important reserve and resource figures for the first stage production (FSP) and the second stage production (SSP) respectively. At the moment only the FSP has reserve status oil, with 22 million barrels in 2P reserves.
The report disappointed investors due to expectations that resource volumes, for the whole field, didnt rise significantly.
However according to the Xcite team the report was always going to be a stepping-stone to establish production, and as such it was firmly focused upgrading resource into reserves in just one area of the field.
In this respect Xcite said the report was a success. According to Xcite, last weeks reserve assessment report demonstrated a material increase in the projects net present value (NPV) compared to the competent persons report (CPR) that was completed in February 2009.
It [the reserve report?] valued the best estimate case for the FSP and SSP at US$396 and US$961 million respectively, giving the core area a combined NPV of US$1.35 billion.
Xcite also confirmed, in May, that there are no remaining technical contingencies for the second production phase and because of that analysts are expecting more contingent resources will be converted to an equivalent volume of reserves once Xcite moves on to this phase of the development.
This means that the staged development will effectively have total 2P reserves of around 115 million barrels. The company has already hired a jack-up rig and floating production facilities that will be used in the FSP.
Xcites next development milestone will see it submit a development plan to the UK Department of Energy and Climate Change for both the FSP and SSP.
1:56 pm by Jamie Ashcroft
http://bit.ly/iS5k2K
Investors who have viewed Xcite as an oilfield developer not an explorer, understanding that the groups primary target is to produce oil not find it, are undoubtedly frustrated at the disparity between Xcites apparent progress and the market value of its shares.
There are signs that the tide has turned for Xcite Energys (LON:XEL) share price, with a fifty percent rebound in the past three days.
The share price has been rocked by a relentless, and arguably undeserved, decline which has seen the stock lose two thirds of its value, from around 330 to 105p, since Mays reserve report for the Bentley fields first stage production area.
But the decline, which many experts have previously described as overdone, appears to have run its course.
This week there have been three things to indicate this. The most obvious being the sharp recovery in the share price, from its most recent low of 104p part way through Tuesdays session. Since then the shares added 55p as they reached an intraday high of 159p earlier today.
Meanwhile, the second positive sign is that trading volumes have been sufficient to allow Xcite to issue over 10 million new shares though its existing equity-line facility with Yorkville Partners, raising 12.5 million as it does so.
As they are being issued at 118p these new shares, which represent almost 6 percent of company, are already in the money as a result of the share price rally.
Yorkvilles YA Global Fund will take 5 million shares and Xcite has arranged for Arbuthnot Securities to take 5.5 million shares, with a view to selling them on the investors on the funds behalf.
The third and perhaps the most significant sign of strength is the fact that two of Xcites more hands-on directors have put their names down to buy two million of these new shares from Arbuthnot.
Finance director Rupert Cole is buying one million shares to increase his holding to 6.1 million shares, while exploration and development director Stephen Kew is also buying a million to take his total holding to 6.2 million shares.
The Citys brokers also see the shares going higher.
Morgan Stanley currently rates Xcite at overweight which broadly equates to a buy recommendation with a 315p target. Arbuthnot Securities see the stock as a buy with a 348p target although this was cut-back last month, from an ultra-bullish strong buy targeting 600p.
Meanwhile Evolution Securities have a buy recommendation with a 322p target, Numis has an Add rating with a 225 target and recently appointed house broker Oriel Securities rates it as a buy and values the shares (risked-NAV) at 383p.
Investors who have viewed Xcite as an oilfield developer not an explorer, understanding that the groups primary target is to produce oil not find it, are undoubtedly frustrated at the disparity between Xcites apparent progress and the market value of its shares.
You see at recent prices Xcite has been valued at levels last seen in October 2010, before it had finished drilling the successful development well that ultimately proved the Bentleys heavy oil could be produced commercially which was the whole point of the work programme to begin with.
Now Xcite is gearing up to embark on a programme to start first stage production on the Bentley oil field by the end of 2011.
In May the junior oil firm reached a major milestone in this process when a third-party reserve assessment report (RAR) was completed for the core area of the oil field development. The report gave important reserve and resource figures for the first stage production (FSP) and the second stage production (SSP) respectively. At the moment only the FSP has reserve status oil, with 22 million barrels in 2P reserves.
The report disappointed investors due to expectations that resource volumes, for the whole field, didnt rise significantly.
However according to the Xcite team the report was always going to be a stepping-stone to establish production, and as such it was firmly focused upgrading resource into reserves in just one area of the field.
In this respect Xcite said the report was a success. According to Xcite, last weeks reserve assessment report demonstrated a material increase in the projects net present value (NPV) compared to the competent persons report (CPR) that was completed in February 2009.
It [the reserve report?] valued the best estimate case for the FSP and SSP at US$396 and US$961 million respectively, giving the core area a combined NPV of US$1.35 billion.
Xcite also confirmed, in May, that there are no remaining technical contingencies for the second production phase and because of that analysts are expecting more contingent resources will be converted to an equivalent volume of reserves once Xcite moves on to this phase of the development.
