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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.,.

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come on herman spit it out.,.

Bizarre, he has deleted all past posts & continues to do so.

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bit of a stinker?

I think that’s putting it polite Sequestor

The fundamentals are still in tacked but with markets and funding it’s just been terrible all the way down to how the management.

Oil is there and it will come to ground so still money to be made.

Commencement of Pre-Production Flow Test
RNS
RNS Number : 2298H
Xcite Energy Limited
09 July 2012



TSX-V, LSE-AIM: XEL



Xcite Energy Limited

("Xcite Energy" or the "Company")







9 July 2012



Commencement of Pre-Production Flow Test



The Company announces that it has now successfully completed the final part of the 9/03b-7 & 7z well lateral well construction work programme, including installation of the smart completions equipment (enabling individual laterals to be flowed, co-mingled or shut-in), the installation of twin electrical submersible pumps (giving full redundancy) and a down hole safety valve.



The on-rig process and control packages have been fully commissioned and linked to the pipeline and in-field dynamically-positioned shuttle tanker, Scott Spirit.



The pre-production flow test operations on the 9/03b-7 (B6) lateral well were successfully commenced this morning and the well is currently being cleaned up. This flow test is not a headline flow rate test; it is a data gathering exercise.



The 9/03b-7 lateral well 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 and will be used to calibrate the existing reservoir model and update the Reserves Assessment Report.



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), to collect additional reservoir and production data, including data with respect to enhanced oil recovery. This data will be used to further increase the certainty with respect to the longer term oil, gas and water production profiles and recoverable reserves from the Bentley field.









Commenting on today's announcement Steve Kew, Exploration and Development Director, said:



"We are very pleased with the production test work programme to date, with all major elements having been completed safely and competently. This is a significant step forward for the Company in proving its technical capabilities in the drilling of these wells with the multi-lateral smart completions that have been installed. The start-up of the production test has gone well and we shall continue to provide operational updates in due course."

11 July 2012



Xcite Energy Limited

("Xcite Energy" or the "Company")



Pre-production Flow Test Update


The Company is pleased to announce that the pre-production flow test is progressing well, with the planned shut-in period and pressure build-up test having been commenced on 11 July following the initial, successful, clean-up and first oil flow on 9 July. This planned shut-in period and pressure build-up test is designed to obtain key information about the Bentley reservoir and the mobility of its fluids for use in interpreting the subsequent flow data and for planning the next step of the Bentley field development. Following this build-up test, the flow test will continue as planned.

At long last movement.

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Oil & Gas Sector: Xcite is top riser after positive update on pre-production flow test
StockMarketWire.com
North Sea oil firm Xcite Energy (LON:XEL) was the sector's biggest riser after it revealed that its pre-production flow test is progressing well.

It said the planned shut-in period and pressure build-up test began today (11 July) following the initial, successful, clean-up and first oil flow on 9 July.

This planned shut-in period and pressure build-up test is designed to obtain key information about the Bentley reservoir and the mobility of its fluids for use in interpreting the subsequent flow data and for planning the next step of the Bentley field development.

Following this build-up test, the flow test will continue as planned.

Xcite Energy's shares were up by more than 17% in late afternon trading.

Lets hope the sp gets there for them m

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