.

Boy !...is this volatile or what....more octane than a night out on baked beans !....(I do know how to treat a woman).....

You still in and out RF....LOL

On the spreads.....stayed put on the shares....job to do all these things together .....

Didn't quite get there, another day tomorrow.,.

Xcite Energy (LON:XEL) jumped to a high of 205p during early trading, after the company said that the results of the independent reserves and resources audit of the Company Assets, effective 31 December 2011, as audited by TRACS International Consultancy Ltd showed Oil reserves of the type 1P, 2P and 3P for the Core Area of approximately 96 MMstb, 116 MMstb and 140 MMstb, respectively, NPV10 (after tax) for the Core Area of $1.076 billion, $1.464 billion and $1.921 billion on a 1P, 2P and 3P basis, respectively (see "Cautionary Language" below for a general explanation of the method and assumptions used in these calculations), Prospective resources for seven (7) prospects on the Company Assets remain unchanged and those assigned were, in the aggregate, approximately 18 MMboe on a risked "best estimate" basis. The market is now waiting on an update regarding the rig, that could be a catalyst to see a retest of the stubborn 200p resistance level once again.

Read more: http://www.oilvoice.com/n/FoxDavies_views_from_the_trading_floor_Bowleven_Ascent_Resources_and_Gulf_Keystone/efffe426396f.aspx#ixzz1mwKwcXVH

Rowan Norway must be still in Dundee as tugs have not left yet follow on
http://www.marinetraffic.com/
Tugs are AHT Pegasus and BBworker.,.

Courtisy of Contrarian:

After a very strong opening on the reserves upgrade news from 28 to 116 mm barrels by TRACS (180-200p), profit taking has kicked in. After banking a few on the spike, I'm buying back 155-165p.

Why?

1.Core area has a value of around £1 billion, three times market cap, this is without enhanced oil recovery techniques
2. Additional reserves likely to booked outside core area
3. Lots of newsflow to come e.g. WONS well approval, departure of Rowan Norway, well test etc.

Use the dip to your advantage! Ultimately there will be a transfer of wealth from impatient private investors moving money to other hot AIM stocks to institututional investors. At the current market cap of £350 million or so, each of the barrels is valued at £3 ($4.7) compared with Brent Crude at $121. So even with field development and funding risks, Xcite is not overvalued with 116 million in proven audited reserves

Update on Monday, February 20, 2012 at 12:10PM by Contrarian Investor UK
Price fallen to 158p on profit taking and Numis note, reduce from hold, target price 135p (would be interested to read the note given its so out of kilter with the other Brokers)

Update on Monday, February 20, 2012 at 1:30PM by Contrarian Investor UK
Numis note assumed 116 mm barrels would come after extended well test. Also with no 116 mm barrels, funding would be a problem. Richard Smith has strongly implied in the press last week that debt funding was not far away for phase 1b.

Not little sell off just like Friday lunctime to 145p to catch the stop losses and panic small investors. Don't let the institutions take these off you too cheaply!

Back in at 138p kept profit and more shares......lovely.,.

Looks like the rig departs on Saturday if weather holds.

Are they adding a crew?

grevis2,there will be crew but not full crew.

Looks like a little life is the SP today,if it departs on Saturday we should see a steady rise.

Markymar: The hot money seems to be moving in here this morning.

Its moving quick if your going to have a bite.

Thanks! Have topped up ths morning.

why the excitement?

Does not take much at my age cynic even less for RF, he is in and out the hole time.Bought a few this morning will carry on holding them as we may get news on monday of rig on the move.

FOX Daviews Views from the Trading Floor - 23rd February 2012

Against the backdrop of a shaky market, Xcite Energy (LON:XEL) were in fine form once again, pushing another 7% higher to 141p. Holders here are waiting for an update regarding the rig, and they seem to be happy to back the story down at these levels. The 120p to 140p levels have proven to be decent lines of support over the last year or so, and the 200p level has been a stubborn resistance to break recently.

Not a word about the continued ( and possibly continuing) overhang from the fund raising?

sincerely hope you are therefore short of these

Steady buying this morning,ticking up.....on the move

Comment from IC:
----------------------------
COMPANIES TO WATCH
The benefits of EOR and CCS are likely to take many years to realise, but some North Sea operators are looking for much faster returns:

Xcite Energy (XEL)

Xcite is appraising and developing the 100 per cent-owned Bentley heavy oil field, one of the largest undeveloped heavy oil fields in the UK. The proven and probable (2P) reserves in the core area of the field have been independently upgraded to a substantial 116m barrels, with a post-tax net present value of $1.464bn (£0.9bn). Applying the latest horizontal drilling technology allowed Xcite to achieve a stabilised flow rate of 2,900 barrels per day, well above the threshold needed for commerciality. The next phase of drilling is starting soon and will test the extent to which water can maintain reservoir pressure, and therefore how much oil can be produced from the field. Significantly, production from this 'extended well test' will also provide Xcite's first production, which the company will use to secure finance and governmental approval for the second phase of development. Xcite is also evaluating the potential to use enhanced oil recovery techniques on the Bentley field.