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Xcite Energy - North Sea Heavy Oil (XEL)
Proselenes - 22 Oct 2009 11:14
.
hlyeo98 - 30 Jun 2011 08:24 - 2021 of 3002
The momentum is lagging now.
dreamcatcher
- 30 Jun 2011 08:26
- 2022 of 3002
The day traders are here. Going to be a long climb up the hill.
cynic
- 30 Jun 2011 08:26
- 2023 of 3002
almost inevitably ..... confess i bought a few rather late yesterday and banked a nice little profit just now at 149.75, arguably too early or even too late
dreamcatcher
- 30 Jun 2011 08:29
- 2024 of 3002
Good for you. You had to make a guess. As said previous the bod, did they?
dreamcatcher
- 30 Jun 2011 09:24
- 2025 of 3002
A lot of selling still.
Sequestor
- 30 Jun 2011 09:39
- 2026 of 3002
Shambolic crew!
cynic
- 30 Jun 2011 10:26
- 2027 of 3002
good call of down 5% this morning too wasn't it!
Sequestor
- 30 Jun 2011 10:37
- 2028 of 3002
WHO SAID THAT?
dreamcatcher
- 30 Jun 2011 10:39
- 2029 of 3002
WASN'T ME. lol
cynic
- 30 Jun 2011 10:51
- 2030 of 3002
you're right - and you're wrong! .... your post 1993 just predicted a drop this morning without giving an indication of by how much
dreamcatcher
- 30 Jun 2011 10:55
- 2031 of 3002
cynic, I would not have minded if it fell 50%. Would have purchased this morning then.
Have not pressed the buy key. May have fallen without the Canadian news. Bet you would have purchased as well.
Have not pressed the buy key. May have fallen without the Canadian news. Bet you would have purchased as well.
cynic
- 30 Jun 2011 11:09
- 2032 of 3002
my post was for Mr S
Sequestor
- 30 Jun 2011 13:36
- 2033 of 3002
If you have to go back to 1993 to prove a point cynic, there is little hope for you in 2011, anyway it DID fall this morning by 10% from its peak earlier.
XEL has more spikes than a hedgehog
XEL has more spikes than a hedgehog
Sequestor
- 30 Jun 2011 13:38
- 2034 of 3002
Sequestor - 29 Jun 2011 19:35 - 1993 of 2033
profit taking will drop it,
...
Thats what I said, and that`s what happened.,
profit taking will drop it,
...
Thats what I said, and that`s what happened.,
cynic
- 30 Jun 2011 13:40
- 2035 of 3002
ass! ..... that has to be the most disingenuous bit of rationalisation i have ever come across!
Sequestor
- 30 Jun 2011 14:51
- 2036 of 3002
it will fall back to the dilution price 118p always does.
Cynic there is a word for people who believe they are never wrong and always refuse to admit mistakes, what is it again, oh yes --pillock,
ps using disingenuous and rationalisation together is an oxymoron.
Cynic there is a word for people who believe they are never wrong and always refuse to admit mistakes, what is it again, oh yes --pillock,
ps using disingenuous and rationalisation together is an oxymoron.
cynic
- 30 Jun 2011 14:54
- 2037 of 3002
being a moron i often incorporate oxymorons or other silly word games in my posts! ..... but i don't think i agree with your analysis - ingenious rationalisation it most certainly was not (lol)
Sequestor
- 30 Jun 2011 14:55
- 2038 of 3002
reported to abuse for being a moron, on oxygen!
markymar
- 30 Jun 2011 15:17
- 2039 of 3002
Xcite Energy shares show signs of recovery
1:56 pm by Jamie Ashcroft
http://bit.ly/iS5k2K
Investors who have viewed Xcite as an oilfield developer not an explorer, understanding that the groups primary target is to produce oil not find it, are undoubtedly frustrated at the disparity between Xcites apparent progress and the market value of its shares.
There are signs that the tide has turned for Xcite Energys (LON:XEL) share price, with a fifty percent rebound in the past three days.
