XCITING times ahead?
Yes you’ll all now know that the official news on the spud has been released. As foretold here on the blog!
It is now “game on” here. The official time span for the drill is 65 days “The well is targeting the largest undeveloped heavy oil field in the region, and management’s base recovery estimate for Bentley (has now been raised to) is 160 million barrels of oil..”
Investors need to remember that this will make XCITE the third biggest independent oil producer in the North Sea’s UKCS.
Full Xcite Energy profile here
- Prospectus – 2007
Memorandum and Articles of Association
RPS Energy NI51-101 Report, Bentley Field, February 2009
Arbuthnot Research Note – November 2009
Arbuthnot Research Note – March 2010
Arbuthnot Research Note – May 2010
Financial Statements – Annual Report 2007
Financial Statements – Annual Report 2008
All good news. There’s been some nonsense posted on the boards about heavy oil and its viscosity. The blog did explain in a recent comment to the poster Neil that the comparison between Bentley and Mariner is accurate. Some investors seem to think that the Mariner viscosity is 20cp? When in actual fact the DTI have graded Mariner up to 540cp. Just another internet delusion being pumped over on the boards! If any investor thinks that BP (part of the Bentley Alliance ) et all are here to fail then think again. The recent £20 million pounds line of credit is further proof that “those in the know” expect Bentley to be a success. The technology has evolved to the point were heavy oil is now seen as a very profitable play. China,Russia,Norway,Canada and South America have been drilling heavy oil for the last decade! Of course there are always problems with any drill the trick is to gather the best possible technological expertise around yourself and proceed to drill, which XCITE have done.
Investors should read the 4th of February 2008 drill report before making ridiculous in-accurate comments online. XCITE have already found the oil and have already had the oil on a flow test! They are now drilling for the full analysis of the find with a view to fast tracking production.
This stock could really rocket on the full test flow data 300/500p is a distinct possibility here.
As always please research you investments.
Daniel.
Nota Bene
Reports have reached my site of dross being posted about this Blog by Mess’r Hub and co’. Laughable how these characters pop up when they think there’ not the centre of attention. Question for Hub; how’s Oxford Biomedica doing old chap?
It’s very easy to post abuse about a blog or site knowing that they aren’t there to pick you up on it! It’s what cowards do.
I Suggest you stop visiting the blog Hub old bean and try not to be so easily offended when as one poster on here puts it “the lime light shines on some one else!” Better still Hub stop the Hubris.
“Constant snide remarks for months” says another“Tut! Tut!
Why not just see how long you can go without mentioning the Blog? As a matter of fact let’s make it a challenge. I challenge the muppets of III & LSE to go 14 days without mentioning this blog from close of play tomorrow 4.30pm for 14 days. Fail and you pay £1000 to Barcaps charity win and I’ll pay £1000 to Help for Heroes. Any takers? Didn’t think so!!!!!!!!!!!!!!!!!!!!!!
well done dan its about time this goon had astrip tore off him hes been getting to big for his stinking boots.
A right nobhead thinks hes some kind of top dog on iii. there plenty on there who cant stand him.
joe
Hi Dan, Thanks again for the update on this 1, I could stand to make a tidy profit from this and Encore I now hold just these 2. I hate sifting through the C##p on the bb’s reading who’s who’s and have got what, really it bugs me when there slating you and call us supporters sheep.
I think the saying goes, DON’T HATE THE PLAYER HATE THE GAME!!
best regards Lee
Dan i would be interesting
To here your views on 65 days bit longer than i expected.
Is this a weather issue built in or more side track to prove up field when proven positive.
Flow test was supposed to just take 5 days re Arbuthnot securities lastest note
by the way heres the link to AUG 2010 http://www.arbuthnotsecurities.co.uk/Research/id/4330
Yes i’ve read this note. Can’t understand investors trying to day trade this stock. It is a given that the oil is there along with the tech’ to bring it up?
Strange people.
Good posts by the way Oilbug.
