.

Finally the momentum is taking place and on the move 167p

How on earth are you meant to trade this share - it defies logic - now blue.

no it's not, but certainly a lot healthier - for now - at 170/173

It was when I posted - I rest my case!

re - it defies logic

you may do not know the logic, but I do, so just ............

nibble when I say,it would be easy for you

I had the second nibble a couple minutes ago @ 172p, as it looks like is going to move into the blue today

The order book is still well positive on the bid side, if discounting the 320K at the prices of 210 / 295p

I suspect is going to be a roller coaster on the way up now as the "shorters" will be closing positions as the share price appreciates

i bought some more at 172 late yesterday and castigated myself somewhat this morning for having done so ...... now what does one do????????? ..... have lunch (france) with a bottle of good rose is the obvious call!

The Intraday chart has a lovely sight just now @ 180p

The spike took the shares to 194p but down again to start the new trend ( it seems is like the GAP, it has to be revisited again )

rococo i take my hat off to you perfect trading.

thanks " marky "

the shares are ready for the next move up after the pause this afternoon

pleased the sp has held

quick spike first thing-grab any profit sharpish!

Xcite Energy Limited Update on "Rowan Norway" N-Class Jack-Up Rig & FDP
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TIDMXEL

RNS Number : 2812K

Xcite Energy Limited

13 July 2011

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES

TSX-V, LSE-AIM: XEL

13 July 2011

Xcite Energy Limited

("Xcite Energy" or the "Company")

Update on "Rowan Norway" N-Class Jack-Up Rig and FDP

The Company is pleased to announce that the "Rowan Norway" deep water jack-up rig, scheduled for use on the Company's Bentley field, has now been delivered by the Keppel FELS shipyard in Singapore to Rowan Companies, Inc.

The rig will now be transported to Dundee using the OHT Hawk heavy lift vessel, where it will undergo final testing and will be crewed and equipped for its deployment onto the Bentley field.

Preparations for the submission to the Department of Energy and Climate Change of a Field Development Plan for the Bentley field remain on track and are consistent with the rig deployment timing.

now the cash call

In Auction speed clogs to the ready

Probably just the open auction going by the time of your post.

Buyers are willing to pay higher prices since started the day

176p , 179.55p,181p, 182.2p and now paying full offer 183p though there are 17K at offer 183p ( 10K from WINS )

i wouldn't be at all surprised if there are further on offer from WINS behind that initial 10k, but no worry ..... at least sp trying to limp north

Arbuthnot note:
The Rowan Norway rig which Xcite will be using to drill the Bentley field ahead of first production has been delivered to Rowan by the Keppels shipyard in Singapore. The rig will now be transported to Dundee for final testing ahead of moving to the Bentley field.

Xcite has yet to submit its development plan to DECC for approval, once this has happened then the process should take about three months for approval. We understand that submission is due in the next few weeks.

The key issue for Xcite is funding. We still have no clarity as to the funding requirement or the split between debt and equity. Until this is resolved the issue we feel that this will continue to be a dampener on the share price.

Xcite's share price has been extremely volatile in the absence of any news flow in recent weeks. Today's news is positive and the market is very likely to see this as a major buying opportunity.

We continue coverage with a Buy recommendation and target price of 348p..

FT Alphaville and some analysts still questioning whether XEL is commercial

XEL's deepwater jack-up rig has been delivered by the Keppel shipyard in Singapore to its owners, Rowan Companies, and will now be transported to the North Sea to start appraisal drilling on XEL's Bentley heavy oilfield. Doubts still remain about the commerciality of the field and I'll be interested to see how things pan out over the coming months. Apart from anything else, a recent CPR estimated capex of almost $700m to develop the field's 28m barrels of 2P reserves. Shares have seen a recent rally after a heavy sell-off but I wouldn't be tempted in, if anything I'd be selling into any strength