Yes you’ll all recall the Blogs musings on XCITE some time back predicting a big spike in the sp. It wasn’t difficult to predict given the dearth of quality information currently out there. The market cetainly like this stock.
The recent sp target from Xcites very own broker has as FORETOLD here now been well and truly surpassed.
After watching the stocks meteoric rise from a lowly 80p to a current level of just under 300p it seems that there could well be a doubling of this company’s value in the next 10 days or so given that Knutsen tankers are refusing to confirm or deny the current rumours circulating round the grand old city of London. Just which shuttle tanker/s is it that has been spotted off the Bentley drill? A process of elimination is being deployed in the city by the brokers.
Further good news is the letter of intent signed with BAOL for use of the Rowan Norway which has been designed specifically for simultaneous drilling and production in harsh enviroments.
“The LOI anticipates that XER and BAOL will enter into a definitive agreement (“Agreement”) for the rig by 15 December 2010, following which the Rowan Norway is expected to be available to commence the first stage production (“FSP”) on the Bentley field in the fourth quarter of 2011. The LOI provides for a termination fee of US$2.5 million payable by XER in the event it does not enter into the Agreement by this date. The initial commitment period of 240 days will facilitate the drilling of up to six wells on the Bentley field as part of the anticipated three year FSP.”
Rumours from within the city are that flow testing is coming to its logical conclusion with news expected some time next week.
It is known that Xcite are well ahead of schedule particulary with their Field Developement plan/production plans.
So just where is this monster going to settle vis-a-vis the sp.
Well it certainly isn’t going to be where it is now! The whisper here is that 500/600p will be hit on good flow test results. Given that ALL the rumour is positive holders should see a steady increase over the next few days as xcite enter into the last stretch; next week will see news, barring a major calamity it is almost certainly going to get very exciting with Xcite. 450p could very well be breached here before the news is out. It’s looking nailed on that another BIG SPIKE IS on the way!.