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

I see they finished well down on the day at 84.625p and tomorrow is end of the week

also see "cynic" follow me though with a loss to my close to 20% profit in less than 2 days and did not have to pay for the stock.

that is life in the stock market of up and down, so this days the motto is: any good profit take it before is too late and if any reverse cut your loses, otherwise could be a long wait for the share bounce back.

panto - before you start on one of your very silly and offensive rants, i'd actually been holding XEL for a long time ..... thus, it was for once a very sensible and intelligent move of mine to crystalise a fairly small loss against one that would have been about 25p greater a couple of weeks back

other than that, your final comment is spot on

===========

i know it goes against your general philosophy, but in this instance, if sp drops back to an arbitrary 70p, then it would certainly look interesting to buy back

or indeed perhaps a 25p greater loss in a couple of weeks. Who knows with this one.
My average is 150p, got to hold on.

DC - hard to accept, but that has to be the wrong philosophy

Just looked back and found they first discovered oil 7 yrs ago, been a long ride.


In 2007, an oil discovery was made on exploration well 9/3-1. A year later, the company appraised the find by drilling the 9/3b-5 well to a depth of 4,105 feet (1,251 meters), encountering heavy oil bearing Paleocene Upper Dornoch formation sands at 3,712 feet (1,131 meters). During the drill stem test, the well flowed at a rate of 150 bopd from a 50-foot (15-meter) section of the oil column.

Xcite Energy recovers ground as it signs collaboration deal with Statoil and Shell
08 May 2014 by Our Oilbarrel Staff

Shares in AIM-quoted Xcite Energy enjoyed a welcome surge this week after the heavy oil developer announced a collaboration agreement with Statoil and Shell. The company, which holds 100 per cent of the Bentley heavy oilfield in the North Sea, has agreed to share technical and operational information to evaluate potential synergies between Bentley and the Bressay oilfield.

Statoil, which holds 80 per cent of Bressay alongside Shell, delayed its development late last year amid concerns about costs, thought to be up to US$7 billion to bring the heavy oilfield onstream in 2018.

BVI-registered Xcite was once the darling of the AIM oil patch but its performance has disappointed over the last two years as the heat generated by its breakthough extended well test of 2012 dissipated. Tuesday saw the company regain some of that buzz, however, with its shares surging almost 29 per cent during Tuesday trading.

By Wednesday lunchtime, the share price had edged higher to trade at 93.25 pence as news of the collaboration whetted investor appetites for a more lucrative tie-up. This speculation is not new: in 2013 Statoil paid US$15 million for a package of technical data from an extended well test on Bentley, raising hopes that the Norwegian oil giant was lining up a bid either for the asset or the whole company. Investors may be more wary this time round.

Even so, the latest news is welcome as it is again a vote of confidence in the quality not only of Bentley but also of Xcite's approach to proving up the commercial potential of this heavy oil asset and finding a cost-effective development solution. A joint team from Xcite, Statoil and Shell will now work together to analyse existing information and develop proposals to potentially share infrastructure, assets and operational solutions. Xcite's CEO Rupert Cole said it demonstrated “the value that independent oil companies can bring to the North Sea to unlock major energy assets”.

There is no doubt that Bentley is a material asset. The average UKCS discovery size over the past ten years has been 25 million barrels of oil equivalent and 90% of current fields in production on the UKCS are producing less than 15,000 boepd. At ten times the average size of a UKCS discovery, Bentley is expected to have an economic field life of 50 years and modelled to produce 15,000 barrels of oil per day after 17 years of production and approximately 8,500 barrels per day after 35 years of production.

The big issue is how Xcite can monetise this resource base. Even a scaled back phased development approach requires deeper pockets than it can currently muster, notwithstanding its efforts to line up a slate of world-class partners on a shared risk/reward basis: last month, for example, it agreed an MoU with Amec and Arup to co-operate on the the design and development of Arup's self-installing, steel ACE platform for the Bentley field and another with Teekay Shipping for the supply of a bridge-linked Sevan FSO.

These kinds of agreements mean Xcite can refine costs, design and scheduling of Bentley to present a development-ready situation to reserves-hungry oil majors – and the collaboration with Statoil and Shell shows the asset is certainly on Big Oil's radar.

75 may be a good place to buy .... it's where it conveniently hits 25 dma

Thought there would be a pullback...very few shares go up now and stay up...very few...

bollocks ..... meant to get back in this morning, but got too tied up with contract matters and have missed the boat somewhat

Faroe Petroleum is another option Cynic.....pullback overdone this morning....will rebound...

