Xcite Energy Limited (XEL) is a heavy oil appraisal and development company, with current interests in three licence blocks in the UK North Sea, all of which are held with 100% working interests through its wholly-owned UK subsidiary, Xcite Energy Resources Limited (XER).

Its primary focus is in bringing the Bentley oil field on Block 9/3b into production and in doing so becoming a significant independent oil producer in the North Sea by 2014.

Business Strategy

Bring the Bentley field into commercial production

Grow its reserves base from the existing 116 million barrels of oil equivalent
(“MMboe”) of 2P reserves through the conversion of its prospective resources base

Grow its resources base further through drilling activity on Blocks 9/3c and 9/3d

Employ enhanced oil recovery processes (“EOR”) to further increase its resource base

Increase its asset portfolio through license rounds and asset transactions whilst utilising its heavy-oil expertise to leverage opportunities


http://www.xcite-energy.com/

2012 in Review and the way ahead Robert Cole Video

Found by Chappi
Are we starting to move

SPD currently have a requirement for a Wells Project Manager to lead its Wells Team in supporting Xcite Energy in delivering its prestigious Bentley Development.

This role will be based in Xcite’s office leading the SPD team delivering all Well Engineering aspects of this very large, complex, multi, well offshore development. You will be a highly experienced individual capable of leading and integrating the wells project team and have at least 5 years’ experience in the role of Wells Team lead / Drilling manager as well as significant prior experience in well design, planning and operational execution.

You will have a strong track record in successfully managing multi-disciplinary teams in delivering offshore developments ideally in the UKCS, from the concept through to execution and review. A key requirement is your ability to maintain excellent working relationships with client personnel, vendor personnel and with the wider SPD support groups while delivering this complex wells project.

http://www.spdltd.com/vac/713/wells-project-manager/

P.S Notice the "part of the Petrofac Group" in the bottom right corner:)

MOU with Teekay Shipping

RNS Number : 1837E

Xcite Energy Limited

07 April 2014



Xcite Energy Limited

("Xcite Energy" or the "Company"

MOU with Teekay Shipping



Xcite Energy announces that its 100% subsidiary, Xcite Energy Resources Limited ("XER"), has entered into a Memorandum of Understanding ("MOU") with Teekay Shipping Norway AS ("Teekay"), which sets out the principles of co-operation for the supply of a bridge linked Sevan floating storage and offloading ("FSO") facility for the life of the Bentley field.

XER and Teekay intend to work together on an exclusive basis during the project, from front end engineering through fabrication, hook up and onwards into production operations and maintenance.

XER believes that the bridge linked Sevan FSO offers a number of significant benefits to the overall Bentley field development concept, including available deck space to locate utilities on either the platform or FSO. In addition, XER believes that there would be reduced flow assurance risk, due to the removal of subsea pipelines and minimised motion characteristics to aid reservoir fluid dehydration.



Rupert Cole, CEO of Xcite Energy, commented:



"We are very pleased to be joined by Teekay as a partner in the development group, following on from their important role in the successful Bentley extended well test. Building on this relationship as we progress Bentley towards production, we believe will deliver the Sevan FSO as a vital component of the Bentley field development plan."

Blimey....the dragon has been awoken .....

Lets hope so.,.

Buyers back in so jumped on bandwagon for ride.

http://www.iii.co.uk/articles/164117/xcite-set-bidding-war

A collaboration agreement between a subsidiary of Xcite Energy (XEL), Royal Dutch Shell (RDSB) and Statoil (STO) has prompted rumours of a takeover.

The market reacted positively to the news and Xcite's share price rose by over 16% in morning trading to 74.25p with a spread of 0.75p. The group has a market capitalisation of £185 million and was the best performer in the AIM 100 index, which was down in morning trading.

Xcite Energy Resources (XER) and the two leading oil and gas companies will share field-specific information for the evaluation of collaborations between the Bentley and Bressay fields. The trio will work towards using common infrastructure, assets and operational solutions in the fields' development.

The Bentley field is 100% owned by XER. Statoil has a 81.625% working interest in the Bressay field and Shell holds the remaining stake.

Chief executive Rupert Cole said: "We are pleased to continue to work with Statoil and Shell in this important initiative and, following their purchase of the Bentley EWT data in 2013, believe that it demonstrates the value that independent oil companies can bring to the North Sea to unlock major energy assets.

"We also believe that the principles contained in this Collaboration Agreement complement the recent UK Government commissioned report, 'UKCS Maximising Recovery Review' by Sir Ian Wood, and will provide an important early framework through which additional value can be captured in area development scenarios."

Investor view

The majority of users on the Interactive Investor discussion board were pleased with Tuesday's update, with some saying it indicated interest in a potential takeover.

