So, it is finally all over for Xcite Energy for whom the bell tolled yesterday, this morning Liberum, the company’s NOMAD resigned which means that in 30 days the shares will be cancelled. It is a shame as it could have been avoided, an over rosy view of the asset and arranging debt that it appeared was not covered by any substantial cash flow was always an accident waiting to happen.
I hope the water flood comes good Celtic.Been in rrl now for 5 years and managed to average down to 1.75, miles away from breaking even yes i know.Been reading your posts for years and always looked on the bright side but it is getting a bit of a "stuck record". I really didn't like how they delayed the news on the new wells,think that has made me a bit worried.I was hoping that we would get lots of rns's good or bad but at the correct time.I guess all we can do is sit and wait with fingers,eyes and legs crossed that maybe one day this will come good.goodluck all.
I feel they are disappointing but we did get above 600 BPOD in September so it was moving in the right direction. I am waiting for clarification of the reason why the additional 20 BOPD is now producing water. The suggestion is that it was a fault in the cementing so hopefully this can be rectified. My main focus remains on waterflood, the additional source water agreement with Petrotrin and the suggestion of a possible low cost acquisition. I hope that answers your question.
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