The share price has been rocked by a relentless, and arguably undeserved, decline which has seen the stock lose two thirds of its value, from around 330 to 105p, since Mays reserve report for the Bentley fields first stage production area.
But the decline, which many experts have previously described as overdone, appears to have run its course.
This week there have been three things to indicate this. The most obvious being the sharp recovery in the share price, from its most recent low of 104p part way through Tuesdays session. Since then the shares added 55p as they reached an intraday high of 159p earlier today.
Meanwhile, the second positive sign is that trading volumes have been sufficient to allow Xcite to issue over 10 million new shares though its existing equity-line facility with Yorkville Partners, raising 12.5 million as it does so.
As they are being issued at 118p these new shares, which represent almost 6 percent of company, are already in the money as a result of the share price rally.
Yorkvilles YA Global Fund will take 5 million shares and Xcite has arranged for Arbuthnot Securities to take 5.5 million shares, with a view to selling them on the investors on the funds behalf.
The third and perhaps the most significant sign of strength is the fact that two of Xcites more hands-on directors have put their names down to buy two million of these new shares from Arbuthnot.
Finance director Rupert Cole is buying one million shares to increase his holding to 6.1 million shares, while exploration and development director Stephen Kew is also buying a million to take his total holding to 6.2 million shares.
The Citys brokers also see the shares going higher.
Morgan Stanley currently rates Xcite at overweight which broadly equates to a buy recommendation with a 315p target. Arbuthnot Securities see the stock as a buy with a 348p target although this was cut-back last month, from an ultra-bullish strong buy targeting 600p.
Meanwhile Evolution Securities have a buy recommendation with a 322p target, Numis has an Add rating with a 225 target and recently appointed house broker Oriel Securities rates it as a buy and values the shares (risked-NAV) at 383p.
Investors who have viewed Xcite as an oilfield developer not an explorer, understanding that the groups primary target is to produce oil not find it, are undoubtedly frustrated at the disparity between Xcites apparent progress and the market value of its shares.
You see at recent prices Xcite has been valued at levels last seen in October 2010, before it had finished drilling the successful development well that ultimately proved the Bentleys heavy oil could be produced commercially which was the whole point of the work programme to begin with.
Now Xcite is gearing up to embark on a programme to start first stage production on the Bentley oil field by the end of 2011.
In May the junior oil firm reached a major milestone in this process when a third-party reserve assessment report (RAR) was completed for the core area of the oil field development. The report gave important reserve and resource figures for the first stage production (FSP) and the second stage production (SSP) respectively. At the moment only the FSP has reserve status oil, with 22 million barrels in 2P reserves.
The report disappointed investors due to expectations that resource volumes, for the whole field, didnt rise significantly.
However according to the Xcite team the report was always going to be a stepping-stone to establish production, and as such it was firmly focused upgrading resource into reserves in just one area of the field.
In this respect Xcite said the report was a success. According to Xcite, last weeks reserve assessment report demonstrated a material increase in the projects net present value (NPV) compared to the competent persons report (CPR) that was completed in February 2009.
It [the reserve report?] valued the best estimate case for the FSP and SSP at US$396 and US$961 million respectively, giving the core area a combined NPV of US$1.35 billion.
Xcite also confirmed, in May, that there are no remaining technical contingencies for the second production phase and because of that analysts are expecting more contingent resources will be converted to an equivalent volume of reserves once Xcite moves on to this phase of the development.
This means that the staged development will effectively have total 2P reserves of around 115 million barrels. The company has already hired a jack-up rig and floating production facilities that will be used in the FSP.
Xcites next development milestone will see it submit a development plan to the UK Department of Energy and Climate Change for both the FSP and SSP.
1:56 pm by Jamie Ashcroft
http://bit.ly/iS5k2K
Investors who have viewed Xcite as an oilfield developer not an explorer, understanding that the groups primary target is to produce oil not find it, are undoubtedly frustrated at the disparity between Xcites apparent progress and the market value of its shares.