I do recall that you said you have been investing and researching oil for 25 years, is that right?
Dan
Thanks Dan
yes i have been investing for 25 years in oil exploration , the highs and the lows.
I suppose my best investment was Cairn Energy and Tullow however my most enjoyable was Edinburgh oil and gas so far.
On xcite i have learnt the reason for 65 days instead of 45 is that xel has taken a further option on Diamond Offshore for a second drill, meaning they intend two spuds instead of one.
Is that your feeling to Dan ? sounds interesting..
One final thought regarding my researching Valiant Petroleum looks worth a review on your blog. Drilling the Viola North ( 50% interest ) prospect and IF positive will have a sidetrack.
Interesting they hold 201/29c the adjacent license to cladan when i phoned them, although i cannot find it on their website.
They will appraise Tybalt in 2011 and hopefully appraise Viola North and explore Viola South next year- something to think about next year maybe ?
With so much on this year , however i think its worth reviewing Dan this year.
all the best………………..
Will do great post. xel are drilling a slant then a vertical if memory serves me right so your right two wells.
I have been listening to several schools of thought here one is that xel have deliberately over- cooked the time frame for the drill for various reasons. Most here think that news will be in well before the 60 day time limit. What are your views on that Oilbug?
Daniel
Daniel
Dan
My view is we will hear throughout the drilling campaign, first news i presume at TD 21/22 days with good weather.
To back my view up i point towards Daily Mail article 25 sept 2010 “Hang on to xcite energy”
clearly stating in second part of article “Once the drill bit is in the ground, the company plans to provide updates on its progress during initial two month campaign”
ps on encore news front i feel we will have an article by Danny Foster in the Sunday Times unless you bet him to it again !
regards
oilbug
I nearly forgot i believe 45 days total operation till final big news however the weather could an issue also the testing methords regarding the heavy oil may be extended.
10 days is the normal but i believe 5 is stated ?
I think they’ve stated 5 days due to the 60 day drill number. The oil that comes up during the drill will be shipped for sale while allowing BP to run a full analysis. Things are certainly looking exceedingly promising. XEL have world leading tie ups forming the Bentley Aliance. A strong pointer as to the future direction of the sp. 300/400p is certainly on the cards here the sp will explode when the numbers come in.
Dan
Dan 65 days? Do you think there is a weather issue factored in?
Top blog by the way!
Can’t be doing with the Hub numpties!
No 1 fool on iii
Well i dont know where you’re getting this information from? I have n’t been making any “snide comments” as you put it.
Your banned from my chat site and rightly so imho.
Please remove any reference to me.
Hub No1 poster on iii
Your chat site? Get the bloody hell off this blog you pompous ass.
I never new you owned Interactive Investor LMAO that statement tells us all what we need to know about you HUB CENTER OF ATTENTION LMAO……..
Dan can you take a peek at PELE they have fallen on a news release but for the life of me i cant read any thing negative in it? Old age creeping in is my excuse.
Fantastic blog great blog best blog top man dan
Pickle
Shut up you idiot!
Daniel
you sound like Garbled re essex- had enough of silly i ams.
Here to exchange information and profit and so far Dan has PROVEN a great help.
What has caused the dip ? Is it the tree shakers or market makers
good research dan. They changed rigs btw (above) to cope with any severe weather so don’t worry about that. These muppets selling out on spud rns are going to regret shortly as a little birdy tells me a new research note is arriving shortly via a big hitting Canadian house. Keep watching.
Dan keep your eye on OEX , an amazing broker note out on that.
Good post Dan i guess we’ll have to wait for the news now.
I see one of Hub and his gang is back tracking on interactive. dhatrader you have been giving out to Dan for ages posting insulting comments how does it feel now that your pele ramping has come back to bite you in your ahole? What a nobjockey you trully are. “It’s no ones fault” well i and many more blame you you ramping lieing son of a dog these card boared characters are quickly found out by their own tongues.
Oilman