.

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!

-15 when took Jude to work chav in jeep,have you seen the moon.

emptied my piggy bank and bought what i could afford at 410p am a happy bunny.,.

I'm having trouble selling at XEL.

and bought balance of order at 402 ...... luvverleeee!

hyleo .... MMs are clamouring for your stock, so don't know what you're talking about

Glad i filled my ISA with these, still waiting to top up.

I've been howling at the Moon this morning Marky, as I didn't have any XEL!

I think i would as well Chav.........i still think there is time to get in as Reserves will up the share price,sold some RKH and sitting waiting to top up

I'll leave them to you Marky and keep me irons in my other fires...Bonfire won't go amiss at the moment!

I'll buy it when it is lower... sold at 407p just now.

how much lower? ...... profit-taking has brought price down to 390 ..... will they drop to say 350 - i.e. "selling on the news"? ..... odds must surely be against that