Xcite Energy sees increase in oil reserves at Bentley field
8th Apr 2013 08:08
Xcite Energy on Monday announced an increase in oil reserves at its Bentley field in the North Sea. The company reported an average petroleum initially in place (PIIP) of 909m stock tank barrels (MMstb), up from 550 MMstb in February. Xcite forecasts a peak production rate of 45,000 stock tank bar
Read moreXcite Energy achieves first annual revenue
26th Mar 2013 08:08
Xcite Energy's Chief Executive Officer Rupert Cole said 2012 was an 'excellent year' for the oil and gas company following the completion of a 250m-dollar project in the UK's North Sea. The group achieved its first annual revenue after the conclusion of the of pre-production extended well test on t
Read moreXcite Energy extends maturity date of loan notes
30th Jan 2013 14:10
Xcite Energy, an AIM-listed North Sea oil and gas group, has extended the maturity date of its unsecured 14 per cent loan notes. The term has been extended for a period of 275 days to December 31st 2013, which may be extended for an additional 90 days to March 31st 2014, subject to the approval of
Read moreWednesday broker round-up - UPDATE
30th Jan 2013 07:03
Alternative Networks: Investec increases target price from 310p to 330p retaining a buy rating. Anglo American: Deutsche Bank takes price target from 2200p to 2260p, while its buy recommendation remains unchanged. Antofagasta: Bank of America reduces target price from 1500p to 1400p and downgrades
Read moreXcite Energy adds nearly one million new shares to issued capital
25th Jan 2013 13:14
Xcite Energy, an AIM-listed North Sea oil and gas group, said Friday that it has applied for the admission of 931,000 new ordinary shares to AIM following the exercise of share options by a former employee of Xcite Energy Resources. The shares are without par value and will shall rank pari passu w
Read moreThursday broker round-up UPDATE
17th Jan 2013 07:19
African Barrick Gold: Westhouse Securities reduces target price from 335p to 305p, while its sell recommendation is unchanged. Anglo American: Exane cuts target price from 2000p to 1650p and downgrades from neutral to underperform. Antofagasta: Exane ups target price from 1400p to 1500p keeping an
Read moreThursday broker round-up UPDATE
10th Jan 2013 07:10
Afren: Morgan Stanley takes target price from 215p to 220p and reiterates an overweight rating. Alent: Bank of America starts with a target price of 370p and a buy recommendation. Associated British Foods: Goldman Sachs moves its target price from 1160p to 1190p and maintains a sell rating. AVEVA
Read moreXcite Energy pleased with Bentley results - UPDATE
15th Oct 2012 11:07
Xcite Energy said it had safely and successfully concluded the first phase of its offshore programme on wells in the North Sea Bentley Field. The company said following Phase 1A of the drilling programme its 9/3b-7 and 7Z wells had been suspended for future use as production wells during Phase 1B.
Read moreMonday broker round-up
15th Oct 2012 09:33
Anglo American: Goldman Sachs downgrades to sell. Antofagasta: Goldman Sachs downgrades to neutral, target cut from 1,150p to 1,100p. Asian Plantations: Panmure Gordon cuts target from 400p to 380p, buy rating kept. AVEVA: Panmure Gordon keeps hold rating and 1,878p target. Bellzone Mining: Gold
Read moreXcite Energy fails to please despite well test beating expectations -UPDATE
20th Sep 2012 08:59
Xcite Energy, an AIM-listed North Sea oil and gas group, saw its shares fall on Thursday morning, despite its pre-production well test results on the Bentley Field exceeding management expectations. During the well test the firm produced around 147,000 barrels of crude oil, and significantly impro
Read moreXcite sells Bentley crude for better-than-expected price
7th Sep 2012 07:49
Xcite Energy, the AIM-listed North Sea oil and gas group, said on Friday that it had sold in excess of 135,000 barrels of crude from its Bentley field for a better-than-expected price. Through the marketing and offtake agreement with BP Oil International, Xcite sold the oil to an unnamed "major ref
Read moreXcite Energy issues unsecured loan notes
8th Aug 2012 08:12
Oil and gas producer Xcite Energy has closed on the issue of 10m dollars worth of unsecured loan notes to a fund managed by West Face Capital. The notes have an initial term of 236 days and may, subject to West Face's approval, be extended by Excite for a further 360 days. They have an interest of
Read moreXcite's flow test on Bentley field progressing well
3rd Aug 2012 08:58
Xcite Energy's 9/03b-7 well in the Bentley field, North Sea, is now producing at a stabilised rate of around 3,200 barrels per day with no associated basic sediments or water, well within the operational performance of the reservoir, the firm said. Bentley crude oil collected so far in the Scott Sp
Read moreXcite Energy closes second stage of private placing
19th Jul 2012 10:53
Oil and gas producer Xcite Energy has closed the second stage of its private placing with Global Resource Funding Partners, with which it has placed 12.5m units rather than the orginally planned 10m. The overall number of units placed is now 32.5m, prividing the company with gross proceeds of arou
Read moreXcite secures loan for North Sea development
22nd Jun 2012 09:41
Xcite Energy, the oil company looking to develop the Bentley field in the North Sea, says it has agreed a loan facility with a group of lenders that ought to pay for much of the project. The $155m facility has a five year term and is dependent on a series of project milestones - all but one of whic
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