This means that the staged development will effectively have total 2P reserves of around 115 million barrels. The company has already hired a jack-up rig and floating production facilities that will be used in the FSP.
Xcites next development milestone will see it submit a development plan to the UK Department of Energy and Climate Change for both the FSP and SSP.
Evermore
- 30 Jun 2011 15:47
- 2040 of 3002
markymar, thanks for the update!
rococo - 30 Jun 2011 16:06 - 2041 of 3002
137.50p - 3.50p
is now ready for turning after the rise and retracement today
is now ready for turning after the rise and retracement today
dreamcatcher
- 30 Jun 2011 18:18
- 2042 of 3002
Well done sequestor, the sp did fall . Looked impos this morning
dreamcatcher
- 30 Jun 2011 18:32
- 2043 of 3002
These directors have not purchased more stock for fun. They are in the know.
They still own millions of shares. Guessing they have not sold 20% of what they hold.
Question , why the purchase.
They still own millions of shares. Guessing they have not sold 20% of what they hold.
Question , why the purchase.
Balerboy
- 30 Jun 2011 21:47
- 2044 of 3002
Nice read marky keep it going, not sold any yet and happy to stay put.,.
dreamcatcher
- 01 Jul 2011 06:24
- 2045 of 3002
Xcite taps US partner for 12.5m
Published Date: 01 July 2011
http://business.scotsman.com/business/Xcite-taps-US-partner-for.6793975.jp
XCITE Energy, the Aberdeen-based oil and gas explorer, yesterday drew down a further 12.5 million of cash from US investment manager Yorkville Advisors to fund the first stage of production on the Bentley field in the North Sea.
Under Xcite and Yorkville's "standby equity distribution agreement", the US firm will get 10.6 million shares at 118p each.
Chief financial officer Rupert Cole and exploration and development director Stephen Kew are each buying one million shares from Yorkville at 118p. Following the sale, the pair will hold about 6.2 million shares in the company.
Xcite closed down 2.25p at 138.75p having hit an intra-day high of 162p before sliding back. The stock has lost two-thirds of its value since May's reserves report for the Bentley field but had rallied by 31p on Wednesday.
Published Date: 01 July 2011
http://business.scotsman.com/business/Xcite-taps-US-partner-for.6793975.jp
XCITE Energy, the Aberdeen-based oil and gas explorer, yesterday drew down a further 12.5 million of cash from US investment manager Yorkville Advisors to fund the first stage of production on the Bentley field in the North Sea.
Under Xcite and Yorkville's "standby equity distribution agreement", the US firm will get 10.6 million shares at 118p each.
Chief financial officer Rupert Cole and exploration and development director Stephen Kew are each buying one million shares from Yorkville at 118p. Following the sale, the pair will hold about 6.2 million shares in the company.
Xcite closed down 2.25p at 138.75p having hit an intra-day high of 162p before sliding back. The stock has lost two-thirds of its value since May's reserves report for the Bentley field but had rallied by 31p on Wednesday.
dreamcatcher
- 01 Jul 2011 17:45
- 2046 of 3002
TOP SMALL CAP MOVERS: Xcite Energy shares rebound 50% as index recovers ground
By JAMIE ASHCROFT
Last updated at 2:44 PM on 1st July 2011
Traders breathed a sigh of relief, and perhaps knocked back an ouzo or two, after the Greek bail-out vote eased the pressure on the junior market.
The FTSE AIM100 index bounced back this week after reaching its lowest point of the year last Friday.
In the past five days Londons small-cap index has added 125 points, or over three per cent, and this morning it stands at 3,948.
'The whole market was focused on the Greek vote in the early part of the week,' said Nick Searle, senior trader at Evolution Securities.
Xcite-ing times: Firm's finance director and development director each bought one million shares on Thursday
'We rallied into the vote and once it was passed the market sold off a little bit. It is also the half-year end for some funds, thats played its part too. Theres a bit more blue on the screens. Investors are a bit more comfortable, but ultimately it is still pretty tough out there.'
Xcite Energy (down 0.25p today, at 138.5p) was the weeks big feature and is certainly living up to its name as the shares rebounded fifty per cent from their lows.
At recent prices Xcite has been valued at levels last seen in October 2010, before it completed the successful development well that ultimately proved the Bentleys heavy oil could be produced commercially.
Finance director Rupert Cole and development director Stephen Kew are clearly sticking to their guns though, as each of them bought one million shares on Thursday.
By JAMIE ASHCROFT
Last updated at 2:44 PM on 1st July 2011
Traders breathed a sigh of relief, and perhaps knocked back an ouzo or two, after the Greek bail-out vote eased the pressure on the junior market.
The FTSE AIM100 index bounced back this week after reaching its lowest point of the year last Friday.
In the past five days Londons small-cap index has added 125 points, or over three per cent, and this morning it stands at 3,948.
