Xcite Energy Share News (XEL)

African Eagle is up again as a new economic model for the Dutwa nickel project in Tanzania turned out to be a "significant" improvement over the results of the scoping study 18 months ago.Independent Perth based consultant Simulus gives a pre-tax net present value (NPV) of US$650m at a discount rate of 10% and a nickel price of $8 per pound. Initial capital expenditure is put at about $600m (£380m) and life of mine earnings at $8.2bn (£5.2bn), with output of 23,000 tonnes of nickel and 582 tonnes of cobalt over 26 years. It expects first production in 2015.Xcite Energy, the developer of heavy oil assets in the North Sea, has begun the test phase of the 9/3b-6z horizontal well section on the Bentley field and is progressing on plan. Dunedin Smaller Companies Investment Trust grew net asset value by almost 32% during the 12 months ended 31 October, up from 117.1p to 154.2p.It comfortably outperformed both the FTSE SmallCap Index (up 3.2%) and the FTSE 100 (12.5%, which it attributed to stock selection, and merger and acquisition activity."In this investment environment we will continue to invest in companies with solid balance sheets that we believe can deliver growth in both earnings and cash flow over the medium term," Ed Beal of Aberdeen Asset Managers said.AorTech International reported "technical and commercial" progress as it posted a rise in revenues to £674,000 in the six months to 30 September, up from £191,000 the previous year.Pre-tax losses narrowed to £1.01m from £1.38m.Steam cleaning technology group Proventec posted a narrower loss in the year to September 30 and said tenders from the NHS should help boost future trading.The company posted a pre-tax loss of £22.9m, compared with £28.6m the previous year, as revenues slipped to £19.7m from £14.7m.Synchronica, the provider of mobile messaging services, has seen its shares lifted by another contract, this time to supply services to the Nigerian subsidiary of a large pan-African mobile operator.The company, which tends not to name the firms it wins contracts with, was given a big boost last week when it announced that it had received a purchase order from 'the Russian subsidiary of a large pan-European mobile operator group.'Arian Silver, a Mexico-based silver exploration, development and production company, has announced that mining at the San Jose property is progressing well with 15.2% of the total programme now completed, and the first batch of concentrate consisting of 12.4kg of silver per tonne.Additionally, Arian's CEO Jim Williams said that the San Jose Vein presents exciting potential in 2011, as the group increases its production while silver prices are expected to rise.ILA, which makes personal alarms for women, has reached agreements with three leading sales agencies in the US and a retail distribution business in Canada, launching and distributing the ILA product in early 2011.ILA CEO Simon McGivern said "We anticipate that these appointments will have a significant impact on the business in 2011."Uranium and copper developer VANE Minerals has extended its land position at the porphyry copper targets in Hidalgo County, New Mexico, by 168 hectares, taking the total ground of exploration licenses to over 656 hectares. Drilling is expected to start in the first quarter next year.