Xcite – Update – First Cash Confirmed

PUBLISHED: 07 Sep 2012 @ 15:09 | Comments (0) | More info about Charlie Hayter

Xcite Energy (LSE:XEL) have announced the sale of 135,000+ barrels in conjunction with BP to a major refining participant in the European market. The remaining two weeks production will also be included.

Previous article: Xcited and I Just Can’t Hide It

This is above the 45,000 barrels required for the reserves based lending facility. They also stated that the pricing was better than the anticipated 12% discount to Brent crude, or assuming a 10% discount, a low end estimate for cash of £8.5m.

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The stock has performed well over the last few months recording 55% gains as continuous news updates regarding production, a shuffling of the board with Rupert Cole into the top spot, and finalisation of the of the share placements have gone through.

Outlook remains positive as stated in article: Xcited and I Just Can’t Hide It.

(Author has a holding in the Company)

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