.

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.

who knows? ... anyway, XEL is performing pretty well and it certainly looks more than likely that drilling will commence within a couple of months

pp spoke to NPE just now they do have a contract for the Ocean Nomad to drill Kraken and spudding will occur shortly, preceding the Xcite contract.

Ok.

Ocean Nomad now down for Xcite from early Sept.

Probably going to be mid-Sept to late-Sept spud date.

http://www.diamondoffshore.com/ourFleet/documents/August132010web.xls

.

Very interesting news, all very positive and hopefully will lead to some solid upgrades on the reservoir size, which can have a tremendous impact on the upside.

http://www.investegate.co.uk/Article.aspx?id=201008200700043706R

.

http://www.proactiveinvestors.co.uk/companies/news/20529/xcite-energy-chief-executive-looks-ahead-to-transformational-few-months-20529.html


Xcite Energy Chief Executive looks ahead to transformational few months

Friday, August 27, 2010 by Jamie Ashcroft

With the release of its Q2 results, Xcite Energys (LON:XEL) chief executive Richard Smith said he was looking forward to a transformational few months.

In the three-months ended 30th June, the company has been working in preparation for an important work programme on the Bentley oil field in the North Sea. Xcite and its partners - collectively known as the Bentley Alliance - will appraise the Bentley field, gather data and accelerate the first stage production programme.

"This has been another important period for the company and we have now put in place the key elements of the work programme for the 9/3b-R well, Smith commented.
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Significantly, Xcite secured an alterative rig to carry out the 9/3b-R drilling. With the Ocean Nomad semi-submersible rig, the Bentley Alliance have been able to expand the scope of the drilling programme to include a slant well section.

The company believes its updated plan will provide greater certainty for the planned horizontal flow test.

Importantly the enhancement will add new significant data, and accelerate development to reach first stage production.

We look forward to a transformational few months as we seek to demonstrate the commercial value of the Bentley field," Smith added.

The company said it has a strong balance sheet, with 23.3m as at the end of the period. Additionally it added a further capital this week with a placing, raising 5.8m gross.

Could quite easily double in value by Christmas, perhaps even more....

Do we have an exact spud date yet? It is my aim to start buying these about 2 weeks before spudding with a price target of 125p pre first drill test results.

Not yet, but soon.....better buy on tuesday....nothing is certain but this looks a good bet....

'better buy on tuesday'

I did better as i bought today, this got buy buy buy all over it on the run upto spudding. Should be a goer next week especially after Dow flew tonight.

Spud will be late September IMO.

Thanks i'll monitor share price for movements, done the research and obviously oil is there it's just a case of how well they can get it to flow - quite a team behind XEL though and also experts from BP and AMEC. I've seen the fanciful topline targets of 700-1400p so well tempted to get stuck in big pre spud.

Thanks i'll monitor share price for movements, done the research and obviously oil is there it's just a case of how well they can get it to flow - quite a team behind XEL though and also experts from BP and AMEC. I've seen the fanciful topline targets of 700-1400p so well tempted to get stuck in big pre spud.

certainly should rise ahead of spud one would have thought but of course we need to see a more stable stockmarket on the whole. I can see the excitment building here the next few weeks and a lovely bullish statement with the last rns:

We look forward to a transformational few months as we seek to demonstrate the commercial value of the Bentley field,"

And it is isable.....does look good .......plenty of bloggers here in this one.....

http://proactiveinvestors.co.uk/companies/news/20529/xcite-energy-chief-executive-looks-ahead-to-transformational-few-months-20529.html

RNS dated 13/8/10 issued by NPE states Ocean Nomad spudded Kraken and full drilling programme will take 45 days approx so Bentley unlikely to be spudded much before end of september, so don't get too excited yet!

insane buying all of a sudden, is something going on? What's chances of a bidder emerging pre drill? Sounds daft but definitely plausible concidering valuation per bbl.

Arbuthnot waxing lyrical with a buy note, target way eay above current price :))