Trades and observations from a British contrarian stock investor

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Monday, January 31, 2011

Will tomorrow bring the long awaited Xcite Energy RNS?

A day of anticipation of an RNS from Xcite Energy relating to the rig contract came to nought. However, no panic here. Disappointing that the share price dropped 8.5p late in the day to £3.62 after holding firm despite the FTSE taking a beating in the morning but I guess some of my fellow private investors are looking for bad news even if there's no hint of one!

Oil prices rose today to their highest in more than two years with WTI Crude for March delivery gaiing 3.2%, at $92.2 a barrel (its highest sine October 2008) and Brent Crude rose to more than $1.50 to as high as $101.08 a barrel. Its all time high is $147 a barrel hit in July 2008 before the financial collapse.

The reason for the oil price hike continues to be Egypt, with 2 million barrels per day passing through the Suez Canal plus a a further 1 million barrels move through the Suez-Mediterranean pipeline.
Posted by Contrarian Investor UK at 8:57 PM
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2 comments:

  1. AnonymousFebruary 1, 2011 at 6:23 AM

    Well I'm up at 6.00 am but only because I have to get up early for work. Tbh, I am perfectly calm, RNS or no RNS. I know my investment is for the longterm so whatever happens in the meantime I will take on the chin. I do think the people on forums fret thmeselves up into high expectations not actually clearly defined by the companies themselves.

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  2. Contrarian Investor UKFebruary 1, 2011 at 6:39 AM

    Yes it MIGHT be an interesting day all right. I cannot see any major risks on Xcite after the flow test was so positive at 2900 barrels per day. Seems to be only upside with production little more than 8-9 months away worst case. Everyone keeps talking a Rockhopper scenario when the CPR is finally released but this is a different animal. Just listening to the oilbarrel presentation gives plenty of clues that the field is likely to be upgraded further not reduced like RKH

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