Xcite’s RNS out this morning. – Good job I bought back in on Friday.

XEL’s share price went from 140-175p today on a fantastic news update.

“40ft thicker than the 73ft prognosis, in a high quality Dornoch reservoir and confirmed the oil water contact at 3729ft total vertical depth (on prognosis). The oil column has 100% net to gross (compared to previous average of 88%). Management believes that this height of oil column confirms that an upside structure is present in the eastern half of the reservoir, significantly increasing the volume of oil in place”

I was very lucky with this one. – Last week I sold out of XEL at 131p because I expect the price to fall back further before this RNS came out. This gave me a profit of about £800 – The RNS wasn’t due for ages! When Rumours started emerging of them reaching TD the price started rising. Fearing I was about to miss the boat I bought back in at 139p. Bloody good Job eh!!

The rest of the portfolio is looking good. I made a few changes last week. I sold my Yamana gold for a small profit and bought back into Centamin. CEY looked cheap at 168p and they have always delivered for me in the past and with results due on the 3rd November I am hoping to make a quick small profit.

Recent buy Victoria oil and gas has dropped back slightly and I am showing a small loss. This was always a high risk share and share trading at these prices can be extremely volatile. Let’s hope for some more good news.

All in a good week – with website profits up £800 and running profit up £800 this morning alone!

I hope to get the forum up and running next week, please register using the link on the right.

More updates next week…