Bit old news ... Xcite Shares Soar on Statoil Bid Speculation (UK)
Shares of Xcite Energy Ltd today jumped 3.00% on speculation that Norway’s oil giant Statoil is thinking of launching a 2 GBP per share takeover offer, Daily Mail has reported. According to Daily Mail, Statoil is interested in the company’s Bentley field. The company did not immediately reply to an e-mail seeking comment, sent by Offshore Energy Today. Xcite Energy, a UK-based oil and gas exploration company owns a 100% in the still undeveloped Bentley field. The heavy oil reservoir is located 160 kilometres east of the Shetland Islands on the western edge of the Viking Graben, covering an area of approximately 70 square kilometres. The field has been described as one of the largest remaining, undeveloped North Sea oil fields. The company has recently said that it is considering a range of options to provide the balance of the funding required to commence the Phase 1B development at Bentley including, but not limited to, farm-out, other industry participation, convertible debt instruments and equity financing. As part of preparations for discussions with potential industry partners, Xcite has recently appointed Jefferies International Limited and N M Rothschild & Sons to act as advisers to the company in this process. Read more on Bentley development.
After april 2014 when the stamp duty is abolished for aim stocks , i for one will be trading the L out of stocks like xel . At the moment , it is too risky with news so close and the cost of going in out in out does not justify the returns for the risk of missing a £2 plus takeover by statoil or a chinese / korean oil company
Unfortunately arrival of the end game here, with all the interim twists from the original concept of production end 2012, is sending most investors to sleep it's taking so long. All there has been for months in the absence of RNS's has been trading to while away the time, which for some must have been quite lucrative. For the rest, it's more like being in a black hole.. Jmo..
you bought at 111?I thought you knew what you were doing as well. ok 103 for me then first of all cash burn i want to see and progress i want to see bring it on Mr Cole dont disappoint the long suffering not on millions a year salary plus bonus......
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