News Flash On The Aim Market Message Board

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Gold/Mining/Energy : News Flash On The Aim Market

LSE 5.290

-0.2%

Oct 31 3:01 PM EST

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From: miningoz	5/6/2014 4:18:51 PM
	of 161

Analyst Sam Wahab at Cantor Fitzgerald said: Xcite buy recommendation and target price of 168p. The market continues to focus on Xcite's strategy to develop its considerable resource base at its 100% interest in the Bentley field. We have long highlighted our belief that Xcite will bring in a partner prior to help fund the field through full development, with Statoil the logical choice (with its geologically similar Bressay field). To support this, the company has confirmed that negotiations are ongoing, albeit at a much slower pace than anticipated, with a potential partner(s). The shares have underperformed in recent months as shareholders grow increasingly frustrated with the absence of an update on a farm down or proposed strategy, but we highlight that the underlying fundamentals of the company remain unchanged, and therefore the current share price represents a clear entry point ahead of an expected transaction. Reiterate buy recommendation and target price of 168p.

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