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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

markymar, The cash burn must be huge . Perhaps just keeping a good balance.
Still low share issue at 258,278,323 shares. Just need the share to start rising.

http://www.proactiveinvestors.co.uk/companies/news/44161/city-analyst-eyes-more-potential-takeover-targets-as-north-sea-consolidation-continues-44161.html

http://www.moneyam.com/action/news/showArticle?id=4390558

Signing of US$155m reserves based loan facility
RNS
RNS Number : 9207F
Xcite Energy Limited
22 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





22 June 2012



Xcite Energy Limited

("Xcite Energy" or the "Company")





Signing of US$155 million reserves based loan facility



Xcite Energy is pleased to announce that it has signed a US$155 million secured reserves based loan facility agreement (the "Facility") for the Bentley field with a leading group of lending institutions. The Facility, with a term of five years, will be used to provide a substantial part of the funding required for the Phase 1B development of the Bentley heavy oil field in the UK North Sea.



The Facility has been arranged with Royal Bank of Scotland plc, Societe Generale Corporate & Investment Bank, GE unit GE Energy Financial Services, Nedbank Limited and Britannic Strategies Limited (a subsidiary of BP plc). Royal Bank of Scotland is acting as the Facility agent and security trustee, with Societe Generale acting as technical and modelling bank.



The draw down under the Facility is subject to conditions precedent, including the achievement of certain principal objectives in the Bentley Phase 1A work programme announced on 19 April 2012 as set out below, together with their current status:



v Drilling of a horizontal motherbore well in the geological formation immediately overlying the reservoir.



Current status: the drilling of this motherbore in excess of 1300ft has now been successfully completed.



v Drilling of the toe extension well (9/03b-7 well), a horizontal wellbore from the toe of the motherbore, with a reservoir section of up to 2,400ft in length. This well is be positioned approximately at mid-height in the reservoir at an elevation above the oil-water contact such that, when produced at an oil rate of at least 1,500 barrels of oil per day ("bopd"), it should initiate water breakthrough at the well and subsequently develop sufficient water cut (to approximately 50%) within the flow test period. This well will be plugged and abandoned at the end of the production test.



Current status: as announced on 29 May 2012, the drilling of this toe extension well has now been successfully completed, with a reservoir section in excess of 2,200ft having been penetrated with 100% net pay. Sand control screens have been successfully installed.



v The 9/03b-7 wellbore is planned to recover a minimum cumulative volume of 45,000 barrels of oil during the flow test period to help ensure that the data gathering will be as effective as possible. This flow test is planned to be up to 90 days in length and to be conducted at a range of different flow rates (specifically not 500 barrels per day for 90 days), again to assist in the data gathering programme, to achieve sufficient water cut to enable satisfactory calibration of the reservoir model and a revised, independent reserves assessment report.



Current status: this flow test is expected to commence in the coming weeks.



v Drilling of a lateral well (9/03b-7z well) from the side of the motherbore, a horizontal wellbore with a reservoir section of approximately 2,450ft in length. This well is positioned as high in the reservoir as possible, being similar in design and completion to the successful 9/03b-6z well. This wellbore was drilled after the toe extension well, but will not be flowed until after the toe extension well has been flowed to achieve sufficient water cut. This lateral wellbore will be cleaned up and then flowed at a rate of at least 1,500 bopd for a minimum period of one day, prior to being suspended as the first full production well on the field in Phase 1B.



Current status: as announced on 13 June 2012, the drilling of this lateral well has now been successfully completed in the roof of the reservoir, a section in excess of 2,000ft has been penetrated, 100% net pay was encountered and the oil column was found to be thicker than expected. Sand control screens have been successfully installed. The flow test on this well is expected to be completed in the fourth quarter of 2012.



With the Facility now signed, the Company will continue its preparations for the development of the Bentley field in Phase 1B, including the inter-dependent completion of the funding programme and the DECC approval for the field development plan.



