Xcite Energy Limited (XEL) is a heavy oil appraisal and development company, with current interests in three licence blocks in the UK North Sea, all of which are held with 100% working interests through its wholly-owned UK subsidiary, Xcite Energy Resources Limited (XER).

Its primary focus is in bringing the Bentley oil field on Block 9/3b into production and in doing so becoming a significant independent oil producer in the North Sea by 2014.

Business Strategy

Bring the Bentley field into commercial production

Grow its reserves base from the existing 116 million barrels of oil equivalent
(“MMboe”) of 2P reserves through the conversion of its prospective resources base

Grow its resources base further through drilling activity on Blocks 9/3c and 9/3d

Employ enhanced oil recovery processes (“EOR”) to further increase its resource base

Increase its asset portfolio through license rounds and asset transactions whilst utilising its heavy-oil expertise to leverage opportunities


http://www.xcite-energy.com/

2012 in Review and the way ahead Robert Cole Video

Things seem to be squaring up quite nicely here.,.

.

market clearly totally unimpressed by the latest numbers
they must have been pretty nasty as I see sp is -15%

StockMarketWire.com
Xcite Energy hiked its 9-month net profit to £9.6m, from a profit of £0.9m a year earlier. Revenue was nil in both periods. It was in talks with potential farm-out partners and lending banks.

"It has been a very busy and successful 12 months for Xcite, in which we have appraised a major, strategic asset and delivered clear value for Xcite, as well for others in the industry," said CEO Rupert Cole in a statement.

"We are now engaging, through data sharing and a collaborative approach, in the process of finding a suitable and robust partner for the Bentley development," he added.

"We have an understanding of the key investment drivers for Bentley and will continue to work diligently towards delivering a result to create value for all parties."

Another share I will be glad to get my money back on, seem to have cash locked in this for ages, with little movement of the sp. Out of oil shares after this one. Just beginning to wonder what return share holders will eventually get ?



MARKET REPORT: Impatient punters pile out of Xcite Energy over project delays

By Geoff Foster

PUBLISHED: 22:00, 29 November 2013 | UPDATED: 22:00, 29 November 2013

Impatient punters first thing piled out of Xcite Energy and you couldn’t really blame them.


The speculative North Sea-focused oil explorer said yet again that talks with potential farm-out partners and lenders are still ongoing regarding its flagship project, the Bentley oil field.


They had been told exactly the same thing back in August. The shares were sold down to 91.5p before closing 8.5p or nearly 8 per cent lower at 102p. Xcite has current interests in six blocks in the North Sea but is mainly focused on bringing the Bentley field, in which it has 100 per cent ownership, into commercial production.



A computerised display of the FTSE 100 index

To many City dealers it does appear that the heavy oil project has seemingly been on the cusp of development for a considerable time. It has led to sporadic bouts of speculation in recent months that a bigger industry player would soon swallow Xcite to just get its hands on the Bentley field.


Fingers were pointed at Statoil after it received approval from the Government for its plans for a £4.7bn investment to develop the largest new offshore development in Britain’s sector of the North Sea.


Earlier this year Xcite announced an increase in reserves at Bentley. It forecast a peak production rate of 45,000 stock tank barrels per day in the first phase of development, rising to 57,000 in the second phase.


Xcite also reported yesterday that it earned net profit of £0.9m during the three months to end-September, compared with a loss of £0.6m during the same period last year.


It has now made £9.6m net profit over the first nine months of 2013, mainly due to the £8.3m earned from the sale of technical data to a third party.


Read more: http://www.dailymail.co.uk/money/markets/article-2515702/MARKET-REPORT-Impatient-punters-pile-Xcite-Energy.html#ixzz2m7WRDFaA
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dreamcatcher - 27 Apr 2013 18:02 - 143 of 272 edit this post

Malcolm Graham-Wood, analyst at VSA Capital, advises investors to buy when the shares hit 80p for a “very substantial long-term upside”.


Not far out was he ? Dropped to 92p yesterday.

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sp above 100p once again.....when's the bid coming ?...

after i'm dead and maybe you too :-)

Forgot I had these. lol zzzzzzzzzzzz

I'm stuck in these...and can't bring myself into selling at a loss...

Join the club.

RF.... where you been, your very quiet these days. Must admit even I don't have much to shout about at the mo.....just high hopes on some and desperate hopes on others...lol
Happy new year to you anyway.,.

Happy new year Balerboy...been busy sorting out my life.....can't explain on here.....very little time last year...

Hope to see you making money on here this year then.,.

Me too....my portfolio might just be on the turn....check out NBU.....one of EK's...new factory...plus a divi...£45 million cap....anyway....this year I reckon is going to be better than the last few years...

I reckon you have taken a few years out to spend your RKH profits, rf! Good to see you back, though don't think XEL is in quite the same position.....bit of a slow burner! ;o)

Hi there Harrycat !....XEL needs a partner...Statoil (Norway's state oil company might be a good suitor)...

Up a few pennies again...oil and gas sector doing a bit better now overall.......

forget Statoil ..... that'll almost certainly never happen as the approval process in norway will be very long and convoluted

Centrica then ...