It seems the anticipated drop back due to lack of updates from Xcite never happened! It looks like today maybe the big day. Last chance to get in before the impending update? Rumours are flying around everywhere and the price has already gone up 5% today. I already have a fairly sizable chunk of XEL in the portfolio and I am content to leave it “as is” for today… If there is no news today and we do get a pull back I may still get some more.

I had planned to sell off my Ascent resources shares this week in order to raise some funds for additional XEL or GKP. I have decided to put this on hold due to Ascent announcing that they plan to start the second phase of drilling on the PG-11A well (Petišovci Project in Slovenia) this coming weekend. Results from phase 1 exceeded expectations and caused the SP to rise dramatically in February. I can see more upside than downside at this price. – Thoughts?

Matra have taken a bit of a hammering this week following the announcement that they had started production from the Sokolovskoe Field in Russia. Flow rates are not currently in line with forecasts but the wells have yet to undergo the planned acid stimulation and/or pump installation to maximise production rates. This is Russia were talking about so we will have to wait for the annual thaw and roads to open before equipment can be brought in to improve flow!

HSBC also making up some ground and now breaking even…

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Next update will be on a Wednesday! As always, very keen to hear from you – email websitemail AT or use the comments system.