.

A joke

Company needs buying out and developing. This board of directors dont seem to have it. Should be a 4 + share now

Xcite won't exist in 2016 ?

dc- is that a prediction or your reaction to something you have read?

Nothing I have read, DD5. I feel the Directors will pass on taking the company the full
distance.

Wow, still falling.

Was the news bad ?

.

Can anyone explain please [one sylable words would help!] what is so bad about this news that it has knocked the sp so much?

.

.

thanks mnamreh. Various comments about the Board - none complementary. Entertaining bulletin board - if I wasnt exposed re the share.

Wow should be 21% up, mine are 3.40 what a laugh

Comment from Oriel Securities:
Xcite announced this morning that it has reconfigured the Bentley field development plan to include Phases 1A, 1B and 2.
Phase 1A is expected to comprise of a first motherbore well and a minimum of two multilateral production wells. Crude will be produced and transferred to a shuttle tanker where it will be mixed with a diluent which should allow blending and marketing tests to be completed.
Phase 1B is expected to comprise of a wellhead tower with four additional wells which will be produced via an FPSO for c.3 years. Phase 1B is expected to commence in late 2013 and should recover c.25-35mmb from the 5 wells.
Phase 2 is essentially unchanged with plans for a permanent production platform comprising full processing, drilling and accommodation facilities.
The revised development is in the final stages of DECC approval and if this is obtained the Company notes that financial resources for Phase 1A are available (Xcite has contracted and pre-paid for the Rowan Norway for 240 days).
Overall we dont expect to see significant changes to our unrisked NAV following this update (based on our initial analysis this will drop to 348p/sh from 372p/sh), but see that the timing and costs of Phase 1B are difficult to forecast given the tight FPSO market and are moving this into our appraisal NAV with a 75% risking (consistent with our approach in other E&P companies). Given the potential uncertainties on Phase 1B we are also increasing our risking on Phase 2. Overall our risked NAV is likely to drop to c.200p/sh (vs 317p/sh previously).
Pending further analysis we are placing our recommendation Under Review, but note that the shares are likely to be volatile given the first phase of commercial production has been pushed back into 2013/2014.

Xcite Energy plummets on drilling reschedule
Thu 01 Dec 2011

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=5177339
LONDON (SHARECAST) - Xcite Energy, the North Sea focused oil company, has fallen dramatically this morning following an announcement that it has re-configured its approach to development of the Bentley field.

The re-configuration constitutes a change to the schedule for extracting oil from Bentley in response to feedback from the Department for Energy and Climate Change.

The companys first oil is still expected in 2012 but the next two phases of development will take until 2016. It claims this approach will be more cost efficient.

At 11.38am Xcite shares were down 19.5% at 90.15p. In the year to date the firms share price has plunged 75%.

My thoughts, the company have mislead investors ?

What are they playing at.

Shocking, what else is there to say.



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Dreamcather: I'm sure we could all think of other things to say, but their not printable.

Thats why I said its shocking scimitar, I have been polite. lol