.

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?

Private Placement & Equity Credit Facility
RNS
RNS Number : 1597U
Xcite Energy Limited
16 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







16 December 2011



Xcite Energy Limited

("Xcite Energy" or the "Company")



25.8 million Private Placement

and 60 million Equity Credit Facility Agreement



Xcite Energy is pleased to announce that it has agreed a 25.8 million private placement (the "Placing") with Socius CG II, Ltd. ("Socius"), a subsidiary of Socius Capital Group, LLC. Based in Bermuda, Socius invests in emerging growth companies in the United States, Canada, Europe and Australia.



The Company also announces that it has entered into a 60 million Equity Credit Facility with Esousa Holdings, LLC ("Esousa"), with whom Socius has been a co-investor in previous transactions. The Company has terminated its standby equity agreement with YA Global Master SPV Ltd. dated September 27, 2010.



The combination of financing made available from the Placing and the Equity Credit Facility will further strengthen the Company's balance sheet to allow it to progress Phase 1A of the development of the Bentley field.



Commenting on today's announcement Richard Smith, CEO, said:



"Against a challenging economic backdrop, we are very pleased to have further strengthened our balance sheet as we move forward with the field development plan towards first oil."



The Placing



The Placing will occur in two stages. The first stage, which closed today, provides the Company with gross proceeds of 12.9 million (C$20.7 million) through the issuance of 15,195,294 units (each, a "Unit") at a price of 0.85 per Unit. The Company and Socius have agreed to complete the second stage of the Placing, which will provide the Company with gross proceeds of approximately 12.9 million, at any time between eight to twelve weeks from today, at a price per Unit equal to the 20 day volume weighted average price of the Shares on AIM (the "20 Day VWAP") calculated two trading days prior to the closing of the second stage, subject to the private placement pricing parameters of the TSX Venture Exchange (the "TSX-V").



Each Unit comprises one ordinary share in the capital of the Company (a "Share") and one-half of one ordinary share purchase warrant (a "Warrant"). Each whole Warrant issued pursuant to the Placing is exercisable for one additional Share at 120% of the Unit price per share for three years from the date of issue. The exercise price of the Warrants issued in the first stage of the Placing is 1.02.



The Warrants are subject to a forced exercise provision, at the Company's discretion, provided that the 20 Day VWAP exceeds a 20% premium to the Warrant exercise price and the average trading volume of the Shares during such period exceeds one million shares. The Warrants are subject to a cashless exchange right, exercisable at the discretion of the holder, in the event that the 20 Day VWAP is less than the exercise price of the Warrants. In such event, the holder may exchange the Warrants for such number of Shares calculated by reference to the Black-Scholes value of the Warrants divided by the last closing price of the Shares on the AIM market of the London Stock Exchange plc ("AIM") at such time. The cashless exchange right is only exercisable by the holder during the period commencing 20 trading days and ending six months following the closing of the second stage of the Placing.



Equity Credit Facility



Under the terms of the Equity Credit Facility with Esousa, the Company may draw down funds from time to time, at its sole discretion, over a period of three years in consideration for the issuance of new ordinary shares in the capital of the Company. All shares issued by Xcite Energy will be at a price based on existing market conditions at the time of each drawdown, subject to the private placement pricing parameters of the TSX-V.

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poor old investors been mugged again i see ...... nearly bought in this morning; so glad i didn't!

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