.

7 to 9 Months time this will be sitting 5+ when they start to extract the oil out of the ground hence the money i have in ISAs is dead money but i can wait.

Time will tell.

DJ Xcite Energy Limited Drawdown on Equity Line

TIDMXEL

RNS Number : 6146K

Xcite Energy Limited

19 July 2011

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

TSX-V, LSE-AIM: XEL

19 July 2011

Xcite Energy Limited

("Xcite Energy" or the "Company")

Drawdown on Equity Line

Xcite Energy announces that it has drawn down on its Standby Equity Distribution Agreement ("SEDA") with YA Global Master SPV Ltd ("Yorkville") in the amount of GBP4.2 million (CAD$6.46 million). This draw down has been undertaken at a price of GBP1.567 (CAD$2.41) per share and will result in the issue of 2,680,451 ordinary shares of no par value in the capital of the Company (the "New Ordinary Shares") to Yorkville. This funding will be used as future working capital for the Company and to progress towards the first stage production of the Bentley field.

Subject to the terms of the SEDA and except in accordance with Canadian securities laws and with prior written approval of the TSX Venture Exchange, the shares issued to Yorkville under this draw down may not be sold or otherwise traded on or through the facilities of the TSX Venture Exchange or otherwise in Canada or to or for the benefit of a Canadian resident until the date that is four months and one day from the date of issue.

Application will be made for the admission to AIM ("Admission") of the New Ordinary Shares upon approval of the share issue by the TSX Venture Exchange. The New Ordinary Shares will rank pari passu with the Company's existing issued Ordinary Shares.

ENQUIRIES: +44 (0) 1483 549
Xcite Energy Limited 063
Chief Executive
Richard Smith Officer
Chief Financial
Rupert Cole Officer

Oriel Securities (Joint Broker +44 (0) 207 710
and Nomad) 7600
Emma Griffin Partner
Simon Edwards Partner

+44 (0)207 425
Morgan Stanley (Joint Broker) 8000
Andrew Foster Managing Director

+44 (0) 207 861
Pelham Bell Pottinger 3232
Mark Antelme
Henry Lerwill Director
Paradox Public Relations +1 514 341 0408
Jean-Francois Meilleur Consultant

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Morgan Stanley which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Xcite Energy and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Xcite Energy for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.

Oriel Securities which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Xcite Energy and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Xcite Energy for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.

This information is provided by RNS

The company news service from the London Stock Exchange

END
MSCSFEEEAFFSESW

(END) Dow Jones Newswires

19-07-11 0600GMT

--------------------------------------------------------------------------------

May be a rise today?

one swallow does not a summer make, but it's a relief to see some blue for a change

Not only XEL +12p is moving higher, RKH is on the UP aswell +10p but on the steady side not like XEL with spikes up and down

    

a simpleton's chart below shows sp just challenging the 50 dma from below - red = 25 dma and black 200 ..... imo, the 50 dma needs to be pierced with impetus, and then with some luck, sp may surge to somewhere useful

Moving up, book looks strong.

Arbuthnot note:
"Less than three weeks since the last draw down (12.5m on 30th June) on their SEDA, Xcite has drawn down a further 4.2m at a share price of 1.567 (c.2.68m shares). The money will be used as working capital for the first stage production development at Bentley.
This announcement is a surprise given how quickly the company has again drawn down on this facility. There is a huge amount of uncertainty surrounding funding. We have no idea how large the capital requirement is or how this will be split between debt and equity. Xcite also has still to submit its development plan to DECC.
Given the high level of uncertainty surrounding Xcite's funding and development plan we are putting the stock under review until we have enough information to make an accurate judgement on valuation.

Arbuthnot were clueless when they were our house broker and are just as clueless now.

Its going up, thats all i am worried about., sod charts .

"sod charts" is not an unreasonable attitude provided you remember that a lot of peeps and computer progs follow them

After what you stated yesterday. I only said it to wind you up cynic.

Great to see some blue today.

Needs volume?

16.34hrs - 2,260000 sell ? 3.7 million

unlikely though i see total volume was >6m which is a hell of a lot

You did not sell out then cynic, 3.7 million.lol

Isnt it about time that the BOD gave specific info as to what the SEDA drawdowns are being used for or is it just for the ongoing running costs?

regards

Agree. It could be for the shareholders bubbly when the sp hits 5 +
some pr would not go a miss.