Angel Mining share price finally starts to move up

After a sluggish few weeks, Angel mining (ANGM) had its second day of 10% gains to finish at 6.5p. Despite news of the start of production at the process plant at the Nalunaq gold mine in Greenland in mid-December, the shares were struggling to make any headway as new equity was issued through the SEDA ( Standby Equity Distribution Agreement) which allowed Angel to access funds in return for the issue of new discounted shares to the SEDA provider YA Global masters SPV Ltd.. 


News of the first shipment of gold from the plant is expected this week.  The directors expect the Company to produce approximately 65 ounces of gold per day and an annual production of approximately 25,000 ounces. The Company's forecast cash cost per ounce of gold at target production is approximately US$560 which it expects to achieve in Q1 2011. At target production and with an average gold price of US$1,300 per ounce, the Nalunaq mine should produce annualised revenues and free cash of approximately US$32.5 million and US$18.5 million respectively.


In addition to the Nalunaq gold plant, Angel own the Black Angel zinc/lead mine which will be developed from cash flows from gold production. Lots of positive news to come from this company in 2011 after the setbacks and delays of 2009 & 2010.

Xcite Energy - 40th Oil Barrel conference presentation

The Oil Barrel Conference site (http://www.oilbarrel.com/oilbarrel_forums.html) is showing that Xcite are due to present at the 40th conference on 13th January. Now I wonder whether they plan to turn up with nothing new to say or perhaps they'll be keen to talk about the upgraded and confirmed reserves at Bentley and confirmation of the drilling rig. Hmmm....I'm sure the derampers are right and Richard E Smith (or whoever presents) will just turn up to London for a cup of coffee and a cake!! - not

Nice try market makers with the 20p drop today! Some are gullible, but the smart money is staying put.

Xcite Energy - the madness of markets

I have realised how fickle the markets are today! So with an upward revision of Bentley oil reserves and signing of a production rig due any day, I am seeing that Xcite shares are currently down over 4% at 362p. I presume some investors are piling out to buy into other stocks that have been tipped in the press over the weekend and no doubt the market makers are playing their usual games to fill their boots with cheap stock before the RNS's. I reiterate from today's RNS, "....with the intention to update the information in the February 2009 Competent Persons Report potentially enabling a reserves report to be issued in DUE COURSE" i.e. we will have an update in days not weeks! I guess patience is a virtue and some investors don't have it!

Comparing the Market caps of some oil stocks underscores my point:

Xcite Energy (160 mm barrels+) £579m

Desire Petroleum (0 barrels) £128m

Rockhopper (170 mm barrels) £965m

Keep the faith XEL investors and buy on weakness!

Xcite Energy CPR (Competent Persons Report) imminent

Xcite announced this morning that the Bentley 9/3b-6z well had been successfully suspended for potential future use. "In addition to the successful well flow test announced on 21 December 2010, high quality downhole pressure, temperature and sample data has been safely recovered following a 36 hour shut in and build up period after the flow test.

Analysis and interpretation of this data will now commence, with the intention to update the information in the February 2009 Competent Persons Report potentially enabling a reserves report to be issued in due course."

In addition news was also released that the directors & other staff had been issued with additional share options priced at 370p and exercisable over the next 5 years.

The imminent release of the CPR (Competent Persons Report) is the key piece of news and it is reassuring that it will be available shortly with a potential substantial reserves upgrade. Should be a good day for Xcite shares today!