.

Yeah, I'm going to add more today.

Xcite just been awarded the licenses to the North West and South West of their present license it seems.

https://www.og.decc.gov.uk/upstream/licensing/26_rnd/award_maps/nns.pdf


So more good news coming !

With all the excitement on the FI stocks....missed this....will have to read...

After the nonsense little market shake...rebound now....onwards and upwards....go baby go....!...

Up 11p in last 10 minutes ... anything been leaked ?

OK back to normal now.

Doubt it...but this just has to rise during the next few weeks...and on a good flow test (for heavy crude)...I would expect a surge to 250p or so...perhaps more...

Article in shares mag this week fairly positive...

Yes...I read that.....got to hand it to them.....they were the first to spot this...why the market did not price this up after the first exploration well came up with the goods is beyond me....perhaps it's the long wait for this second well...anyway one of the best stocks on the market now....and still worth buying...that's what's amazing...I topped up with some more the other day...

the only reason i did not buy (still) more a week or so ago is because MM-only stocks always worry me ..... still, can hardly complain with the current (paper!) profit

Cynic ; it is isable.....you can trade that one quickly.....listed in Canada as well....I have to say that I have a huge paper profit showing at the moment....

not sure that CFDs are, and though i know the stock is reasonably liquid, i like to have an idea of how the books stand (whatever their shortcomings) before putting money with mouth (hopefully without foot!)

Xcite Energy" or the "Company")



Financial Results for the 3 Month Period Ended September 30, 2010



Xcite Energy, a developer of heavy oil assets in the UK North Sea, today announces its unaudited financial results for the 3 month period ended September 30, 2010.



Highlights



v The 9/3b-6 well has now spud and an update on the excellent results of the pilot well was issued on October 25, 2010. Management believes this confirms that an upside structure is present in the eastern half of the reservoir, significantly increasing the volume of oil in place.



v UK 26th Offshore Licence Round award to Xcite Energy Resources Limited over Blocks 9/3c and 9/3d, thereby enhancing the development potential of the Block 9/3 area containing the Bentley field.



v Net assets up to 52.9 million as at September 30, 2010.



v Cash balances of 27.8 million as at September 30, 2010.



v Gross funding raised of circa 5.8 million in the 3 month period.



v Additional gross funding raised of circa 3 million since balance sheet date from draw down on Yorkville standby equity line. Balance of 17 million still available.



v Additional gross funding raised of circa 0.4 million from the exercise of share warrants and share options.





Richard Smith, Xcite Energy Chief Executive Officer commented:



"An excellent few months on all fronts, with the 9/3b-6 pilot well confirming that we have been conservative in our predictions for the Bentley field thus far. With the upside reservoir structure now confirmed and the 100% net to gross oil column, the location selection for the horizontal well test is an outstanding piece of planning by the team. We look forward to the next few weeks with high expectations."

Looks more and more like a 250p stock....

If the well test is good it will be a 400p to 600p stock.

Hehehe

BrokerManDan giving XEL a big push now.... ;)

http://brokermandaniel.com/

.

have tried to buy more at 171 but no joy so may increase level, though don't much like present spread

word in the c.o.l that they have a 'major gusher'. Brokermandan also saying this on twitter. Keep watching level 2 and big trades. Could well double in a flash.

A good flow test and also some upgrades on recoverable barrels and OIP could easily see XEL trading in the 400p to 600p range.

Only a few weeks to wait for more news.

From Arbuthnot this morning, 247p present target price which will get a serious upgrade should the flow test be good, and another upgrade should the upside to the OIP and recoverable barrels figures be there too :)


"Xcite Energy* Strong Buy
XEL.L / 168p / 248.8m / TP: 247p

Xcite has announced its quarterly results ending September 2010. It highlights that the well is making excellent progress following the completion of the vertical well and the identification of a thicker than expected reservoir.

During the quarter the company has raised 3.4m via a combination of the equity drawdown facility (3m) and the exercise of shares and warrants (0.4m). The company is fully funded for the drilling campaign and we expect the completion of the well and flow test in late November.

Xcite continues to make good progress at its Bentley field; the initial results from the vertical well are particularly encouraging.

We continue coverage with a Strong Buy recommendation and target price of 247p.

Dougie Youngson, 020 7012 2098, dougieyoungson@arbuthnot.co.uk

UK equity research
1 November 2010"