.

well i'm gld i put a stop on some at 225 as have now banked a very nice profit on those ...... at what level i should buy them back, i am a yet undecided

Xcite Energy (LON:XEL) was the sector's biggest riser with its shares up by over 18%% in late afternoon trading.

Earlier the firm welcomed the Treasury's increase in the annual ring fenced expenditure supplement from 6% to 10% for the North Sea Fiscal regime.

The increase enhances the underlying asset value of the Bentley field by increasing the taxable losses that the company can carry forward to offset against future Corporation Tax liabilities.

CEO Richard Smith said: "We welcome today's announcement as an indication of the benefit of industry consultation and the Government's appetite for assisting with the development of new oil fields in the UK Continental Shelf.

"The uplift in the supplement together with the 'heavy oil allowances' previously introduced can only improve the already robust economics of the Bentley field."

Nice to see the sp come back up for you markymar

RNS Number : 8133J

Xcite Energy Limited

05 July 2011

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES

TSX-V, LSE-AIM: XEL

5 July 2011

Xcite Energy Limited

("Xcite Energy" or the "Company")

Increase to Ring Fenced Expenditure Supplement

The Company notes the announcement today by HM Treasury of an increase in the annual Ring Fenced Expenditure Supplement ("RFES") from 6% to 10% for the North Sea fiscal regime.

The increase in the RFES enhances the underlying asset value of the Bentley field by increasing the taxable losses that the Company may carry forward to offset against future Corporation Tax liabilities.

Richard Smith, Chief Executive Officer of Xcite Energy commented:

"We welcome today's announcement as an indication of the benefit of industry consultation and the Government's appetite for assisting with the development of new oil fields in the UK Continental Shelf.

The uplift in the supplement together with the Heavy Oil Allowances previously introduced can only improve the already robust economics of the Bentley field".


ENQUIRIES: +44 (0) 1483 549
Xcite Energy Limited 063
Richard Smith Chief Executive
Officer
Rupert Cole Chief Financial
Officer

Oriel Securities (Joint Broker +44 (0) 207 710
and Nomad) 7600
Emma Griffin
Simon Edwards

Morgan Stanley (Joint Broker) +44 (0) 207 425
8000
Andrew Foster

Pelham Bell Pottinger +44 (0) 207 861
3232
Mark Antelme
Henry Lerwill

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Oriel Securities which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Xcite Energy and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Xcite Energy for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.

Morgan Stanley which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Xcite Energy and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Xcite Energy for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.

This information is provided by RNS

The company news service from the London Stock Exchange

END

may have been a bit greedy and bought back at 207.25 ..... time will tell

10000 at 172p lookin good to me.,.

Are you sure. I think your finger pressed to many 0's. Should it read 10 or 100. lol

never sold any so ave good.,.

cheers dc - plenty of visitors lol!!! keep going with the hay!

well if you are not quite ready for the yeha how about a ;

kerrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrchinnnnnnnnnnnnnnnnnnnnnnnnnnnnnggggggggggggggggg!

great day and got me rrr early! double yeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaa!!

hope went well for you and everyone else

well done baler

cynic well done also

Well done on rrr. Great to here from a happy person, thanks gibby. A ray of sunshine on this board.

cheers - amongst others i am watching ggp tomorrow - interesting to see if it moves in sympathy like rgm today with rrr - often gets over looked - and pretty darn cheap right now

have a good evening

From the ft.com - July 5, 2011 7:23 pm
Small caps: Xcite surge heads oil gains - By Neil Hume

Xcite Energy continued its recent remarkable run. Its shares, which were trading at 110p a week ago, hit 248p before closing 21.4 per cent higher at 210p, giving the company a market value of 367m.
Traders highlighted demand from retail investors and news that the Treasury would increase the level of tax support for North Sea oil explorers.

However, analysts said plans to raise the annual rate of the Ring Fence Expenditure Supplement to 10 per cent was a sop to the industry, which is still angry at the decision to increase the supplementary charge on North Sea oil and gas production.
They calculated the move was worth about 50m against the 2bn cost of the tax rise, which was announced in the budget.
Nonetheless, the governments move also lifted Encore Oil, up 15.4 per cent to 71p, Nautical Petroleum, 8.9 per cent higher to 348p and Ithaca Energy, 5.5 per cent stronger at 149p.

