Great risk vs potential even after all the circumstantial evidence of the past 48 hours. Shame bet many were hoping for another double digit rise. All the best for the weekend of which there will be many till this gets closer to closing the NPV to SP gap in my opinion
Just bear in mind there are plenty of times when i get it wrong as well (never thought BLVN would drop that low and didn't see the placing coming there, for instance). I just comment on what I am seeing at the time. ATB.
22 May 2008 Xcite Energy, a heavy oil company focused on the development of discovered resources in the UK North Sea, has concluded an agreement to trade key well data with Statoil (U.K.), the UK arm of StatoilHydro, the Norwegian oil major with a significant international position in heavy oil and responsible for around half of the proven, but not yet developed, heavy oil deposits on the UK continental shelf. This Agreement follows from ongoing dialogue with StatoilHydro that commenced in 2007 and is another step forward in the progression of the heavy oil sector in the UK North Sea. The Agreement allows for the pre-exchange of data from the 9/3b-5 appraisal well on the Bentley field, successfully drilled by Xcite Energy, which will be reciprocated with the data from the 3/28a-F(6) appraisal well on the StatoilHydro operated Bressay field, which is anticipated to be completed by mid November 2008. The Bressay field is located principally in Blocks 3/27 and 3/28, adjacent and to the north-west of Block 9/3b. Richard Smith, Chief Executive Officer of Xcite Energy, commented: ‘This agreement to trade well data is an important step forward towards a wider data sharing environment for heavy oil in the UK North Sea, which in turn will potentially accelerate development of the heavy oil sector in the region. It is also another step forward for Xcite Energy as we focus on maximising the value of the Company's resources and move towards a development solution for the Bentley field, one of the largest undeveloped heavy oil fields in the North Sea.’ Xcite Energy has a 100% working interest in Block 9/3b. The Bentley heavy oil field on Block 9/3b is approx. 160km east of the Shetland Isles. Bentley has been drilled by three of the four previous wells on Block 9/3b, being wells 9/3-1 (Amoco, 1977), 9/3-2A (Conoco, 1983) and 9/3-4 (Conoco, 1986). The 9/3b-5 well is the fifth well on the Block. Source: Xcite Energy
Bonker will have a much better idea on the charts but i would suspect it will settle back into that 110-116 range that it seemed happy to be in prior to the movements we've seen the past couple of days - someone did very nicely out of that drop and then the rise!
My guess is that the share will drop slightly in the short run, as profit takers sell into the recent rise. But that is just a guess. We need confirmed and solid good news before there is any sustainable advance. I am holding here for the long term, and would urge others to do the same.
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