.

This is the ugly duckling of the market isn't it ?....iinto the eighties now ?....crazy...

Not going to chase it anymore.

Ditto...in but will wait.....

All getting very concerning rf.

RNS Number : 2908E
Xcite Energy Limited
29 May 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

29 May 2012
Xcite Energy Limited
("Xcite Energy")

Bentley Phase 1A Operational Update

Xcite Energy is pleased to announce that the 9/3b-7 well has reached target depth of 9,377 feet (measured depth).

A reservoir section in excess of 2,200 feet has been penetrated, with 100% net pay, and sand screens have been run successfully. The remainder of the planned operations, including drilling of the second reservoir section, installation of the down-hole pump and commissioning of the processing equipment will now be undertaken prior to the production test commencing.

The two 6" export pipelines from the Rowan Norway have been successfully installed and the installation vessel, Polar Prince, has been released.


ENQUIRIES:

Xcite Energy Limited

http://www.moneyam.com/action/news/showArticle?id=4378029

that sounds like an awful lot of oil ..... hope it's a better result than expected, as i confess i find many of these oil pronouncements somewhat opaque

sounds good.

Xcite Energy (LON:XEL) pushed 6% higher to 97p during early trading after the company said that the 9/3b-7 well has reached target depth of 9,377 feet measured depth. A reservoir section in excess of 2,200 feet has been penetrated, with 100% net pay, and sand screens have been run successfully. Remainder of the planned operations, including drilling of the second reservoir section, installation of the down-hole pump and commissioning of the processing equipment will now be undertaken prior to the production test commencing. Two 6" export pipelines from the Rowan Norway have been successfully installed and the installation vessel, Polar Prince, has been released

Read more: http://www.oilvoice.com/n/FoxDavies_views_from_the_trading_floor_Ithaca_Energy_DEO_Petroleum_and_Xcite_Energy/ed0552360dcd.aspx#ixzz1wHDhk5WL

http://www.oilvoice.com/n/FoxDavies_views_from_the_trading_floor_Ithaca_Energy_DEO_Petroleum_and_Xcite_Energy/ed0552360dcd.aspx

http://www.moneyam.com/action/news/showArticle?id=4381036

More pieces of the puzzle falling into place for Xcite Energy
Thursday, May 31, 2012
After an upbeat AGM last week for Xcite Energy, a welcome operational update was delivered yesterday (29th May) from the company which also included some serious reassurances that the current extended well test (EWT) phase 1A is on track with no technical issues. The horizontal is 400 feet longer than the original appraisal well (9/3b-6z) drilled in late 2010 - 2200 feet versus 1800 feet, with the reservoir integrity continuing to be maintained with 100% net pay.

With this strong reservoir integrity, and together with EOR (enhanced oil recovery) techniques during the well test, investors can proobably expect a reserves upgrade in due course from the current 116 mm barrels of oil. It is possible that auditors TRACS could updgrade the core area of Bentley beyond 150 mm barrels when the full results from the well test are complete; the board seem very confident that 116 mm barrels is purely the base case.

It was also good to see Socius warrants finally knocked on the head. Onwards and upwards for investors from here. If a reserved based lending deal can be done, Socius can be consigned to company history for good as this deal has done shareholders no favours with the perpetual stock overhang



Read more: http://www.oilvoice.com/n/More_pieces_of_the_puzzle_falling_into_place_for_Xcite_Energy/a908b9606687.aspx#ixzz1wZrBiuId

Both holes are horizontal, the ability to drill a 2200ft horizontal and still be at 100% net play is a good result in my books.

Thought this would start to pick up by now, very weak buying.

Strong buy, bit of patience required

.

http://www.moneyam.com/action/news/showArticle?id=4386390

xel feels that it should be forging ahead, but has been stubbornly stuck in the mire for ages ..... all very dull

News of the first barrel of oil and this will go into orbit.

well that sounds good with BP onboard

Fox Davies...hmmmm

Xcite Energy (LON:XEL) Xcite's arrangement that BP will provide $5mm in the event of a successful financing is positive, but we temper caution; it is conditional on achieving financing with the wider group of banks. We are concerned that the extent of the use of diluents, that would create a $20 - 40mm working capital benefit, indicates how complicated this operation potentially is. While there are more complex fields and operating platforms, these fields and platforms are operated by companies with deep pockets with which to fund any working capital requirements; the management team has ample experience, and that which they lack they will be able to access. We have never doubted that the field would flow, and we still see no reason why it shouldn't, but we continue to have concerns that it will not flow in commercial quantities over a long enough period to be deemed truly commercial. As a consequence, until there has been production history, we remain cautious on the stock. In this news:

• BP will provide the offtake services to market and sell the Bentley crude oil in return for an incentive-based fee per barrel.

• BP will deliver diluents products in-field to Xcite Energy for blending with the Bentley crude to maximise its value prior to off take by BP.

• It will subject to certain conditions, provide US$5 million of financing for Phase 1B of the Bentley field development as part of the reserves based lending facility being negotiated with a group of commercial banks.