'Bigbootsss' said: "Not only did Statoil buy the data, so did Shell. So two biggies toying for the asset. Will they work together or will this eventually end up in a bidding war for XEL? Either way this is a massive announcement and a win-win for XEL and their shareholders."

'RedDragon3' thought the update signalled a cheap acquisition of assets. The user said: "So the move to acquire Xcite's assets as cheaply as possible continues apace. Shell and Statoil will not be doing this for nothing. Ask yourself who is in the strongest bargaining position, the people who own the safe, or the people who have the combination and the means to open it."

However, 'wahlburg' said: "Rubbish. If they wanted to acquire XEL as quickly as possible the time would be now. XEL have 'the combination and the means to open it' as demonstrated by the data sale."

Rating Xcite 'buy', 'ArtemisSA' commented: "Another good news story again this morning. Could Xcite be about to live up to its name? Someone said on here recently that the supermajors wouldn't have any interest in Xcite. I don't believe that for a minute. Statoil have always been in the wings. As the large oils increasingly struggle with their CAPEX, maybe little ol' Xcite has something useful to teach them. As for the 'worked-out' North Sea, the LSE:BP.:BP chief for North America at the OTC in Houston yesterday named the North Sea as one of the company's four most important areas globally."

Also dismissing cheap asset buying, 'BigBootsss' added: "It is clear that Rupert is playing hard ball here. Will not sell the asset on the cheap, he knows what it is worth, more importantly is that Statoil AND Shell know how important and how good this asset is, so what Rupert is doing is getting into bed with two majors but will only get out when the right number is put in front of him. Ask yourself why would Statoil and Shell link up with such a minnow if there was not an end game here? Take out by both or either, either way this is massive for XEL shareholders."

Bentley field

Drawing attention to the timeline of the Bentley field, 'rollthediceagain' said: "XEL quantified the asset years ago so when are they actually going to monetise it by actually producing anything? It's fine getting in bed with all these big names but why's it taken so long and what's the timeline to production."

'Palspurs' replied: "Wait for developments. This confirmation is the first concrete step to production. Hopefully this process will move apace - note the reference to the Wood report. We are going to production - it's now a matter of time as the process and stages to production are ticked off - yipee indeed and at last."

Now the collaboration had been agreed, 'Tomthebomb' thought the timeline would now speed up. "If anyone was ever worried about holding XEL it should have changed now. We are now operators with a 100% interest in a 256 metre 2P field including memorandum of understandings with TEEKAY (TK), AMEC (AMEC) and ARUP. We have sold 150,000 barrels to BP for $100 per barrel (p/b). We now also have an agreement in place with Statoil and Shell.

"Development of Bentley will be fast tracked now in my opinion. We should also get information with regards to reserve-based lending soon. A takeover is looking even more likely now. I want the board of directors to make sure they have drilled at least one in Blackbeard before selling up though. We have potentially another Bentley there. $15-20 p/b x 2..."

Of the market's reaction to the update, 'Ranger gb' said: "This should fly, we should easily be at 120p in short term based on this great news not 70p.

However, some users were not convinced by the news. 'Middler2' said: "I wish I could be as confident. The RNS said virtually nothing. What does collaboration mean? And why Shell? If BP or Statoil thought it was that good, why not say they will provide the finance and infrastructure and let XEL lead with their understanding of the field? I am afraid I don't even see it as a holding RNS and I really want to. XEL is my biggest holding."

'Wahlburg' reminded the user: "Why Shell? Because they have an 18.375% interest in Bressay."

Looks positive this afternoon after the 1/3 profit taking on reaching 73p the bounce was on as buyers and Level 2 signaling the turning

the depth in orders on the Level 2 is 35 v 21
bought some at 75.20p

it would be very nice if this rise proves sustainable instead of just a few lemmings getting on board on the basis of a weakly rumoured t/o

Supper finish, and though it was tough as it was reaching 80p, once it did go through it went up fast
with spread of 81.75 v 82p and the UT at 82p

In London was up by 28.63%, but back in Canada finished up by 35.55%

XEL Xcite enegi 82p - 28.63%

Yesterday 1.125c
today 1.525c - 35.55%

Volume and buyers back in....those adverts piss me off!!!

no volume = no notice or impact

=============

for my sins, i've held these for ages at one level or another, and on balance i'm probably well out of pocket

i now cannot make up my mind whether this is just lemming-momentum or something of substance, though i'm very happy to see a bit of paper dosh returning to the coffers

After this sudden burst into life....I fear that the sp might trickle back down again as there are very few rns's from this company.....and Bentley is taking ages to get going so....still nice to some rise ....

The spike on share price continues this morning with AUCTION on the way as it rises too fast.

another 10p up so far and looking good

back in profit soon.,.

Is Xcite set for a bidding war?
By Harriet Mann | Tue, 6th May 2014 - 13:06

A collaboration agreement between a subsidiary of Xcite Energy (XEL), Royal Dutch Shell (RDSB) and Statoil (STO) has prompted rumours of a takeover.

