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Additional Listing and Total Voting Rights
RNS




RNS Number : 3393T
Xcite Energy Limited
05 December 2011













NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION











TSX-V, LSE-AIM: XEL















5 December 2011







Xcite Energy Limited



("Xcite Energy" or the "Company")







Additional Listing and Total Voting Rights







Further to the announcement in relation to the draw down on the Standby Equity Distribution Agreement issued on 1 December 2011, the Company announces that it has received conditional approval of the share issue by the TSX Venture Exchange and it has therefore made an application for the admission to AIM ("Admission") of 1,814,059 ordinary shares of no par value in the capital of the Company (the "New Ordinary Shares").



The New Ordinary Shares shall rank pari passu with the Company's existing issued ordinary shares of no par value ("Ordinary Shares") and dealings are expected to commence on 8 December 2011.



Following Admission, the Company's enlarged issued share capital will comprise 190,810,070 Ordinary Shares with one voting right per share. There are no shares held in treasury. The total number of voting rights in the Company is therefore 190,810,070.



This figure of 190,810,070 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

at what levels is this a good buying opportunity?

It was a good buying opportunity on the way down at 2.50, 2, 1.50 and now below a 1, may go lower in the near term.

DD5 you you are welcome to mine.

For once DC I have to agree......wish i'd sold at 3+

I purchased at 20p and sold near 400p.

So for me DD5 I will purchase again at 20p if possible, anywhere below 50p would be ok.

20p............cobblers

cobblers charge a lot more than 20p

i done ok on this one (sorry to those who havent) bought in at 2.22 and sold at 3.76. Never really got back in but its starting to tempt.
Really hope that it goes back up for all those locked in :)

Careful with this one.

Heading back to 20p

Cannot see this at 20p.

Hlyeo does come out with the most stupid things some times he just says what on his mind he cant explain why it will be at 20p..

perhaps he missed the 4 off the front of the 20. lol

I can see 50p here.

Below 50p I would tempted...........

Join the club.

Issued from the company :
"Over recent days we have received a number of messages from our shareholders expressing concern with respect to the current share price and requesting more information from the Company. The Board of Directors and management team recognise your concern and your desire for timely information.

We remain highly committed to the successful commercial development of the Bentley field, one of the largest undeveloped oil fields in the UK North Sea. We shall continue to provide timely news updates based on the regulatory environment that governs our public listing status.

We recognise that the announcement of 1 December 2011 comprised an evolution of our field development plans from those set out earlier in the year. We believe these changes provide the Company with a viable and more financially efficient solution to achieve our shared objective of commercialising the Bentley field."

Note from Oriel:
"Xcite issued a Shareholder Update this morning which re-iterated that the Company is waiting for feedback from DECC for the Bentley Field Development Plan. Approval will allow the Phase 1A project to proceed which is due to commence in H1 2012.


Following the Response from DECC the Company remains optimistic that it will be able to convert the current 87mmb 2C resources to 2P reserves in due course. The Company also notes that work has started on the enhanced oil recovery programme.

Overall we are making no changes to our risked NAV which stands at 216p/sh. We retain our BUY recommendation."

And if DECC approval is not given, all the plans change again and all the timing goes backwards again........

Worrying times, sub 50p very possible.