Xcite Energy Limited (XEL) is a heavy oil appraisal and development company, with current interests in three licence blocks in the UK North Sea, all of which are held with 100% working interests through its wholly-owned UK subsidiary, Xcite Energy Resources Limited (XER).

Its primary focus is in bringing the Bentley oil field on Block 9/3b into production and in doing so becoming a significant independent oil producer in the North Sea by 2014.

Business Strategy

Bring the Bentley field into commercial production

Grow its reserves base from the existing 116 million barrels of oil equivalent
(“MMboe”) of 2P reserves through the conversion of its prospective resources base

Grow its resources base further through drilling activity on Blocks 9/3c and 9/3d

Employ enhanced oil recovery processes (“EOR”) to further increase its resource base

Increase its asset portfolio through license rounds and asset transactions whilst utilising its heavy-oil expertise to leverage opportunities


http://www.xcite-energy.com/

2012 in Review and the way ahead Robert Cole Video

Good to see the new thread mm. Lets hope the sp heads North soon.

The 90p "AT" twice reached during the last couple days looks like the bottom for the moment being .

Sounds the time to get some aboard ahead of the new face at 91.50p



A better Intraday chart with yesterday closing at 91.50p with Movements on "AT" and closing with "UT"

MJ - i know you are generally a very short term momentum trader, but do you see XEL breaking out of this stubborn 100p straight-jacket any time soon?

I think the date in the report should be 2012 not 2013 ? -

Xcite has been offered additional licences in the greater Bentley area under the UK 27th Licensing Round and these could add value to a Bentley hub development. Valuable data from the recent successful Bentley pre-production well test is now being used to update models, and the test results appear to have satisfied conditions to unlock a $155m reserve base lending (RBL) facility. Xcite now expects to initiate the farm-out process by the end of 2013, and securing a farm-in partner would avoid further equity dilution, although Phase 1B may move out in time as a result. Our fully diluted core NAV has decreased to 124p. However, we now expect a farm-out to be achieved that, depending on terms, will likely move this to 160-190p. An updated CPR, FDP and RBL approvals along with a farm-out announcement are now the catalysts we expect to provide share price support over the coming months.
Courtesy of Edison Investment 04/12/2012

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Thanks mnamreh.

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My cup of tea. :-))

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Like the utube post.

You can stand the spoon up in it mnamreh its so strong. lol Yep they look to be moving. Good to see these make some progress now.

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It does look like the lows has gone for the moment being, today is consolidating into a higher prices than during the last week that was making a bottom to move up from

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Xcite Energy puts CEO update online
StockMarketWire.com
A video update by Xcite Energy chief executive Rupert Cole is now available on the company's website, www.xcite-energy.com

At 2:41pm: (LON:XEL) share price was -2.37p at 92.13p


http://www.xcite-energy.com/

The video has gone down a treat ?

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I mean not good, with the sp fall.

I was being sarcy. :-))