- Oil exploration and development compan focused on the North Sea on the United Kingdom Continental Shelf.
- In 2003, XER was awarded its 100% working interest in the Bentley field in Block 9/3b in the UK North Sea. All of the Company’s current material assets are held through XER.
- Since completing a private placing and dual listing in 2007 on the AIM and TSX markets (http://www.xcite-energy.com/docs/XEL%20Final%20AIM%20wrap.pdf), Xcite Energy’s sole focus has been advancing the Bentley Field towards development. Xcite believes that Bentley is one of the largest proven, undeveloped fields in the North Sea and is now focused on drilling pre-development well on the field. Xcite successfully drilled and flow tested the fifth well on Bentley (well 9/3b-5) at the start of 2008.
- Excitiing news yeterday - http://www.stockopedia.co.uk/news/announcement/XEL/090622xel003746.htm - that, after the re-interpretation of 3D seismic, the most likely Stock Tank Oil Initially In Place (‘STOIIP’) for the Most-Likely structure has increased to 689 MMbbls, with a range of 521 to 886 MMbbls for Down-Side and Up-Side structures, respectively.
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Xcite Energy Limited (XEL) is an oil issuer and disclosures pertaining to oil activities. The Company is engaged in the appraisal and evaluation of oil and gas reserves and the geographical segment, in which it operates is the North Sea. The Company’s sole operational focus is the development of the Bentley field. The Company holds a 100% working interest in the Bentley field on Block 9/3b, a proven, undeveloped fields in the United Kingdom North Sea. During the year ended December 31, 2011, it had been independently assessed as having 2P reserves of 116 million barrels of oil equivalent for the core area of the Bentley field. Xcite Energy Resources Limited (XER) is a wholly owned subsidiary of the Company. XER is a 100% owner and operator of Block 9/3b, license P.1078, containing the Bentley field. On December 16, 2011, the Company terminated the SEDA facility with Yorkville. more »
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According to this article- http://www.proactiveinvestors.co.uk/companies/news/6265/xcite-energy-increases-most-likely-oil-in-place-at-bentley-field-to-690-million-barrels--6265.html:
Not bad for a company with £14.5m market cap!
The thing that raised XEL's profile and brought it to the attention of many investors (including me) was the statement they issued on April 23 in response to budget tax changes
source: - www.stockopedia.co.uk/news/announcement/XEL/090429xel000313.htm
This tax allowance provides a generous dowry which makes acquisition much more attractive. I have to think that the most likely future for XEL is to be taken over by a larger company with the financial and technical resources neede to undertake the necessary development project.
In reply to tournesol (post #2)
XEL announced a placing yesterday, with more detail on www.sedar.com showing a strike price of 68 cents, last Thursdays closing price . Hence the heavy walk down last week
Here is an interesting post last night over on SH
Pescod interviews XEL CEO & CFO
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=27908853&l=0&r=0&s=XEL&t=LIST
Jim
thanks for that link - its an excellent interview which provides a number of interesting pointers - I'm mulling........
Jim
is XEL ISA-able?
I thought any stock listed on an overseas exchange could be held in an ISA but my brokers are saying that if the main listing is on AIM then it can't be ISA'd even if there is a secondary listing elsewhere. They went on to say they didn't know which of XEL's two listings was its main listing - so have gone off to check.....
If not, I'll have to put it into my pension.
Yr thoughts welcome
T
In reply to tournesol (post #5)
Hello T,
Yes they can be ISA'd, I just called the office and the two members of staff I spoke to have their shares in a Halifax ISA ;-)
I have been meaning to buy Xcite Energy for sometime and since knowing the reason for last weeks drop I bought in a couple of tranches yesterday. First oil due next year with further development thereafter.
I am hoping this will make up for disappointments with Genesis Petroleum Corp, for sure the risks are much reduced here ;-)
Cheers
In reply to Jimarilo (post #6)
Thanks for that - I'm buying also
Incidentally, hope you aren't blaming me for the debacle re GPC - I felt very disappointed and more than a bit miffed by that fiasco.
In reply to tournesol (post #7)
Absolutely not, I think I was in GPC long before you anyhow, but didn't come out to badly off
All the best with XEL
This morning's news rounds out the picture
www.investegate.co.uk/Article.aspx?id=201002100700099213G
www.investegate.co.uk/Article.aspx?id=201002100700099214G
I now see this an asymmetric risk/reward play - low risk vs medium return and within a 6-12 month timescale