.

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.

And if it is given.

so Mr P, as you are such a tart tart, tell us which stocks you have shorted and at what price and when

Another bit of the jigsaw

Storage and Offtake Vessel

Xcite Energy is pleased to announce that its 100% subsidiary, Xcite Energy Resources Limited ("XER"), has signed a letter of intent ("LoI") with Teekay Shipping Norway AS ("Teekay") for the provision of a shuttle tanker for the forthcoming Phase 1A of the Bentley field development programme.



The LoI anticipates that XER and Teekay will enter into a definitive agreement for one of Teekay's dynamically positioned shuttle tankers within three months, following which the shuttle tanker is expected to be used as the in-field storage and offtake facility for Bentley crude oil from the Phase 1A production.



Commenting on today's announcement, Exploration and Development Director, Steve Kew said:



"We are pleased to have secured a storage and offtake vessel, which will play a key part in Phase 1A and first oil from the Bentley Field. As another important step in the overall planning for the field development, it also serves to highlight the concurrent activity that is underway whilst we await the necessary approvals from DECC."

I imagine that the DECC approvals, when granted, which is probably a 'given', imo, will present a short term opportunity to make some money here. I shall start digging down the back of the sofa for some spare cash.........

Ditto.....but I only have chewing gum down the back of mine....hey !..it's not mine.....probably my dog's....

This to me is now looking like a great re-entry point.....hey !...this is going to be producing soon....no ifs or buts......

rf, I am tempted to ask about your dog & the chewing gum, but a bit anxious it may open up a whole can of wriggly creatures....... still no spare cash atm unfortunately.

Ditto harry.,.

No comments on the sp ?....strange...

Good entry point, yesterday and onwards.

will the sp hit a 1 today ?

yes

Nice rise.....go boy !... go...

But will punters hold over the weekend?

Good question.....I've just sold half of what I bought the other day...will keep the rest....still at a loss overall as this is a longterm hold for me..but a few quick trades does no harm at all....keep an eye on AGL, PVR and my old favourite RKH...and FPM...one day that will go ballistic...I'm convinced that it will....

20p huh proslenes?