.

http://www.contrarianuk.com/posts/2012/3/15/activity-continues-around-xcites-rowan-norway-rig.html

Very cheap at moment.

NORTH SEA OIL FIRMS SET FOR £17BN BOOST,Saturday March 17,2012
http://www.precogz.com/news/page/2/

SATURDAY 17 MARCH 2012-Osborne will throw lifeline to North Sea oil industry
http://www.precogz.com/news/

Will Xcite Energy come to life this coming week? SUNDAY, MARCH 18, 2012 AT 11:18PM
http://www.precogz.com/home/

THE INDEPENDENT-The Week Ahead: TOBY GREEN-MONDAY 19 MARCH 2012
http://www.precogz.com/home/
Nautical Petroleum, Xcite Energy LTD, Debenhams PLC, Tesco, Next, Kingfisher, Cairn Energy PLC, Premier Oil, Apr Energy PLC, Xaar, Mears Group, Regus PLC

Xcite Energy kicks off Bentley development drilling 7:15 am by Jamie Ashcroft
http://www.precogz.com/home/

topped up last week in readiness.,.

wow a massive 2% rise on that news....will anything get this share motoring,it needs a good kick up the a*se.

every little helps...... marky

Baler not even 1% up on good news,its crackers.

The past seems to have done a lot of damage, should be up 10%+ today.

Drawdown on Equity Line Agreement
RNS
RNS Number : 7414Z
Xcite Energy Limited
21 March 2012





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







21 March 2012



Xcite Energy Limited

("Xcite Energy" or the "Company")



Drawdown on Equity Line Agreement



Xcite Energy announces that it has drawn down on its Equity Line Agreement (the "facility") with Esousa Holdings, LLC ("Esousa") dated 16 December 2011 in the amount of £10.3 million (CAD$16.2 million). This draw down has been undertaken at a price of £1.24 (CAD$1.95) per share and will result in the issue of 8,310,540 ordinary shares of no par value in the capital of the Company (the "New Ordinary Shares") to Esousa. This funding will be used as future working capital for the Company and to progress towards first oil from the Bentley field.



Subject to the terms of the facility and except in accordance with Canadian securities laws and with prior written approval of the TSX Venture Exchange, the New Ordinary Shares may not be sold or otherwise traded on or through the facilities of the TSX Venture Exchange or otherwise in Canada or to or for the benefit of a Canadian resident until the date that is four months and one day from the date of issue.



Application will be made for the admission to AIM ("Admission") of the New Ordinary Shares upon conditional approval of the share issue by the TSX Venture Exchange. The New Ordinary Shares will rank pari passu with the Company's existing issued ordinary shares (each, an "Ordinary Share").



Subject to approval by the TSX Venture Exchange, following the issue of the 8,310,540 New Ordinary Shares the total Ordinary Shares in the Company in issue will be 239,377,218

Chairman’s Review

The year 2011 began on a very positive note following the successful testing of the 9/3b-6 and 6z wells on the Bentley field, with the demonstration that the Bentley heavy-oil reservoir could now be developed economically with the application of current technology.

The Reserves Assessment Report published in May 2011 supported this view with reserves status being assigned to the field for 28 million stock tank barrels (“MMstb”) in the First Phase Development programme. It was said at the time that assignment of further reserves only depended upon comfort being obtained from the Department of Energy and Climate Change (“DECC”) of the project to develop the core area and this opinion has subsequently been borne out in the latest Reserves Assessment Report with an effective date of 31 December 2011, prepared by the Company‟s independent auditor of reserves and resources, TRACS International Consultancy Limited (“TRACS”), in February 2012. Following the results of a review by and technical comments from DECC in response to the submitted Bentley Field Development Plan (“FDP”), TRACS has increased our proven and probable reserves to 116 MMstb, in line with our original expectations at the start of the year.

Extensive project planning work has been performed during the year to determine the optimum development of the Core Area of the field. At first this was envisaged as a two phased approach and the FDP for the First Phase Production (“FPD”) and Second Phase Production (“SPD”) was submitted to the DECC in the latter half of 2011 for their consideration. In the interests of all stakeholders, the FPD was itself split into two consecutive phases; in FPD 1A we intend to drill a motherbore well with two laterals and produce for about 90 days, after which formal approval of the FPD 1B from the DECC will be sought to commence the permanent production from the field.

In December 2011 a £25.8 million private placing with Socius CG II, Ltd was announced and also a £60 million Equity Line Facility with Esousa Holdings LLC. This Equity Line Facility replaced the previous arrangement the Company had through Yorkville Advisers, which raised £52.3 million during the year.

Funding has been used predominantly to secure the necessary equipment and make the required commitments to execute the Bentley Phase 1A development and, of particular importance, to increase the capacity of the project team and the Xcite Energy Resources Limited (“XER”) organisation to be a competent production operator. Of significance, the Rowan Norway jack-up drilling unit, designed for simultaneous drilling and production operations in harsh deep water environments, was secured and became available to the Company at the end of November 2011, with the departure from Dundee for the field on 12 March 2012 and the 9/3b-7 well having been spudded on 18 March 2012. Also a shuttle tanker was secured through a letter of intent between Teekay Shipping Norway AS and the Company in December 2011 with the contract expected to be finalised shortly.

Finally, we would like to express our appreciation of all the support and dedication we have received during this year from the XER team. The uncertainty in the capital markets has added to the normal challenges of a North Sea project, but the XER team has maintained its focus on the prize and shown remarkable flexibility to overcome problems. Of course, we also wish to express our appreciation to our investors who continue to share our belief in the Company‟s potential value. It has been, without doubt, a demanding year, but the expected value of the Company remains unchanged and we look forward to the results of the Phase 1A work programme and the future development of the Bentley field.

This is ridiculously undervalued.....crazy !...

Totaly agree with you RF.

Kuwait National Oil Firm In Takeover Talks With Ithaca Energy - Sunday Times
03/25/2012 | 10:12pm


Kuwait's national oil company is in advanced takeover talks with Ithaca Energy Inc. (IAE.T), the Sunday Times reported Sunday on its website, without directly citing its sources.

Kuwait Foreign Petroleum Exploration, the international arm of the Middle Eastern state's oil operation, has been in discussions with Ithaca for several months, the report said.

If the Kuwait bid is successful, it would likely use Ithaca as a platform to buy other North Sea oil fields, the report quoted unnamed industry sources as saying.

Full Story: http://www.thesundaytimes.co.uk/sto/business/Industry/article1001742.ece

there are plenty of others than XEL!

This is a ridiculous sp.....before the bentley discovery it was around 20p to 40p or so...now several years later and more than 100 million barrels recoverable (just about)... perhaps a lot more...production due to start within 2 months....sp is 115p....just nonsense....should be 180p if not more....blinkin' market...cannot believe how ridiculous some of these share prices have got like....well I've just bought some more....crazy this drop....market cap of 280 million only...and more than a billion pounds worth of heavy crude in the ground if not more :...ripe takeover target ? with imminent production !...

Going the wrong way, will soon be back to a £1 at this rate.

I hope not.....