Without news the charts show where this will eventually end up. Having said that, there is clearly underlying value in the company, even in a fire sale. I also agree with MarkESmith that the current situation is largely priced into the share. There was no dramatic drop on the annual results like there was last year.
Take heart that the entire sector is under siege. Oil will recover and the majors will have considerably less reserves if they continue to pull back on investment in new fields, that can only be good for companies like Xcite. Opinion is divided on whether oil will remain low through to 2016-17 or so, or whether it will stage a dramatic recovery later this year. There is compelling evidence in both directions.
Xcite have sufficient working capital for now. Next year the bonds will need repaying, but I am sure that the board are well aware of that.
I think the stock is merely trading its range atm, treading water so to speak. The market didn't appear unduly ruffled by the results and forward looking statements, as I believe it had factored more lengthy delays, finance challenges and alternative funding sources well into the price. We may seee some range trading activity as this drifts towards its support but I think we are all awaiting the RAR and then the ES to really digest and have great discussions.
As another 50,000 shares are sold and yest another month goes by with no FDP submission, would you at least have the decency to admit you are wrong and apologise to anyone who has been taken in by your (putting it politely) "over enthusiasm"?
I don't mind being disliked on here because I ask difficult questions and take people to task when they are wrong, I certainly would not be able to live with myself if I constantly ramped a share that has been falling for three years.
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