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Operational Update - Pre-production Flow Test


http://www.moneyam.com/action/news/showArticle?id=4421216

http://www.moneyam.com/action/news/showArticle?id=4421217Key points:



· Richard Smith has decided to retire from his role as Chief Executive Officer and as a Director of the Company.



· Rupert Cole has been appointed as Chief Executive Officer. He is a founding member of Xcite Energy and previously held the role of Chief Financial Officer. He will continue to maintain overall responsibility for the strategic financing of the Company and the associated external relationships.



· Stephen Kew, also a founding member of Xcite Energy and currently Exploration and Development Director, will formally take on the role of Chief Operating Officer for the Company, which will continue to include his responsibilities for oilfield asset acquisition and development.



· Jon Dale has been appointed as Finance Director of Xcite Energy Resources Limited ("XER"), the Company's 100% owned operating subsidiary. He has been the Xcite Energy group's financial controller since early 2008 and was appointed as Company Secretary for XER in September 2011.



· Andrew Fairclough has been appointed as Corporate Affairs Director for the Xcite Energy group. He will play a leading role in the Company's external communications and relationship management. He has over 17 years of corporate broking and corporate finance experience, having previously worked for a number of leading financial institutions, including Espirito Santo Investment Bank, Merrill Lynch and Rothschild.



· Matt Bower has been appointed as Operations Director for XER, taking over full responsibility for operational matters from Richard West on completion of the Phase 1A work programme.



· Following the completion of the Phase 1A work programme, Richard West will assume responsibility for industry related regulatory and compliance matters for XER, thus providing important continuity in the transition from Phase 1A to Phase 1B of the Bentley field development.

Another box ticked

North Sea-focused Xcite Energy (LON:XEL) is on Seymour Pierce’s ‘add’ list after its Bentley oil field flowed at around 3,200 barrels of oil per day in pre-production tests.

The broker was singing the oil and gas explorer’s praises after the results, with a target price of 242 pence, way above the current price of 76.8 pence, which has risen 2 per cent today.

“A condition of the company’s $155m reserve backed loan facility was the company needed to achieve a cumulative volume of 45,000bbls of oil during the flow test period to help ensure that the data gathering will be as effective as possible, today’s announcement goes some way to ensuring this important millstone is met

LSE bigmac Post




Judging by the control being exerted over the ask since the beginning of this week, imo we have another week of Global VWAP manipulation then a two business day window for discount confirmation/placing completion. That pushes us to Wednesday 15th, which is plenty of time to increase the flow rates. I agree this is being stage-managed to maximise good news re flow rates. Not long now Alternatively if the L2 sell side clears before end of next week, that's also a signal VWAP calculation is done.

http://www.scotsman.com/the-scotsman/business/drilling-update-sees-smith-leaves-xcite-energy-on-a-high-note-1-2448301

http://www.investegate.co.uk/Article.aspx?id=201208080700055293J

Tick Tock

Something is cooking by the amount of volume today.
Break out from recent 75 / 79p trend

http://www.spreadbetmagazine.com/blog

Xcite Energy breaks out. SBM Adds to Conviction Buy position
Posted on Monday, August 20, 2012 at 12:15PM

After seemingly being stuck at 77p-78p for weeks with warrants due to be exercised, Xcite Energy has suddenly perked up with a 6% rise to 85p. There’s been plenty of rumours of farm-in’s with BP, Statoil etc and precious little news out from the company on the extended well test in the Bentley Field for over 2 weeks now…

Meanwhile, volume is picking up and something looks to be afoot perhaps? Where volume goes - price generally follows in the AIM oilers.

Take a look at the 2 charts below that illustrate clearly someone getting in this morning. Knowing how leaky the markets are, there is always a reason for such moves and, given the woeful fundamental undervaluation of the stock and the clear chart breakout that indicates a move to 120p we have added to our Conviction Buy position (called at 73p on the 5 Jul 2012) today.

quick snippet - mind yer eye in Xcite today - looks like some news is due with the early price action


http://www.spreadbetmagazine.com/blog/2012/8/22/quick-snippet-mind-yer-eye-in-xcite-today-looks-like-some-ne.html

Having a wee punt on these on the spreads, in at 89.9 target 120.0

Its a weird share this one, heavily messed about with?

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She is moving up fast again a 4p spike so far

stop to entry for risk free trade.

Should be an update soon, its been 3 weeks since last one

Good to see it break the £1 mark

Tenuous rumour of Statoil taking an interest.

Breaking 100p almost just like that.
at the second attemp is holding well at around 105p

chuckles - 11 Jun 2012 19:47 - 2761 of 2832

Strong buy, bit of patience required

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SP in the 80s when I posted, ta da, drum roll.