.

This company has always issued cautious statements....looking good...

quite so, and that is a saving grace .... nevertheless, caution and prudence should be the bywords

Prudence was gordon brown's favourite!

seems a good move cynic, also sold a batch at 172p.,.

quite so, and am happy to hold balance at least for now

limit order in for 140p got to go earn a penny this pm.,.

Boy !...is this volatile or what....more octane than a night out on baked beans !....(I do know how to treat a woman).....

You still in and out RF....LOL

On the spreads.....stayed put on the shares....job to do all these things together .....

Didn't quite get there, another day tomorrow.,.

Xcite Energy (LON:XEL) jumped to a high of 205p during early trading, after the company said that the results of the independent reserves and resources audit of the Company Assets, effective 31 December 2011, as audited by TRACS International Consultancy Ltd showed Oil reserves of the type 1P, 2P and 3P for the Core Area of approximately 96 MMstb, 116 MMstb and 140 MMstb, respectively, NPV10 (after tax) for the Core Area of $1.076 billion, $1.464 billion and $1.921 billion on a 1P, 2P and 3P basis, respectively (see "Cautionary Language" below for a general explanation of the method and assumptions used in these calculations), Prospective resources for seven (7) prospects on the Company Assets remain unchanged and those assigned were, in the aggregate, approximately 18 MMboe on a risked "best estimate" basis. The market is now waiting on an update regarding the rig, that could be a catalyst to see a retest of the stubborn 200p resistance level once again.

Read more: http://www.oilvoice.com/n/FoxDavies_views_from_the_trading_floor_Bowleven_Ascent_Resources_and_Gulf_Keystone/efffe426396f.aspx#ixzz1mwKwcXVH

Rowan Norway must be still in Dundee as tugs have not left yet follow on
http://www.marinetraffic.com/
Tugs are AHT Pegasus and BBworker.,.

Courtisy of Contrarian:

After a very strong opening on the reserves upgrade news from 28 to 116 mm barrels by TRACS (180-200p), profit taking has kicked in. After banking a few on the spike, I'm buying back 155-165p.

Why?

1.Core area has a value of around £1 billion, three times market cap, this is without enhanced oil recovery techniques
2. Additional reserves likely to booked outside core area
3. Lots of newsflow to come e.g. WONS well approval, departure of Rowan Norway, well test etc.

Use the dip to your advantage! Ultimately there will be a transfer of wealth from impatient private investors moving money to other hot AIM stocks to institututional investors. At the current market cap of £350 million or so, each of the barrels is valued at £3 ($4.7) compared with Brent Crude at $121. So even with field development and funding risks, Xcite is not overvalued with 116 million in proven audited reserves

Update on Monday, February 20, 2012 at 12:10PM by Contrarian Investor UK
Price fallen to 158p on profit taking and Numis note, reduce from hold, target price 135p (would be interested to read the note given its so out of kilter with the other Brokers)

Update on Monday, February 20, 2012 at 1:30PM by Contrarian Investor UK
Numis note assumed 116 mm barrels would come after extended well test. Also with no 116 mm barrels, funding would be a problem. Richard Smith has strongly implied in the press last week that debt funding was not far away for phase 1b.

Not little sell off just like Friday lunctime to 145p to catch the stop losses and panic small investors. Don't let the institutions take these off you too cheaply!

Back in at 138p kept profit and more shares......lovely.,.

Looks like the rig departs on Saturday if weather holds.

Are they adding a crew?

grevis2,there will be crew but not full crew.

Looks like a little life is the SP today,if it departs on Saturday we should see a steady rise.

Markymar: The hot money seems to be moving in here this morning.

Its moving quick if your going to have a bite.

Thanks! Have topped up ths morning.