.

Yes...the numbers are just guesswork...but let's not get too over the moon just yet...my years of trading have taught me not to get over enthusiastic about anything until the fact arrives....it looks fantastic for this company and its shareholders but let's keep our feet on the ground.....350p is feasible...the market could take it further but it's in the lap of the gods as to how far....

RNS and progress is excellent !!

The Canadians will especially like it, they are averse to risk in a large way and now the tick off boxes are getting more with ticks in and only one left to go :

Vertical risk eliminated = Tick

Oil in place risk eliminated = Tick

Reservoir size risk eliminated = Tick

Horizontal drilling risk eliminated = Tick

Upside to reservoir size/Oil in Place = Tick

Upside to flow rate potential = Tick

Flow rate of over 1200 bopd = Not yet, coming soon !


As I said before, with 550M of net horizontal pay I would now expect the flow rate to be stable in the 2600bopd to 3000bopd range (could flow over 3000)

I think, well I HOPE, that this will lead to an RNS which says "Stable flow rates of 3000bopd were achieved which were RESTRICTED by the size of the pump".


Thats what we all want, where they say the flow was at maximum and restricted by equipment !! I think its possibly coming.

Tick

Just fab...what more can be said ?....

nowt! ..... kinda sorry i sold a lump the other day albeit at a thumping profit, but can scarcely complain as still hold o'weight position

"Monday 08 November
Xcite Energy* Strong Buy
XEL.L / 246.5p / 365.8m / TP: 247p
Event: News report

Xcite has now successfully completed the horizontal drilling phase at the 9/3b-6 well at its Bentley project. The horizontal well covers 1,800ft of reservoir section which will now be put under flow test.

The reservoir was found to be 18ft higher than expected, which will yield a thicker oil column. It also showed that the column is almost 100% net to pay, the same result was found in the vertical well. Xcite will now conduct the critical flow test on the well, which it expects to be completed by the end of November.

The drilling results so far have been extremely encouraging; we highlight that both the vertical and horizontal wells have shown that the reservoir is thicker, which increases the prospect that the oil in place will be towards the high case scenario. However, investors must be reminded that it is the flow test which will determine the future of the project. The data collected so far, as well as the flow rate data, will be used to update the reservoir model and this will provide the basis for scoping any future development.

Xcites share price has increased by c.235% since drilling started. This increase has been primarily driven by the retail market. Our target price of 247p was reached last Friday and given the strength of the appetite of the retail market for this stock it is very likely that the share price will substantially increase ahead of the flow test.

We therefore continue coverage with a Strong Buy recommendation.


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

Being the percentages player i am ,l crystalized some healthy profit at 272 ish after only buying on friday at 225p level .........nice ;-))......but after doing a lot of number crunching l bought back in on the fallback to mid of 253p i couldnt resist another bite of the cherry so back in at 255 .. ....Everyone seen the Goldman Sachs note this miserable morning ref. to mergers and aquisitions in gas/oil sector ? - naming about 50 stocks that "Big Oil " has in their sights . Xcite got a very positive write up as did nearly all junior oilees ..A noteable exception which has proven very popular on BBs was GKP which G/S downgraded to SELL..- but considering where it operates i am hardly surprised...........XEL reminds me very much of Dana and Tullow whose initial success in North sea led to them both becoming global players ( Before, of course, Dana was swallowed up ............

Bought any more AFR " J "

Worth a read :

http://boards.fool.co.uk/xcite-new-broker-valuations-12088518.aspx

.

l havent actually Roly .Currently on a free ride with AFR after selling 50% not so long ago . lts come a long way since i initiated a thread on AM @ 39p what seems years ago ; and is now virtually unrecognizable to the company into which l then bought into..../ What with probs with security for their staff who are forced to live in virtual prisons protected by the millitary and regular sabotage on upstream oil infratructure in Nigerian delta coupled with characteristic massive scale of corruption weighs perhaps a tad unduly heavily on my mind.But not thinking of buying any more as yet . ..... lnterestingly even AFR diversifying and looking east wards for new projects...,,,,,,,,,,,,,,,,Do you have a position with XEL ?

Thought you might have topped up when they fell to 120 ish this morning. No am not holding XEL , but bought TST as a small punt .

TST ? Are they new to mkt as have never even heard of them.Will take a peek ......................... ..As for XEL/ My level 2 has gone down but mms seemingly short on stock and decided to give the tree a good old fashioned shake thearby removing those sitting on large paper profit and weak holders who bought at top of mkt earliar today .........../ current mkt trading certainly doesnt justify such a drop from intraday high ..../ Opinions anyone ...........?...

i see sp boiled over badly, presumably for no good reason other than profit-taking

Looks like heavy oil not profitable.

so have you shorted and if so at what price and how many, or is this just so much guff again? ..... other than that, your logic is illogical (aka bollocks)

Hlyoe - Nothing personal; but thats absurd. Considering this company is knowingly looking for heavy oil in the Bentley prospect that renders your last statement utterly irresponsible and meaningless and esp. without an iota or trace of evidence . What makes you say it looks like "heavy oil" of a non profitable nature ? ? Do tell. Would love to know your source as flies in the face of opinion

" J " TSTR

Well I was very busy since early today...come back at 5pm and what's going on here ?....up 24p this morning...minus 12p when I come back...I might get a long tomorrow morning....

Good consolidation period, and thats good for longer term gains.

By my estimates all the T-traders will be fully back in by 18th November, some will be back before then.

Should remain weak for 2 or 3 more days at the most I reckon. Now is just the game of waiting for the lowest low to buy a load before it moves back up.

all very unfriendly here this morning ...... as i have said in the past, this is an MM only stock, so trading is particularly opaque