Xcite Energy Limited 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.
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.
08/05/12
Xcite Energy this morning told investors that drilling operations are progressing satisfactorily. It also announced that it has now contracted a shuttle tanker and a pipeline for the start of the Bentley field’s production phase.
27/04/12
North Sea deal activity could help Xcite Energy pay for the Bentley oil field development as it seeks industry partners as one of the potential ways forward, with the help of City deal makers Rothschild and Jefferies.
27/04/12
Xcite requires around US$310 million to cover its development costs for 2013, so that it can kick start production as part of the Phase 1B programme. After that it is expected that the Bentley field will be producing enough oil so that the remaining development will be self-sustaining.
19/04/12
The current operation will facilitate a testing phase, including a 90 day production test starting later this quarter.
08/03/12
Xcite shares advanced over 10 per cent this afternoon as it received its hotly anticipated approval for the first phase of the Bentley oilfield development.
20/02/12
This morning Xcite upgraded the Bentley field’s reserves upgrade from 28 to 116 million barrels of oil. It addresses the shortfall, perceived by some investors, in reserves following last year's reserve report.
20/02/12
Xcite Energy today unveiled a surprise upgrade to the Bentley field oil reserves as it increased proved and probable reserves from 28 to 116 million barrels of oil.
13/02/12
It is believed that Xcite may be able to start work on the first development well on the Bentley oilfield at some point this month. However, before work can start, Xcite must receive approval from the British authorities.
01/02/12
01/02/12
Xcite expects the DECC to approve phase 1 of the development in the near future. It will then be able to start work in sufficient time to achieve first oil in the first half of the year.
12/12/11
Xcite Energy said the changes to its field development plan provide a “viable and more financially efficient” means of commercialising the Bentley North Sea oil field.
12/12/11
Xcite Energy said the changes to its field development plan provide a “viable and more financially efficient” means of commercialising the Bentley North Sea oil field.
02/12/11
The broker says that trading is likely to remain volatile until the development plan is approved by the UK government's Department of Energy and Climate Change and visible financing is in place.
01/12/11
Xcite FD Rupert Cole said he understands that in isolation today’s statement has caused some investors to ask questions. But in the overall context of the Bentley development and the broader economic environment he beleives it is a positive step forward.
01/12/11
Xcite says it will still achieve first oil next year and the new plan provides a more financially efficient outcome.
01/12/11
The change comes in response to feedback on the group’s field development plan from the UK government’s Department of Energy and Climate Change (DECC). Xcite says it will still achieve first oil next year and the new plan provides a more financially efficient outcome.
15/11/11
Xcite Energy said today financing discussions are progressing “satisfactorily” as it revealed it is making “good progress” in agreeing a development plan for the Bentley field in the North Sea.
03/08/11
The AIM-listed oil firm has now submitted the final draft of its field development plan for the Bentley heavy oilfield to the UK’s Department of Energy and Climate Change (DECC). Analysts reckon the oil field development could get approval in around three months.
05/07/11
North Sea oilfield developers got a boost from the British taxman today. The Treasury is going to increase the annual rate of the ‘Ring Fence Expenditure Supplement’ (RFES) from 6 to 10 percent - which means that companies with insufficient taxable income will be able to increase the value of losses carried forward from one period to the next.
30/06/11
Shares in the AIM-listed oilfield developer have gained around 50 percent since Tuesday. We look at some of the signs that are pointing to a recovery for the shares, including major share purchases by key directors.
21/06/11
Fears the government may again hike the UK oil and gas production levy have combined with recent downbeat exploration results from the North Sea to undermine companies operating in the region. Broker Morgan Stanley reckons some of the players are looking undervalued as a result.
18/05/11
The North Sea oil firm has hired Morgan Stanley and Oriel Securities as its new corporate brokers and it has also hired Rothschild as new financial advisors. These corporate appointments have come at a key moment as Xcite embarks on a programme to start the first stage production on the Bentley oil field by the end of 2011.
17/05/11
Importantly this morning’s report highlighted that there are no remaining technical contingencies for the core area. Consequently Xcite plans to submit a development plan for both the first and second stage production – a move which is expected to boost 2P reserves.
10/05/11
At one point the shares were down 40 percent as disappointment turned to fear among some of AIM’s investors. It was in response to what on the face of it appeared to be positive update. Xcite’s Rupert Cole told Proactive Investors that management remain positive about the project and that they still see the Bentley field as a very robust heavy oilfield development.
20/04/11
This morning Evolution’s David Farrell initiated coverage with a ‘buy’ recommendation, which targets 416 pence a share. After 2010’s successful flow test Xcite has been working to update a reserves assessment report and advance to first stage production.
25/03/11
The AIM-listed shares have recouped much of the ground lost since the new oil tax hikes were unveiled on Wednesday. Today Xcite told investors that the budget won't affect its plans to develop its massive heavy oilfield and promised that an upcoming reserves report will provide a catalyst for the development to move forward rapidly. Meanwhile City analysts repeated bullish recommendations.
28/02/11
It seems today's announcement on the timing of the company's updated reserves report failed to get investors excited. However there are plenty more milestones this year as the company prepares for first production in the opening three months of 2012.
28/02/11
We'll soon know what all the fuss is about as the company updates its reserves for the first time in two years. Analysts are excited about the potential of the Bentley Field in the North Sea after an initial test well provided some positive initial results last December.
01/02/11
Arbuthnot Securities analyst Dougie Youngson expects that a new competent persons report (CPR) for the Bentley field will upgrade the current oil reserves.The stock was transformed in 2010, as it rocketed over 500 percent. But with a 600 pence target, Youngson sees plenty more to come for the popular oil junior. He reckons that after the success of last year’s appraisal well the new reserve figure could come in towards the top end of expectations.
21/12/10
Investors have waited for this news for months and many saw it as a make or break moment for Xcite. This morning’s flow test results confirmed that the Bentley oilfield can produce oil at a commercial rate. The news sent the shares above 420 pence, up over 30 percent and prompted upgrades from analysts.
08/11/10
Xcite hit another new record high this morning, with a 13 percent rise to 277p, after the horizontal section of the 9/3b-6 well reached target depth. It has successfully tracked the top of the reservoir for 1,800 feet of gross reservoir, now an increasing number of investors await the testing phase intently.
05/11/10
The star of the week is undoubtedly Xcite Energy, whose shares have jumped almost 50 per cent in the past five days. We look at why investors are are suddenly buying into this North Sea heavy oil play which is developing the Bentley field 100 miles east of the Shetland Islands.
25/10/10
The pilot section of the key 9/3b-6 development well has reached target depth, encountering a larger than expected oil column. The company believes the results will lead to a significant increase the Bentley field’s oil in place.
20/04/10
By around the end of June, Transocean should have one of its jack-up rigs standing on the sea bed to drill a horizontal well of around 500m with the aim of achieving a representative flow rate
10/02/10
It has contracted the services of blue-chip engineering group AMEC only a month after winning an offtake agreement from BP for production from this heavy oil prospect in the North Sea.
28/01/10
The year is staring well for Xcite: Q1 will see drilling of the first development well on Bentley and BP Oil Intl has now agreed to sell the heavy crude from the field.
22/06/09
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