.

Get in there.

2900 bopd stabilized rate !! :)

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

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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....

Arbuthnot comment (STRONG BUY and target now 600p):


21 Dec 2010

XCITE ENERGY (CDI)* [Strong Buy from Neutral] XEL.L / 319.0p / 505.4m / TP: 600p from 247p

In what has proven to be a polarising stock in recent months, Xcite has successfully achieved what many thought would never happen. The latest well at the Bentley field in the UK North Sea has flowed at a stabilised rate of 2,900bopd.

Overall the well flowed for 36 hours (including 9 hours of clear up) at various flow rates, cumulative production was 2,000bbl. This rate confirms commerciality as well as the reservoir to be above the upper end of expectations.This flow rate was achieved despite operational difficulties with the tanker's hose which prevented its use. Instead the company resorted to what was in effect a bucket chain using tote tanks. Not the ideal method for testing (especially given the adverse weather conditions at the field over the last few weeks), but highly effective nonetheless.The rig will now be released after suspending the well the company will consolidate the data acquired during drilling and testing to RPS Energy who will update the Competent Person Report (CPR). This process should see the contingent resources being converted into reserves and provide the basis for Amec and others to begin to scope the development phase of this project.

Xcite has already secured a Letter of Intent (LoI) for a long term contract with Rowan to provide a drilling/production rig (the "Rowan Norway", currently under construction) from 4Q11 to drill the development wells in order to get to First Stage Production (FSP). We expect the LoI to convert shortly to meet to a contract ahead of the 15th January 2011 deadline. This deadline is subject to a $4m termination fee if not met.Assuming the updated CPR warrants development there are a number of other significant milestones which need to be achieved. Sign off on a potential FSP development plan in conjunction with Amec Raise capital (through a combination of both debt and equity) to fund the FSP development, we estimate the total to in the order of $100m Gain the necessary approvals from DECC for drilling and construction This is a transformational result for Xcite and given the scale of the opportunity in terms of reserves and production will put it on a par with several main board listed companies.We continue coverage with a Strong Buy recommendation (neutral previously) and we increase our target price to 600p (247p previously). This target price is derived from the high case scenario from the previous CPR. Investors should note that this CPR was originally published in September 2007 and was updated in February 2009 and is subject to review. The assumptions and valuation output will very likely change to take into account the Heavy oil fiscal terms, 3D seismic data as well as the drilling and testing data gathered from the recent well, including the upside oil in place in the reservoir.Input assumption

Where's the top ?...might take a few days....

Plus 100p almost....speechless.....

tempted to buy more as risk has gone and more on reseves to come

almsot impossible to get an order on ..... tried several times between 400 and 410 .... eventually halved the order as had to pay 425 ..... a reasonable gamble even at that level, not least because i'm playing with whacking profit ....

number2 son has now decided he loves me as i put him into these 2/3 months back

Excellent news for jobs in the british oil industry....will probably create a couple of a hundred.....at least...

Well done guys...should warm you up abit on this chilly morning marky!