The market reacted positively to the news and Xcite's share price rose by over 16% in morning trading to 74.25p with a spread of 0.75p. The group has a market capitalisation of £185 million and was the best performer in the AIM 100 index, which was down in morning trading.

Xcite Energy Resources (XER) and the two leading oil and gas companies will share field-specific information for the evaluation of collaborations between the Bentley and Bressay fields. The trio will work towards using common infrastructure, assets and operational solutions in the fields' development.

The Bentley field is 100% owned by XER. Statoil has a 81.625% working interest in the Bressay field and Shell holds the remaining stake.

Chief executive Rupert Cole said: "We are pleased to continue to work with Statoil and Shell in this important initiative and, following their purchase of the Bentley EWT data in 2013, believe that it demonstrates the value that independent oil companies can bring to the North Sea to unlock major energy assets.

"We also believe that the principles contained in this Collaboration Agreement complement the recent UK Government commissioned report, 'UKCS Maximising Recovery Review' by Sir Ian Wood, and will provide an important early framework through which additional value can be captured in area development scenarios."

How Much Lower Can Xcite Energy Limited Go?

By Rupert Hargreaves - Tuesday, 6 May, 2014 | See also: XEL
http://www.fool.co.uk/investing/2014/05/06/how-much-lower-can-xcite-energy-limited-go/

Xcite Energy (LSE: XEL) shareholders have every right to be disappointed in the company’s performance so far this year. Indeed, even after the company reported a stellar set of pre-production flow test results from its Bentley oil field at the end of last year, the oil minnow’s share price has gone nowhere but down during the past few months.

However, Xcite announced some great news this morning, revealing that the company had entered into a collaboration agreement with Statoil and Shell, allowing the parties to evaluate potential synergies between the Bentley and Bressay Fields. This agreement has opened up the possibility of a joint venture between Xcite, Shell and Statoil.

Still, the question remains, even after this good news, will Xcite’s shares push back to their 2011 high of 400p, or retest the 2010 low of 35p?

The bigger picture
oil rig

Unfortunately, Xcite is facing several headwinds going forward, none of which are under the company’s control.

For example, it is widely believed that Xcite is unlikely to receive any takeover or joint-venture offers to develop the Bentley field, until the Scottish referendum has taken place.

Further, the company is constrained by operating conditions within the North Sea. Specifically, ageing infrastructure, high tax liabilities and high costs are three factors driving oil companies away from the region.

Still, the recently released Wood Report, commissioned to establish the best way of extending the North Sea’s life and boosting the UK’s oil production, contains many recommendations that would make the region more attractive to investors.

Thankfully, the proposals put forward within the report are likely to be adopted after the outcome of the Scottish referendum; both the Scottish and UK governments have voiced their support for the reports proposals.

Additionally, Xcite’s management remains proactive and are doing everything possible to speed up the development of the Bentley field.

During the space of the last year alone, Xcite has signed an offtake agreement with BP, a memorandum of understanding with AMEC for the development of the Bentley field,another memorandum of understanding with Teekay Shipping for the provision of shipping services for Bentley field infrastructure, and as mentioned above, the collaboration agreement with Statoil and Shell.

But how much is Xcite worth?

Of course, the key question on everyone’s lips is how much is Xcite actually worth and are the company’s shares under, or overvalued at current levels?

My preferred method of valuing oil exploration companies like Xcite, is to compare the company’s PV-10 figure to its enterprise value.

The PV-10 ratio attempts to show us the future value of all of the hydrocarbon reserves held by the company, net of extraction expenses. Therefore, oil and gas companies trading below their PV-10 figure are often considered undervalued.

Xcite’s PV-10 value of proved and probable reserves stands at £4.5bn, after the deduction of tax this figure drops to £2.1bn, significantly above Xcite’s current enterprise value of around £250 million.

So, as Xcite is currently trading at a huge discount to the value of its oil reserves, it would appear that the company is seriously undervalued.


Risky business

Xcite appears undervalued at current levels, although one thing to remember is, that the oil business can make you rich but it can also make you poor. That's why the best investors build a portfolio with a combination of both risky oil companies and reliable dividend paying stocks, reducing risk and allowing you to sleep soundly at night.

To help you build your dividend portfolio, the Motley Fool's top analysts have put together this free report revealing the secrets on how you can "Create Dividends For Life".

Just click here to download the report for free today!

Rupert owns shares in XCITE ENERGY LIMITED.

The intraday shows the same as yesterday, once the profit taking / 50% retracement on the up again

looking good for another step up some big buys coming through now, but how far will she go, undervalued definitely............good to see rise

well mr panto, do you think this is a fundamental sea-change or just lemming-led stuff? ..... or aren't you fussed either way?