Beacon Hill Resources moved up 6.2 per cent to 12.8p after Collins Stewart reiterated its buy recommendation following a visit to its Minas Moatize coal mine in Mozambique.
The broker said it expected Beacon hill to commence exports soon.
The visit highlighted the positive progress made since our last trip almost a year ago with the initial washplant in the commissioning phase and the build-up of coal stocks for washing and transportation, it said.

Arden Partners firmed 2.4 per cent to 63p after interim results impressed with the stockbroker reporting a 17 per cent increase in revenue and a pre-tax profit of 1.2m.
With respect to the second half of the year, Arden has observed that the trading results for May and June have been satisfactory, noted Altium Securities. Furthermore, it is working on a number of corporate finance mandates and remains cautiously optimistic about continued improved results for this financial year.

Strong results also lifted Low & Bonar, which makes high-technology fabrics for use in cinemas and as bedding for large construction projects such as the high-speed trading link between Brussels airport and Amsterdam.
The interim results are a further demonstration that management is successfully moving toward previously set targets, especially given that this has been achieved against a benign macro backdrop, said Numis Securities, noting Low & Bonars lowly prospective price-earnings ratio of just 9.3. Low & Bonar advanced 9.8 per cent to 73p.

Northern Bear advanced 30 per cent to 16p after the support services company landed a contract to install photovoltaic solar panels for Hazel Capital.
This is an exciting deal for Northern Bear: relying on cleaner energy sources is a key plank of the governments energy policy which should lead to a sustained stream of work once the initial 1,500 domestic properties are fitted, said Seymour Pierce, reiterating its buy rating and 46p target price.
The deal could lead to a significant upgrade in our forecasts.

http://www.ft.com/cms/s/0/1c34202e-a71e-11e0-b6d4-00144feabdc0.html#ixzz1RGLexBMl

From guardian.co.uk
Tuesday 5 July 2011 17.11 BST -- Nick Fletcher

FTSE moves up for eighth day on bid talk, as Tullow rises after oilfield update

As the FTSE 100 moved higher for the eighth successive trading day - just - amid another bout of takeover speculation, Tullow Oil topped the risers for a more concrete reason.

Shares in the oil explorer added 48p to 13.01 after it said in a trading update that it expected record first half revenues thanks to increased production from its Jubilee field in Ghana. Tullow said Jubilee was currently producing 80,000 barrels of oil a day and this would increase to 120,000 barrels in August (a slight delay on its original programme). It was also confident there was more to come. The result of its first exploration well in South America is due in the second half, and there are also projects in Guyana, Liberia and Sierra Leone. Angus McPhail at Investec said:

The market is applying an 11% discount to net asset value which is unjustified in our view, given the exploration track record, the de-risking of the portfolio achieved through production and development in Ghana and Uganda, and the fact that Tullow is graduating from exploration and production to integrated player status.
Smaller oil explorers were also in focus after the government said it would raise the level of tax support for North Sea companies operating in smaller fields.
The news lifted Xcite Energy 37p to 210p and Encore Oil 9.5p to 71p. Xcite said:

The increase in the ring fenced expenditure supplement from 6% to 10%... enhances the underlying value of the Bentley field by increasing the taxable losses the company may carry forward to offset against future corporation tax liabilities.

still no oil though, long way to go yet.

There she blows again .....one and a half mile to go.......its proven she holds oil

which is more than can be said for the likes of DES!

more fool you for being in them!!

FT today

Statoil to resume North Sea development
By David Blair, Energy Correspondent, and Elizabeth Rigby
Statoil, the Norwegian oil company, is to resume work on a large North Sea project and Centrica, the UK utility, said that it had reopened Britains biggest gas field following concessions by the government on taxation.

this means heavy oil projects back on - XEL expect a knock on the door!

Bring it on!!! 236p and climbing.,.