.

£2 sp by close Friday ?

Dream...i dont see why not,there should be PR in the papers tom with rig ect.

could do with £3.28 break even markymar, good luck.

Only have a small holding.

Oilbarrell:
-----------------

Xcite Energy (LON:XEL) jumped another 12% before lunch to almost 150p, with 14 million shareschanging hands. I have been highlighting the major resistance levels over the last few notes, and pointed out the150p level as the last major sticking point before 200p. Well Xcite tested the 150p level this morning, before drifting slightly as a few profit takers showed up to the party. We will be watching the close carefully on this one, because if they close above the 150p marker, we could see the chartists getting Xcited once again, and try to push this one on to 200p. The major support
to watch out for here will be the 120p level.

Stone the crows....165p.....missed the afternoon session.....unbelievable that for months nothing... and now zooming away like a rocket....

I can see gaps in the chart....dose that mean possible retrace to fill soon...maybe friday??

Its got £2 written all over it..

Think my gaps are being filled.,.

I've done well on these as of late...mirror image of PTR....

lol.,.

By the way...why has this shot up suddenly...?.....any answers....apart from the rig being ready...hardly news....knew that was going ahead anyway....oil increase ..yes but not yet dramatic....so why the 90p spike...?.

It was very much undervalued to put it simple, I can live with it up 90% in a week.
Now where is my £2?

Site visit and Media briefing yesterday.

http://www.xcite-energy.com/docs/XEL%20Rowan%20Norway%20Rig%20Visit%2016%202%2012%20FINALV2.pdf

Conclusions
Bentley field substantially de-risked

o Successful flow test in 2010 demonstrated commerciality of the field
o Reserves assigned to FPD area
o Material increase in value of core area of field
o Moving towards production with FPD
o Expectation to convert Contingent Resources to 2P reserves

Planned Programme

o Drill the 9/3b-G and Gz wells; complete and produce for up to 90 days
o Re-submit FDP for FPD in core area of the field
o Achieve formal approval of the FDP by DECC
o Implement FPD programme
o First Oil
o Potential to prove up more barrels through further drilling in Bentley South/East

Xcite Energy1 (BUY) – Rowan Norway rig visit
XEL (Target price 242p) Market cap: £368m
Yesterday, a group of journalists and two analysts were shown around the rig which is moored in Dundee harbour. The new build rig is currently undergoing final preparations before heading to the Bentley field to start drilling.

We were told that DECC had been to inspect the rig on Wednesday and we would now expect final approval to be given in the short term. Under phase 1A it will drill two wells and conduct an extended well test for up to 90 days. Positive results from these activities should then provide DECC with enough comfort to approve the full field development plan.

The announcement of the site visit resulted in a 25% increase in the share price, an overreaction in our view. It does show that the market is desperate for any information from the company, which has been lacking of late. We feel that the DECC approval and subsequent departure of the rig should provide major drivers for the share price. Any conversion of contingent resources into reserves should also enhance valuation.

We expect share price performance to continue to be strong in anticipation of newsflow. We continue coverage with a Buy recommendation and target price of 242p.

Dr. Dougie Youngson | Oil & Gas Research | 020 7107 8068 |dougieyoungson@seymourpierce.com

Pass the parachutes round.

Incredible stock movements at the moment for the oil sector....not seen this for awhile....caught some more here....

Back up she is going....

Xcite is an apt name for this one!

Where is my £2....today i would like it, its a roller coaster ride today.