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Finished up 5% at 45p to buy (0.8 C$) in Canada, so a blue week ahead next week perhaps.

On a run yet again, in Canada up 6% so far.

Has to go up....undervalued by 100% or so if proper calculations are fed into the equation.

had to go up ..... i should think every single oilie in the market did today!

It looks pretty good to me....this will be drilling at the same time the Falkland lot will be.....and this is a proven discovery with flow rates of 160 barrels of heavy oil per day which Schlumberger have confirmed will flow at 4000 barrels per day later on !.

almost as good as one of HAWK's pathetic wells, but at least HAWK already has a good number of them, and i think that oil is relatively light (more valuable) too

Cynic : check out the Rns's...this is valued at 24 million or so....minimum of 160 million barrels of oil in the North sea with (upside possibly)....Nighthawk is valued above 100 million....This is also on a run...sp rising daily !.

am very cynical about this stock! ..... sorry but don't like amoeba heavy oil E&Ps, and though i hold HAWK, i can't say i'm particularly enthusiastic about that one either ..... on the other hand, the likes of TLW, PMO, HOIL, GPX, GPK are "proper" companies to a greater or lesser extent

Crikey ! : I'm in all of them ! (except PMO)....including Nighthawk...when will that go up ?.

don't tell me you have been following my advice ..... spooky!

The thing that many people forget is that the government has already allocated 500m pounds in the way of assistance and tax breaks to get North Sea heavy oil flowing. They are due to announce even more incentives very soon.

This is all good news for XEL and makes everything much more attractive.

Article in Shares mag this week...everything positive...

http://www.proactiveinvestors.co.uk/companies/news/10391/xcite-energy-says-its-making-progress-towards-watershed-moment-as-it-prepares-for-first-development-well-in-north-sea-10391.html

Thursday, November 19, 2009

Xcite Energy Says Its Making Progress Towards Watershed Moment As It Prepares For First Development Well In North Sea

In its Q3 results statement, North Sea oil developer Xcite Energy Limited (AIM & TSX-V: XEL) said that its ‘Bentley Alliance’, will provide a watershed moment for the company as it begins the drilling of the first development well in the Bentley field in Q1 2010.

In the three months ended 30th September 2009, the group has continued to make progress with the planning for the development of the Bentley oil field. Xcite said its emphasis during the last quarter was on securing field partners and setting up the Bentley Alliance.

Xcite reached an agreement with Fugro Well Services Ltd to drill and test the first development well on the Bentley field, the 9/3b-R well, on a risked basis. Fugro will bear a material percentage of the cost of the well as the first Alliance partner.

Expenditure in the quarter predominantly comprised the costs of study work and planning for the next stage in the development of the Bentley field, including the preparation for the drilling of a technical borehole on Bentley, which is scheduled to be conducted during Q4.

The Bentley field is the company’s primary asset.

In the period the company reported a loss of 249,000, slightly widening from Q2 due to charges for previously deferred tax payments. Also in the quarter Xcite successfully completed a fund raising of 2.1 million The funds will be used to secure the necessary industry partners and to further commercial arrangements in relation to the development of the Bentley field.

Xcite said that it intends to pursue a number of commercial initiatives involving potential business partners and production sharing contractors to facilitate further work on the Bentley field. According to Xcite, Q4 is likely to be characterised by a low expenditure rate, with efforts focussed on advancing the concept of the Bentley Alliance and the completion of drilling the geotechnical test well.

Xcite Energy CEO Richard Smith commented on the company’s progress: "We are very pleased with the market's support for our recent fund raising and its positive reaction to the creation of the Bentley alliance with Fugro as the first partner. This represents a significant step forward in the development of the company and in drilling the first development well in the Bentley field, planned to commence in the first quarter of 2010. This will be a watershed event for the company and we look forward to continued support from shareholders in order to successfully pursue our strategy."

The Fugro Synergy drilling ship appears to be underway with its destination given as "xcite job". Its ETA date has passed, so we can assume therefore they are setting up preparing to spud the well.


http://www.shipais.com/showship.php?mmsi=311019800

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14% up in Canada......and the market is not open too long either :)

http://www.google.co.uk/finance?q=CVE%3AXEL


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Superb increase...much more to come in the months ahead !.

I think people have realised that spudding of the well is very soon, and its success has major implications for the "Bentley Field" and therefore the valuation of XEL.

We are on the move again it seems.

Spudding soon of the well, not far away.

gone nuts hasn't it .... but be careful as it is very thinly traded so inevitably very volatile

http://business.timesonline.co.uk/tol/business/markets/article6941725.ece

......Tiddler to watch

Shares in Xcite Energy gained 7p to 47p and could be in line for a good run. The group has a 100 per cent interest in the Bentley oilfield in the UK North Sea, which is one of the largest undeveloped oil projects in the region. Arbuthnot recently started coverage of the stock with a “buy” rating and a target price of 133p...........