Xcite Energy share overhang clears as Global Resource exits

A 9% rise in Xcite shares today to just over £1 after the news at 2.30pm that “Xcite Energy has received notification that Global Resource Funding Partners LLC no longer has a shareholding in the Company.”

Surprising that they have decided to exit before the forthcoming news on a farm out and potential reserves upgrade but Global like Socius were never long term investors. The shares went into auction around 5 minutes before the close on heavy buying and closed at the high for the day meaning that tomorrow could be promising for long suffering shareholders. 

With the “hand brake” effect of Global out of the way given their constant selling over the last few weeks, the shares should have a strong run up after closing below 90p at one stage last week. Now the right farm out deal needs to be delivered in the new year (no Rockhopper’s please!).

Contrarian Investor Uk