.

.

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.

The market does seem unsure at the moment about this company. You have to start to question why this is still below a £1 .

This does not read well from FD - ''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'':

dreamcatcher

The field flowed better than they expected when they did test last time over a number of days so with BP willing to invest money in them i dont see any bad news in the RNS at all.

Plenty of reason why the share price is where it is over the last 15 months i could blame lots of reasons but not with the field.

I dont see why FD have said that as there are other heavy oil fields that are flowing just fine so why should this be any different.

Am I right in thinking XEL are not a client of FD. If you go on their client list XEL does not appear. If they are, it seems a very negative statement they have put out.
The BOD of XEL are not going to be impressed at all.

Bentley Phase 1A Operational Update
RNS
RNS Number : 2389F
Xcite Energy Limited
13 June 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



13 June 2012

Xcite Energy Limited

("Xcite Energy")



Bentley Phase 1A Operational Update





Xcite Energy is pleased to announce that the 9/3b-7z well has reached target depth of 9,646 ft (measured depth) on the Bentley Field.



A reservoir section in excess of 2,000 ft has been drilled with 100% net pay and sand control screens have been run successfully. The top reservoir, at 3,609 ft true vertical depth, is higher than previously encountered in any part of the field to date, thereby giving an oil column depth of approximately 121 ft. Geo-steering was again used successfully in the reservoir section to place nearly 100% of the wellbore in the target range of within 5ft to 12 ft from the roof of the reservoir.



The remainder of the planned operations, including installation of the smart completion equipment (enabling individual laterals to be flowed, co-mingled or shut-in), the down-hole pumps and commissioning of the processing equipment will now be undertaken prior to the production test commencing.



Steve Kew, Exploration and Development Director, commented:



"We are pleased with the work programme to date and this marks the end of the drilling phase as the rig operations now focus on the completion and preparation for production testing, with the upper lateral now ideally positioned as the first production well for Phase 1B of the Bentley development programme. The additional oil column encountered will be assessed and modelled in due course, and augurs well as we move ahead with the work programme towards first oil on Bentley."

http://www.moneyam.com/action/news/showArticle?id=4387273

More oil found

Another positive RNS,i cant moan only at the SP which will change in time.

Sold my npe and put into here. Lot of interest in north sea at mo.,.

Just had a small top up again in this,i see no word from Fox Davies on this today.

I guess no gloom for them to spin today.

13 Jun Xcite Energy Ltd XEL Oriel Securities Buy 89.13 - - Retains
13 Jun Xcite Energy Ltd XEL Seymour Pierce Add 89.13 242.00 242.00 Reiterates

Private Placement of 30,000,000 Units


http://www.moneyam.com/action/news/showArticle?id=4387947

a good deal for some, but not us! ...... plus ça change, plus c'est la même chose

http://www.moneyam.com/action/news/showArticle?id=4389018

dreamcatcher

Dont understand why they need this extra money i thought they had enough funds?

whats your take