11% down today, hit hard.

i think this is silly so have bought a few at 69.25

Memorandum of Understanding with AIBEL AS

RNS


RNS Number : 4351L

Xcite Energy Limited

04 July 2014






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





4 July 2014



Xcite Energy Limited

("Xcite Energy" or the "Company")



Memorandum of Understanding with AIBEL AS



Xcite Energy announces that its 100% subsidiary, Xcite Energy Resources Limited ("XER"), has entered into a Memorandum of Understanding ("MOU") with Aibel AS ("Aibel"), which sets out the principles for executing the Engineering, Procurement and Construction of the Ove Arup & Partners ("Arup") designed self-installing ACE platform selected for the Bentley field.

Aibel will work with AMEC, the international engineering and project management company, acting as XER's Project Management Contractor, to deliver the ACE platform. XER believes that the combination of the AMEC, Arup and Aibel project management, engineering, and construction experience will deliver a quality and cost effective asset.

Rupert Cole, CEO of Xcite Energy, commented:

"We are very pleased to have Aibel, with its experience and expertise in offshore projects, join the Bentley development group for the construction of the ACE platform, which has significant economic benefits over the life of the field, including rapid deployment and ease of decommissioning. This further validates our strategy and development plan as we continue to refine the project costs and reduce future schedule risk through the early involvement of our development partners, prior to submission of a field development plan."

Market talk -
Xcite shares (currently trading at 65p) to 254p per share. Edison, which expects FDP approval in 2015 and first oil in 2018, calculates a core net asset value of 146p.


August 15, 10:29 PM



Xcite Energy has suffered a similar fate to Gulf keystone and Quindell, losing around half of its market value. And if news is what the market wants to kick-start interest for a rerating, it looks like investors could be waiting a while.


Market Talk's insight:


Xcite Energy has suffered a similar fate to Gulf keystone and Quindell, losing around half of its market value. And if news is what the market wants to kick-start interest for a rerating, it looks like investors could be waiting a while.



Interactive Investor reported on Xcite's half-year results on Thursday, with the company saying it was making good progress towards submitting a field development plan for its Bentley project in the North Sea. But it's slow-going and there was not a great deal else to report in the oil company's half-year update.



Xcite had £41.5 million of cash on 30 June and is still expected to submit the field development plan (FDP) for the 257 million barrel of oil equivalent (mmboe) Bentley project at the end of the year

Broker and nominated advisor Liberum Capital decided not to publish any fresh forecasts Thursday, implying little has changed since its last piece of research back in April, when it cut its fair value assumption for Xcite shares (currently trading at 65p) to 254p per share. Edison, which expects FDP approval in 2015 and first oil in 2018, calculates a core net asset value of 146p.

Collaboration Agreement with Statoil and EnQuest

RNS


RNS Number : 2121R

Xcite Energy Limited

10 September 2014






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





10 September 2014



Xcite Energy Limited

("Xcite Energy" or the "Company")



Collaboration Agreement with Statoil and EnQuest



Xcite Energy announces that its 100% owned subsidiary, Xcite Energy Resources plc ("XER"), has entered into a Collaboration Agreement with Statoil (U.K.) Ltd. ("Statoil") and EnQuest Heather Limited ("EnQuest"), in order to share field-specific technical and operational information to evaluate the potential utilisation of common gas import infrastructure between the Kraken, Bentley and Bressay fields.

A joint XER, Statoil and EnQuest team will work together to analyse the current available information and develop a number of proposals to assess the potential benefits of installing a shared gas import pipeline in conjunction with the development of the Kraken, Bentley and Bressay fields.

Rupert Cole, CEO of Xcite Energy, commented:

"We are pleased to continue to work with Statoil and extend this to include EnQuest in the assessment of this shared infrastructure. This new collaboration with Statoil and EnQuest to assess this shared infrastructure is an important initiative, which highlights the scope of potential opportunities available to our respective projects.I believe that today's announcement further demonstrates that additional value can be created by companies collaborating in key development activities and it reinforces our commitment to "Maximising Economic Recovery" from the area immediately surrounding the Bentley field."

Watch: Rupert Cole, CEO: Xcite Energy - Baker Hughes MOU

Click here

Another one...drop way overdone.......a RF screaming buy !.....

you been very quiet lately rf.,.

Just very busy with work Balerboy....and the markets have been not very favourable....but perhaps a rebound for battered oilies is just around the corner....if I remember correctly : XEL's sp was around 23p when the appraisal well was flowed and Proselenes and myself were in it....and I think Cynic and a few others jumped in...it went to nearly four quid.....now it's back at 46p... was even lower last week.....just a crazy sp even though crude has dropped....

StockMarketWire.com
Xcite Energy said that following talks with the Oil and Gas Authority (OGA), the Secretary of State for the Department of Energy and Climate Change has extended the P.1078 licence containing the Bentley field until 30 June 2017.

This licence extension is expected to assist Xcite Energy Resources plc's ("XER", the Company's wholly owned subsidiary) current process to secure the financing required for the approval of its Bentley Field Development Plan and to repay its outstanding senior secured bonds, which are due for repayment by 30 June 2016.