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!!!!!!!!!!!!!!!!!!!!!!
