.

sometimes you break the rules of a trading lifetime ....usually always play the % and would have sold my last tranche on todays rise ........but ended up buying adding quite heavily ........again .......c'est la vie ...

An awful lot of ramping evident on BBs various today, based on no more than the FT has actually started. I always get nervous when PIs start spending their profits before a result is known (more often than not, it goes wrong - TMC 20 party one such example).

Hopfeully a positive result will be released prior to Xmas, but still a lot to play for and nothing is certain in the oil game. In the meantime it's nice to be sitting on a reasonable profit again, let's hope it stays that way!

about bloody time! have been waiting for the flow test for 6wks now, keenly read all posts since Oct today to rfresh my memory as hadnt done much research and held a small amount from just over 1. sold half last wk at 248 doh! now very nervous as have lost a bundle on DES and dont want this going the same way. if result comes in much less than 2000 think it will tank, over 2800 will soar - just my take on it but by no means an expert

Only needs 1200 bopd to prove commercial and will probably get away with 1000 bopd if the price of oil remains relatively elevated. The gamble is simply if it flows at a commercial rate, the really good stuff comes later, ie, logging resources as reserves and a possible take-over attempt. Most of the current holders will probably be out if it reaches about 5 (or 1) so expect a dip until new buyers arrive. The really big gains may well come post FT.

Talk is that the well has been flowed at the maximum rate (3000bopd) with no problem and could have gone higher with a bigger pump. Again, its only talk talk talk and talk is cheap.

News today at 14:30 or tomorrow (Wed) at 07:00 is my guess.

Bit of media coverage today :

http://business.scotsman.com/energyutilities/North-Sea-test-results-help.6666950.jp

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Pro

Your info yesterday was spot on.
Rns out 2900 bopd

Get in there.

2900 bopd stabilized rate !! :)

http://www.investegate.co.uk/Article.aspx?id=201012210700083389Y

.

Great news................whoosh!!!!!!!!

Ok gents, what next?

Sell, hold, bit of both?

Buy more :-)

prob not too late but ..... yippee!!! .... christmas has come a few days early

Successful Completion of 9/3b-6z Well Flow Test

The Company announces that the flow test of the 9/3b-6z horizontal well on the Bentley field has been successfully completed.
The flow rates achieved demonstrate both the commerciality of the Bentley field and the reservoir properties to be above the upper end of modelled expectations.

Key flow test results were:
Total flow test of 36 hours including clean-up of 9 hours, with cumulative production to tote tanks of over 2,000 barrels.

Multi-rate flow tests were conducted, culminating in a final stabilised flow rate of 2,900 stock tank barrels of oil per day.


Richard Smith, Chief Executive Officer of Xcite Energy, commented:
"This is an outstanding outcome for the Xcite team and for the industry contractors to deliver this successful well test on Bentley. This flow test fully demonstrates the commercial potential of the Bentley field and the long-held belief that Xcite has maintained in this major North Sea asset. We now move on to the first stage production planned for 2011 with an excellent platform."

Can't, sold the wife and cat to get this far!

Glad I was not a muppet and took small profits at low prices.....

LOLOLOLOLOLOLOL

Wonderful news, but the key line is below. Not only is Bentley deemed commercial but we have from previous RNS :

Thicker pay than envisaged.
Higher gross to net pay than envisaged

And today we get better reservoir properties than even the top estimates.


I would guess the price targets will be in the 600p to 800p range from brokers.


http://www.investegate.co.uk/Article.aspx?id=201012210700083389Y


...........The flow rates achieved demonstrate both the commerciality of the Bentley field and the reservoir properties to be above the upper end of modelled expectations..............


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for the last couple of weeks, the odds on a good result were always pretty strong .... however, it is more than unseemly to gloat at those who banked all their profits along the way .....

of course the smart ones (now who might be among their number?) sold part, bought back, sold again and bought back again while always retaining a significant base

So we should get a reserve upgrade in the next few days,so willl hold all.any thought any one?

what a time for my broadband to go down..........lucky for me i have a mobile dongle and here i am at last..........wooooooppppeeeeee 6 here we come.,.

quite tempting to buy even more, but the level is difficult to gauge ..... current auction(?) price indicates opening at 355/360 ..... anyway, maybe a quick buck to make on an early trade

Fantastic news......what more can be said .....bought a lot back in the 200's.....and was not sure but there you go....superb result....