.

Not hot at the moment, continues the slide .

.

very low trade

Seems to be getting excited over the last few days....hope it continues.,.

Time it went up....

Nice rise, news must be due soon?

just need £2 more to breakeven

You may get that this afternoon.

Decc cant be far away now,Inthaca take over surley XEL has got to be a take over target its far to cheap.

SP on the move looking strong

ponder on this ..... chart is pretty self-explanatory

A buy out eventually.

Trazpee Management 2011 Review

--------------------------------------------------------------------------------

Trapzee Management recently reviewed Xcite Energy's performance in their recent research note.

They wrote the following :

"Xcite Energy ran up from its early 2010 lows following drilling success at its Bentley field in the UK North Sea. It then fell precipitously in May of 2011 after the publication of a poorly communicated reserve report which was misunderstood or misinterpreted by the market.Essentially, third party engineers assigned the company 28 million barrels of reserves, leavinganother 87 million barrels as contingent resources. The market was likely anticipating that thefull 115 million barrels would be booked as reserves. However, management has stated thatconversion of the contingent resources to reserves is anticipated from project sanction anddeliverability of the field development plan, not from any required additional technical work.Assuming, as we anticipate, Xcite receives approval for a staged development process shortlythen all 115 million barrels should be included in the reserve category.

Perhaps more importantly, the booking of reserves will indicate that Xcite has now proven the commerciality of the Bentley field. The company completed a successful commercial flow testin December 2010, 3,000 barrels per day from a low-risk development well, greater than expectations. The reservoir quality was also better than expected, which should lead to enhanced economics with relatively low operating costs of $55 per barrel once production begins.Shares of Xcite have been held back by the uncertainty surrounding potential debt and/or equityissues to finance its field development program. However, the company recently announced aprivate placement and equity credit facility that can fund the development of the project. Final government approval of its project is expected shortly, which should facilitate a debt financing the reafter.The company has a clean balance sheet with about $100 million (or nearly $.50/share) in netcash on hand. At current price levels, the stock trades for around $1.80 per barrel if we assumethe contingent barrels are converted to reserves, whereas it should trade closer to $10 perbarrel. For comparative purposes, a nearby operation, with 200 million of proven and probablebarrels of reserves, was acquired in 2010 for $3.1 billion, or $15.40/bbl.

Xcite’s independent reserve auditor, in the May 2011 reserve report, indicated that the present value of just the proven reserves amounts to $1.10 per share. The auditor also ascribed anafter-tax net present value of $0.80 per share for probable reserves. The contingent resourceassigned amounted to another $4.65 per share best case (the likely additional proven andprobable reserves). That amounts to $6.55 per share (compared to a $1.50 share price) of total proven and probable reserves, again assuming that contingent resource is mechanically converted to reserves once Xcite receives government approval to proceed with the full fielddevelopment plan. The barrels are in the ground and management is focused on establishingthe equity and debt financings necessary to fund the development program.

With an asset value at least 4x today’s share price, even allowing for further share dilution, there is high upside potential. And even more upside from additional reserve delineation,higher oil prices and the potential for enhanced oil recovery. The company will likely be acquired within the next couple of years once additional reserves are booked and oil is flowing."

sp needs to break out (north!) from the tight shackles showing on the chart

Am thinking of buying back in Cynic,Decc cant be to long now,Rig is ready apart from the odd thing....the ducks are lineing up.

Still have 2 huge loss making ISAs

i bought a few the other day

Just bought a few,time to get some of my money back Cynic.fingers crossed.

DECC Approval Process Update
RNS
RNS Number : 5521W
Xcite Energy Limited
01 February 2012





THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES



TSX-V, LSE-AIM: XEL







1 February 2012



Xcite Energy Limited

("Xcite Energy or the ("Company")





DECC Approval Process Update



Further to the announcement of 1 December 2011, the Company is pleased to provide an update on the DECC approval process. In the opinion of the management team of Xcite Energy Resources Limited ("XER"), all of the broad operational and planning questions from the Department of Energy and Climate Change ("DECC") with respect to Phase 1A and Phase 1B of the Bentley First Phase Development have been addressed. A number of detailed questions on technical matters are currently being resolved and it is XER's expectation that this will be completed as a matter of due process.



DECC has issued a letter of comfort to XER to confirm its support for the Field Development Plan ("FDP") for the Bentley field and is broadly satisfied with the phased development approach from a resource recovery perspective. This now leaves the formal approval of the FDP subject to funding and any amendments to the FDP that may be proposed by XER following the results of Phase 1A, with the re-submission of the FDP expected in the latter half of 2012.



By agreement with DECC, the approval of the Phase 1A work programme will now be managed through the conventional Well Operations Notification System ("WONS"). It is the Company's expectation that DECC will give its approval for the Phase 1A WONS in the near future, enabling XER to commence the 2012 drilling programme and achieve an expected First Oil date in the first half of 2012.



The Environmental Statement ("ES") with respect to the overall Field Development Plan is expected to be approved by DECC in a similar timeframe to the WONS. It is not expected that the ES will require to be re-submitted to DECC.



Based on the letter of comfort from DECC, it remains the Company's expectation that it will be able to convert the currently assigned Contingent Resources to 2P Reserves.

Its about bloody time we had an update,i think young cyiners and myself may of top up at the right time.

Xcite Energy negotiates amendment to Rowan Rig contract
StockMarketWire.com
Xcite Energy's subsidiary Xcite Energy Resources, has negotiated an amendment to its rig contract with British American Offshore Ltd, a subsidiary of Rowan Companies Inc, providing more flexibility on the timing of the provision of a drilling unit.

The new terms better suit the revised work programme anticipated for Phase 1B of the first phase development of the Bentley field in the North Sea.

The contract amendment provides XER with the ability to shorten the 240 day initial period for Phase 1A and ability at any time up to 240 days after the end of Phase 1A in which to re-call an appropriate rig from the Rowan fleet for Phase 1B

The new contract terms also provide a flexible delivery window of between 14 and 20 months from the exercise of the Call Option for the selected rig, to be determined in consultation with Rowan to match the construction and installation of facilities for Phase 1B of the Bentley field development.



At 9:50am: (LON:XEL) share price was -0.87p at 92.88p