.

After what you stated yesterday. I only said it to wind you up cynic.

Great to see some blue today.

Needs volume?

16.34hrs - 2,260000 sell ? 3.7 million

unlikely though i see total volume was >6m which is a hell of a lot

You did not sell out then cynic, 3.7 million.lol

Isnt it about time that the BOD gave specific info as to what the SEDA drawdowns are being used for or is it just for the ongoing running costs?

regards

Agree. It could be for the shareholders bubbly when the sp hits 5 +
some pr would not go a miss.

Investors need more information from the bod, how can the sp rise ? Other investors
on interactive investor ll are asking the same. How do they think an investor can make a decision to invest in XEL.

Not just some PR

The BOD have had 16.5 million in SEDA drawdowns in the last month, yet we have had no confirmation as to what exactly they need it for.

The danger being, investors money will not be put into xel and money will walk out the door. There are some very good other oil shares.

To be honest, I dont think XEL will be PI funded, with the alliance in place and yorkville onside, I think we will be scrabbling for the scraps.

The only other oily I would (and am) look at the moment is MXP and GKP.

TSX trading finishing very close to the opening

Very low volume though

RNS Number : 0292L

Xcite Energy Limited

26 July 2011

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

TSX-V, LSE-AIM: XEL

26 July 2011

Xcite Energy Limited

("Xcite Energy" or the "Company")

Submission of Environmental Statement

Xcite Energy is pleased to announce that submission has now been made to the Department of Energy and Climate Change ("DECC") of the Environmental Statement for the planned First Stage Production on the Bentley field.

This is a standard DECC requirement in connection with, but not simultaneous with the submission of a field development plan, which requires that a public document is made available for consultation and comment for a period of four weeks following formal publication by the Company in selected news media. Such publication is expected to be undertaken shortly.

The purpose of the Environmental Statement is to provide an assessment of the potential environmental effects that may arise from the proposed operations on the Bentley field and to identify measures which will be put in place to minimise these effects.

are we there yet?

are we there yet?

---------------------------

Got to one of my all time favorite questions, sad that at nearly 50 yrs old a kids cartoon question raises such a smile....................

no we are not there yet

Explorer reassures ministers in environmental statement for field

By Ross Davidson

Published: 27/07/2011

North-east oil and gas explorer Xcite Energy has told the UK Government that it would be impossible for a surface oil spill to happen at its Bentley field.

In an environmental statement submitted to the Department of Energy and Climate Change (DECC), Xcite said because the oil in its North Sea discovery was heavy crude a surface blowout could not happen.

The document filed with the DECC and published yesterday assessed the impact the first stage of production at the field would have on the environment and set out measures Xcite would take to mitigate these effects.

Xcite said the well would not blow out to surface under any circumstances.

The firm said one of the reasons it was impossible was that the heavy oil would become substantially more dense as it neared the surface, creating a viscous plug and preventing flow. Xcite added that, even if a blowout was physically possible at Bentley, the flow of the leak would rapidly decrease to zero.

The document does not make it clear if there were other forms of blowout which could possibly happen at the field, which could hold up to 200million barrels of recoverable oil.

Environmental groups have previously targeted operators working in UK waters over fears the region could suffer a similar disaster as that seen in the Gulf of Mexico in April last year when 11 people were killed.

BPs Deepwater Horizon exploded in April 2010, spilling millions of gallons of oil into the sea. The catastrophe was caused when a blowout preventer (BOP), designed to stop oil leaking to the surface, failed.

Last year, Greenpeace campaigners blockaded a Chevron drilling ship bound for the Lagavulin field west of Shetland and warned of the dangers of deepwater operations.

Xcites report said a BOP would be put in place before production began. It added: Given the low probability of an oil spill occurring, the preventative measures in place to reduce the likelihood of a spill, and the response procedures set out in the event of a spill, the overall residual environmental risk posed by the proposed drilling and production operations are deemed to have been reduced to an acceptable level.

Anadarko Petroleums top lawyer, Robert Reeves, said yesterday the oil and gas firm was open to discussing a settlement with BP over its interest in last years major Gulf of Mexico oil spill.

Anadarko owns 25% of the well that ruptured in April last year and caused the world's worst offshore oil spill. It has argued vehemently that the spill is BP's fault and it has no liability.



Read more: http://energy.pressandjournal.co.uk/Article.aspx/2368488?UserKey=#ixzz1THDKPTUW

July 28, 2011
http://oilbarrel.com/news/xcite-energy-makes-steady-progress-at-bentley-as-investors-await-news-of-financing-deal
Xcite Energy Makes Steady Progress At Bentley As Investors Await News Of Financing Deal

It was always going to be hard for Xcite Energy to replicate the successes of 2009 and 2010, when the AIM-quoted heavy oil specialist delivered share price gains of 800 per cent and 700 per cent respectively. That kind of stellar performance ensured the company a loyal tribe of followers, although in recent months their allegiance to a heavy oil development in the North Sea has waned after a reserves report, issued in May, triggered a share price tumble from which the shares have yet to recover.
The shares may be weaker but Xcite, which is also listed on the TSX Venture Exchange, remains on track to develop the Bentley heavy oilfield in the North Sea. The recent newsflow may not be of the kind that drove the share price to record highs late last year ahead of the 6z horizontal well, which exceeded all expectations. The 6z well was widely considered the key test of whether Bentley would be a commercial goer and it past this test with flying colours, proving the reservoir had high porosity, high permeability and high productivity, with the maximum flow rate of 2,900 bpd beating pre-drill guidance.

Mays reserves report gave the company 2P reserves of 28 million barrels for the northern part of the field. This is much lower than the big reserves numbers often associated with Bentley (a potential P50 reserve of 200 million barrels with 750 million barrels of oil-in-place) but the number was based on data from two wells in the northern part of the field, which is the subject of a planned first stage production (FSP) project.

There are also contingent resources for this core area of the field, which would be developed in second stage production (SSP) project. These add up to 73 million barrels on a low estimate, 87 million barrels on a best estimate and 101 million barrels on a high estimate basis. These contingent resources would convert to reserves once the SSP is sanction and delivered no further appraisal work is required because of the work done to date. None of the reserves and resources numbers in what seemed to be a conservative reserves report included the impact of enhanced oil recovery techniques, which is significant given that this is heavy 10-12-degree API crude.

The key thing about the May report is that it provided the 271 million market cap company with a baseline to enable it to secure debt financing to proceed with the FSP. The newsflow now coming from Xcite all points to a project that is moving towards first production, with the company this week submitting its Environmental Statement for the FSP to DECC. And earlier this month, Xcite confirmed that the newbuild Rowan Norway deepwater jack-up has been delivered from the shipyard in Singapore to rig owner Rowan Companies. The rig will now mobilize to Dundee for final testing ahead of its deployment on the Bentley field, expected in Q4 2011. This is good news as it removes uncertainty that the newbuild may be held up in the shipyard; project overruns on newbuilds are not uncommon in the industry.

But other uncertainties remain for investors, not least how the project will be fully funded, but also the terms of its agreements with contractors involved in the development the Bentley Alliance. These uncertainties are likely to continue to weigh on the share price as investors are keen to see a clear route to the realization of value from this large heavy oil deposit. In the meantime, Xcite continues to make regular drawdowns on its 100 million equity line with Yorkville, most recently calling on another 4.2 million at a price of 1.567 per share. The shares were trading at 1.59 on Thursday.
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makes a change to read a balanced report from oilbarrel