There are signs that the tide has turned for Xcite Energys (LON:XEL) share price, with a fifty percent rebound in the past three days.
The share price has been rocked by a relentless, and arguably undeserved, decline which has seen the stock lose two thirds of its value, from around 330 to 105p, since Mays reserve report for the Bentley fields first stage production area.
But the decline, which many experts have previously described as overdone, appears to have run its course.
This week there have been three things to indicate this. The most obvious being the sharp recovery in the share price, from its most recent low of 104p part way through Tuesdays session. Since then the shares added 55p as they reached an intraday high of 159p earlier today.
Meanwhile, the second positive sign is that trading volumes have been sufficient to allow Xcite to issue over 10 million new shares though its existing equity-line facility with Yorkville Partners, raising 12.5 million as it does so.
As they are being issued at 118p these new shares, which represent almost 6 percent of company, are already in the money as a result of the share price rally.
Yorkvilles YA Global Fund will take 5 million shares and Xcite has arranged for Arbuthnot Securities to take 5.5 million shares, with a view to selling them on the investors on the funds behalf.
The third and perhaps the most significant sign of strength is the fact that two of Xcites more hands-on directors have put their names down to buy two million of these new shares from Arbuthnot.
Finance director Rupert Cole is buying one million shares to increase his holding to 6.1 million shares, while exploration and development director Stephen Kew is also buying a million to take his total holding to 6.2 million shares.
The Citys brokers also see the shares going higher.
Morgan Stanley currently rates Xcite at overweight which broadly equates to a buy recommendation with a 315p target. Arbuthnot Securities see the stock as a buy with a 348p target although this was cut-back last month, from an ultra-bullish strong buy targeting 600p.
Meanwhile Evolution Securities have a buy recommendation with a 322p target, Numis has an Add rating with a 225 target and recently appointed house broker Oriel Securities rates it as a buy and values the shares (risked-NAV) at 383p.
Investors who have viewed Xcite as an oilfield developer not an explorer, understanding that the groups primary target is to produce oil not find it, are undoubtedly frustrated at the disparity between Xcites apparent progress and the market value of its shares.
You see at recent prices Xcite has been valued at levels last seen in October 2010, before it had finished drilling the successful development well that ultimately proved the Bentleys heavy oil could be produced commercially which was the whole point of the work programme to begin with.
Now Xcite is gearing up to embark on a programme to start first stage production on the Bentley oil field by the end of 2011.
In May the junior oil firm reached a major milestone in this process when a third-party reserve assessment report (RAR) was completed for the core area of the oil field development. The report gave important reserve and resource figures for the first stage production (FSP) and the second stage production (SSP) respectively. At the moment only the FSP has reserve status oil, with 22 million barrels in 2P reserves.
The report disappointed investors due to expectations that resource volumes, for the whole field, didnt rise significantly.
However according to the Xcite team the report was always going to be a stepping-stone to establish production, and as such it was firmly focused upgrading resource into reserves in just one area of the field.
In this respect Xcite said the report was a success. According to Xcite, last weeks reserve assessment report demonstrated a material increase in the projects net present value (NPV) compared to the competent persons report (CPR) that was completed in February 2009.
It [the reserve report?] valued the best estimate case for the FSP and SSP at US$396 and US$961 million respectively, giving the core area a combined NPV of US$1.35 billion.
Xcite also confirmed, in May, that there are no remaining technical contingencies for the second production phase and because of that analysts are expecting more contingent resources will be converted to an equivalent volume of reserves once Xcite moves on to this phase of the development.
This means that the staged development will effectively have total 2P reserves of around 115 million barrels. The company has already hired a jack-up rig and floating production facilities that will be used in the FSP.
Xcites next development milestone will see it submit a development plan to the UK Department of Energy and Climate Change for both the FSP and SSP.
Evermore
- 30 Jun 2011 15:47
- 2040 of 3002
markymar, thanks for the update!
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