.

Another 7 million in the bank and given them warrants to buy at over 3.60 a share.

That might be cheap in a few weeks time.

Anyway, looks like its full steam ahead and as the RNS says "without delay".

this has certainly been a real crackerjack in the last 6 months, outstripped only (for me) by the performance (and banked profit!) of RKH .... i just wish it was not just an MM stock as it makes trading somewhat opaque .... i wonder what triggers a stock to become SETS

anyone know when flow test is due out?

Think this is the right info: towards end of Nov I think.


Current well: 9/3b-6 well designed to remove uncertainties
Because of these uncertainties, Xcite spudded the 9/3b-6 well on 29 September 2010, and this will
be tested with the principal objective of proving flow rates and confirming fluid properties. Drilling
and testing is expected to take around 60 days at a cost of $35m to $40m. The well will be drilled
with a slanted pilot section through the reservoir in order to correctly pinpoint the formation depths.
A horizontal well will then be drilled high up in the attic of the reservoir, as it is planned to use
horizontal wells in the development of the field, and it will be suspended on completion of testing as
a future producer to be re-entered as part of the FSP programme. The test will focus on achieving
a stable flow rate from the well rather than a maximum rate and, as such, the capacity of the test
equipment is limited to 2,800-3,000bopd to ensure low-end and mid-range performance.

Good flow test and it can still triple from here (when you account for the upside in terms of thicker pay, 100% gross to net etc...).

400p to 600p range, imo, on good flow test and upgrades and positive comments will push it more to the 600p end of the range.


Cynic, flow test could be next week IMO, and results out not long after.

2nd tanker deployed apparently !!

2 Tankers - well they must be confident of getting near to the top of the restricted 3000 bopd maximum flow rate then.

(3000 bopd is the maximum of the equipment that will be used for the flow testing and 1200 bopd is the level at which things are very rosy and successful).

i can't find the recent analyst reports .... it's not that they are especially well-informed or clever, but it would be good to see what sp targets they perceive

Nice here innit.

There are two notes below. Look at their estimates for success and upside, cause that is where we might be soon, there will be no 50% risk discount soon, we hope, and oil is now nearing 88 US$ a barrel and we know the gross to net pay is 100% (estimates below use a lower figure) and the pay is thicker than the estimates below..... :)

Lots of upside.....


Canadian Dollars figures

http://www.xcite-energy.com/docs/XEL_10262010%20Wellington%20West.pdf

++++++++++++

Sterling Pounds figures

http://fmlinfo.co.uk/uploads/xel/xcite211010outlook.pdf

.

thanks Pros .... it was the Edison one i particularly wanted to read

I'm getting worried because....I have a big position here...and it's going like a train....

so bank some of it

so bank some of it

Not yet....

so don't grizzle that you're worried then!

I bought a few of these when it was pointed out to me and have re topped up again today so fingers crossed.looking very postive.

I even bought a few more....I'm praying that this will be a fabulous success story...

To put things into perspective.

Encore (EO.) have about, taking in their percentages, presently only about 20 million recoverable barrels on their books they could claim, and hope for more.

Their market cap is over 360 million pounds.


Xcite (XEL) could soon be able to stick a 200 million recoverable barrels claim on their books and yet the market cap is still, at this moment, below that of EO.


That may demonstrate just how much upside potential there is here....... ;)

Thanks for keeping up the good work Proselenes.....your posts are excellent on here....