'The whole market was focused on the Greek vote in the early part of the week,' said Nick Searle, senior trader at Evolution Securities.
Xcite-ing times: Firm's finance director and development director each bought one million shares on Thursday
'We rallied into the vote and once it was passed the market sold off a little bit. It is also the half-year end for some funds, thats played its part too. Theres a bit more blue on the screens. Investors are a bit more comfortable, but ultimately it is still pretty tough out there.'
Xcite Energy (down 0.25p today, at 138.5p) was the weeks big feature and is certainly living up to its name as the shares rebounded fifty per cent from their lows.
At recent prices Xcite has been valued at levels last seen in October 2010, before it completed the successful development well that ultimately proved the Bentleys heavy oil could be produced commercially.
Finance director Rupert Cole and development director Stephen Kew are clearly sticking to their guns though, as each of them bought one million shares on Thursday.
dreamcatcher
- 03 Jul 2011 07:21
- 2047 of 3002
Portfolio review of the week July 2nd 2011
SATURDAY, JULY 2, 2011 AT 7:51PM
http://contrarianinvestoruk.squarespace.com/
Xcite Energy (XEL)After dropping as low as 106p on Tuesday, Xcites shares finished the week at 147p, a 20% rise since the previous weekss close. The key piece of news was released on Thursday that Directors Rupert Cole and Stephen Kew had committed to buy 1 million shares each at a price of 1.18 a share. At the same time announced that it had drawn down 12.5 million on its Standby Equity Distribution Agreement (SEDA) with Yorkville at 1.18. So a roller coaster ride for Xcite shareholders over the last month and hopefully the 2.3 million of Director buys will now put a floor on the share price which has fallen from over 3 since May. We now await the DECC (Department of Energy and Climate Change) approval in late July/August and final clarification of funding of First Stage Production (FSP) of the Bentley Field.
SATURDAY, JULY 2, 2011 AT 7:51PM
http://contrarianinvestoruk.squarespace.com/
Xcite Energy (XEL)After dropping as low as 106p on Tuesday, Xcites shares finished the week at 147p, a 20% rise since the previous weekss close. The key piece of news was released on Thursday that Directors Rupert Cole and Stephen Kew had committed to buy 1 million shares each at a price of 1.18 a share. At the same time announced that it had drawn down 12.5 million on its Standby Equity Distribution Agreement (SEDA) with Yorkville at 1.18. So a roller coaster ride for Xcite shareholders over the last month and hopefully the 2.3 million of Director buys will now put a floor on the share price which has fallen from over 3 since May. We now await the DECC (Department of Energy and Climate Change) approval in late July/August and final clarification of funding of First Stage Production (FSP) of the Bentley Field.
Sequestor
- 04 Jul 2011 08:45
- 2048 of 3002
Yes those directors know how to us the market all right.
markymar
- 04 Jul 2011 15:59
- 2049 of 3002
Good to see the share price moving in the right direction.......still a long way to go
dreamcatcher
- 04 Jul 2011 16:01
- 2050 of 3002
Only about 3 miles . lol. It all helps
gibby - 04 Jul 2011 21:31 - 2051 of 3002
baler - how you doing - saw your note a page or 2 back - i've been on holiday (not at her majesty's pleasure) lol!!! got back just in time for some good stuff xel and again today lol!!!! and dc mate i can feel a, , a , another...........
yeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeehhhhhhhhhhhhhhhhhhhhhhhhaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaakerrrrrrrrrrrrrrrrrrrrrrrrrchinnnnnggggggggggggggggggggaroooooooooooooooooooooooooooooooooooooooooooooooooooooooo!!! lol
very pleased with me timing!! i hope many others have had good fortune too
gonna turn some of me attention to rrr also me thinks - missed the sub 6p! but want some action there and elsewhere this week
gla
yeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeehhhhhhhhhhhhhhhhhhhhhhhhaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaakerrrrrrrrrrrrrrrrrrrrrrrrrchinnnnnggggggggggggggggggggaroooooooooooooooooooooooooooooooooooooooooooooooooooooooo!!! lol
very pleased with me timing!! i hope many others have had good fortune too
gonna turn some of me attention to rrr also me thinks - missed the sub 6p! but want some action there and elsewhere this week
gla
dreamcatcher
- 04 Jul 2011 22:08
- 2052 of 3002
gibby, Hope you had a good break and plenty of visitors. lol. Once we get to 3.40
I will give it a Yeha. Do not hold many .Nice to see someone so happy . Good luck.
dc. Been stacking hay all day From DB's Field. Knackered. Could of done with a hand today bb. lol
I will give it a Yeha. Do not hold many .Nice to see someone so happy . Good luck.
dc. Been stacking hay all day From DB's Field. Knackered. Could of done with a hand today bb. lol
markymar
- 05 Jul 2011 09:32
- 2053 of 3002
2 miles to go dreamcatcher
Sequestor
- 05 Jul 2011 10:53
- 2054 of 3002
No sign of a fall back, looks ok?
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