In line with the previously outlined funding strategy and with the Facility now signed, the Company intends to pursue its other options to provide the balance of the funding required to commence the Phase 1B development. Such funding could be provided by the potential farm-out of an appropriate interest in the Bentley field following the outcome of Phase 1A programme in the fourth quarter of 2012, other industry participation, convertible debt instruments, mezzanine debt and potentially equity financing.







Commenting on today's announcement Rupert Cole, Chief Financial Officer, said:



"We are very pleased to have secured the Facility from such a high quality banking consortium with considerable experience in reserves based lending. The process to secure the Facility has involved a further rigorous, independent technical assessment of the Bentley field, the Company's field development plan for the Bentley field and the route to market for the Bentley crude.



Having secured the Facility in the current, difficult banking and financial market conditions, the Company has demonstrated a further substantial de-risking of the Bentley field and its proposed development plan."





Rothschild acted as independent financial adviser, and Pinsent Masons LLP as legal adviser, to Xcite Energy in relation to the Facility.



Herbert Smith LLP acted as legal adviser to the lending group.

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Xcite Energy signs $155m loan facility
StockMarketWire.com
Xcite Energy has signed a $155m secured reserves based loan facility agreement for the Bentley field with a leading group of lending institutions.

The Facility, with a term of five years, will be used to provide a substantial part of the funding required for the Phase 1B development of the Bentley heavy oil field in the UK North Sea.

The Facility has been arranged with Royal Bank of Scotland plc, Societe Generale Corporate & Investment Bank, GE unit GE Energy Financial Services, Nedbank Limited and Britannic Strategies Limited (a subsidiary of BP plc).

Royal Bank of Scotland is acting as the Facility agent and security trustee, with Societe Generale acting as technical and modelling bank.

The draw down under the Facility is subject to conditions precedent, including the achievement of certain principal objectives in the Bentley Phase 1A work programme announced on 19 April 2012

Fox Davies words of wisdom......they deramp every time,the forgot to tell you that XEL own 100% of that field.

Xcite Energy (LON:XEL) - Signs $155 million reserves based loan facility for Bentley: Following BP endorsement of Phase-1B development of the Bentley heavy oil field through token $5mm funding for the project, today's news is not surprising- although it's a big positive for the stock price.

The Facility has been arranged with a consortium of banks which includes Royal Bank of Scotland, Societe Generale Corporate, and thus goes a long way in de-risking the Bentley field and proposed Phase-1Bdevelopment plan. Xcite has mentioned the possibility of "potential farm-out of an appropriate interest" in the field to secure additional funding; if successful, it could be big catalyst for the stock price.

Given the complexity of the reservoir and oil, and set against the backdrop of the declining oil price, we remain concerned of the field's long term commerciality. With further leverage (beyond what is mentioned here) potentially being loaded on to the balance sheet, and equity dilution, we would recommend that any strength in the price from these levels would be an opportunity to top slice investors' holdings. In this news:

It has signed a US$155 million secured reserves based loan facility agreement for the Bentley field.
The Facility, with a term of five years, will be used to provide a substantial part of the funding required for the Phase 1B development of the Bentley heavy oil field in the UK North Sea.

The draw down under the Facility is subject to conditions precedent, including the achievement of certain principal objectives in the Bentley Phase 1A work.

The Company intends to pursue its other options to provide the balance of the funding required to commence the Phase 1B development.

http://www.proactiveinvestors.co.uk/companies/news/44527/xcite-energys-us155-mln-loan-strengthens-negotiating-position-says-fd-cole-44527.html

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Poor management plans... sp crashing...

Xcite Energy Limited

("Xcite Energy" or the "Company")

Option Award to Management and Project Team

Xcite Energy announces the award of an aggregate of 4,700,000 options to purchase ordinary shares of the Company to members of the Company's senior (non-board) management team and to certain members of the Bentley field project team.

The options, which vest immediately, were granted under the terms of the Company's share option scheme by reference to the closing price of the Company's ordinary shares on 25 June 2012. All options have an exercise price of CAN$1.19 (£0.74) per ordinary share and are exercisable for a period of five years. This award is made in recognition of the significant progress made in the Phase 1A and Phase 1B work programmes during 2012.

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at least they have oil unlike the falkies happy to hold.,.