.

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 :))

Arbuthnot - 31/8/10:

Xcite has successfully completed a supplemental fund raise of 5.8m to enhance its next appraisal well on the Bentley field. The new programme should provide greater certainty on the outcome of the horizontal well and subsequent flow test which is due to spud in September. A positive result from the flow test should yield sufficient data to move the asset from contingent resources into reserves and provide the basis of the first-stage production (FSP) programme. Post blackout, we continue with our Strong Buy rating and introduce a 114p target price (previously 123p) to reflect the placing.

Drilling is due to start later this month. This is a watershed well for the company. A positive result from the flow test will move it from resources into reserves and should provide the basis for moving the field into development. The well is expected to take approx 60 days to drill and includes a three to five-day flow test.

Latest note:

Low - 114p
Base - 355p
High - 659p

*$80 boe

Well i'll take the median price 0f 355p for starters;-)
Maybe this will start alerting a few to the potential multibagger that we have right in front of us - a multibagger in months not years as well.

Your ramping would be more productive on advfn CR !

needs to cross 90p before anyone should get excited or may be xcited :-)

from advfn cr thread ravey!

Upside for this share is amazing - Wellington West note gives unrisked value 0f $22 CAD with potential for more -

Overall, we believe Xcite Energy has the potential to generate significant
shareholder value over the next 12 to 36 months as the company reaches key
milestones in the Bentley development program, with first oil in 2011 &
longer-term full field development. We view Xcite Energy as an attractive
early stage play on heavy oil in the offshore space that carries moderate risk and
the potential for significant upside value in both a partial & full success case at
their Bentley field. Our unrisked EMV/sh value for Bentley is ~$22.01 and we
see potential for additional upside to this number

http://www.proactiveinvestors.co.uk/companies/news/20634/xcite-energy-is-a-development-story-not-an-exploration-play-says-arbuthnot-20634.html

Up through 80p now.

yes looking for an approach to 100p next few days. I've just bought some PELE as welll, something on the brew there i guess.

Canadian broker comment.

Octagon - 1/9/10:

Xcites staged approach to de‐risking the Bentley field development is on schedule to install the Early Production System (EPS) by the end of 2011, upon positive results of the production testing of the 9/3b‐R horizontal well. All data collected to date shows a good chance of proceeding to the EPS.

Our 12‐month target price of $3.21 is based on positive test results that will designate reserves at Bentley based on the production from the EPS, subsequently increasing the valuation metrics of the resource discovered. There is considerable potential for the stock price to move higher as the installation of the EPS facilities become reality in 2011.

There remains substantial upside to the share price going forward past the EPS, but the risk remains showing commerciality of the field from the test results of the upcoming horizontal appraisal well. We feel it is premature at this point to build in higher reserve metrics until the Company reaches this milestone. However, even with expected dilution, there is significant potential for increased share value for this junior E&P company in the North Sea operating area.

Nice start to the week anyway, end of September spud all being well, and then the fun starts.

If it goes well and it flows then there really is blue sky here.

Big hopes here indeed.....

90p is the first target on the chart rf lot of blue sky after that.

look at this flying on the Toronto exchange as i write, may be knocking on 90p tomorrow. It hit $1.40 at one stage.

100p by the time we spud and what a bright star if confirmation of the discovery is reached.....

Good demand in Canada yesterday and strong in UK today. All bodes well.

nice 3% tick up all of a sudden.

Should not be long before we get the rig now, then she will move !