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Hot Stocks: Xcite and Gulf Keystone keep up the pace

Xcite Energy and Gulf Keystone were among the most bought shares again this week in Hot Stocks.

 

by Caelainn Barr on Mar 02, 2012 at 05:01

The week's most actively bought investments

Stock Buys in last 7 days* Type Sector Tools
Gulf Keystone Petroleum Ltd 423 Share Oil & Gas Producers AlertsPortfolio
Tesco PLC 224 Share Food & Drug Retailers AlertsPortfolio
Lloyds Banking Group PLC 219 Share Banks AlertsPortfolio
Xcite Energy Ltd 207 Share Oil & Gas Producers AlertsPortfolio
Thomas Cook Group PLC 201 Share Travel & Leisure AlertsPortfolio
Vodafone Group PLC 197 Share Mobile Telecommunications AlertsPortfolio
Bowleven PLC 169 Share Oil & Gas Producers AlertsPortfolio
RSA Insurance Group PLC 159 Share Nonlife Insurance AlertsPortfolio
Bahamas Petroleum Company PLC 119 Share Oil & Gas Producers AlertsPortfolio
Royal Bank of Scotland Group PLC 113 Share Banks AlertsPortfolio

Source: Selftrade. *Data is as at market close last Wednesday.

The week's most actively sold investments

Stock Sells in last 7 days* Type Sector Tools
Gulf Keystone Petroleum Ltd 257 Share Oil & Gas Producers AlertsPortfolio
Thomas Cook Group PLC 214 Share Travel & Leisure AlertsPortfolio
Lloyds Banking Group PLC 180 Share Banks AlertsPortfolio
Barclays PLC 128 Share Banks AlertsPortfolio
Bowleven PLC 118 Share Oil & Gas Producers AlertsPortfolio
Royal Bank of Scotland Group PLC 116 Share Banks AlertsPortfolio
BP PLC 101 Share Oil & Gas Producers AlertsPortfolio
Cove Energy PLC 98 Share Oil & Gas Producers AlertsPortfolio
Aminex PLC 93 Share Life Insurance AlertsPortfolio
Bahamas Petroleum Company PLC 92 Share Oil & Gas Producers AlertsPortfolio

Source: Selftrade. *Data is as at market close last Wednesday.

Xcite and Gulf Keystone keep up the pace

This is an update of last week's story on Xcite Energy.

Xcite Energy and Gulf Keystone were among the most bought shares again this week in Hot Stocks.

Interest in Xcite Energy (XELL.L) among private investors on the Selftrade platform showed no sign of cooling following the quadrupling of its proven plus probable reserves at its 100% owned Bentley field in the North Sea.

Following the increase in reserves from 28 million to 116 million barrels, analysts at Morgan Stanley held their rating of the stock at ‘overweight’ with a target price of 270p. The shares were trading at 138p on Thursday lunchtime after spiking at 154p on 20th February.

Jamie Maddock, analyst at Morgan Stanley, said at the time that the rise in proven plus probable reserves was an important confirmation of the Bentley field’s potential and tests are underway to prove its commercial viability.

Maddock added: ‘Current estimates of the recoverable reserves of the field’s core area are based upon a 24% recovery factor of the oil in place, which we believe could prove overly conservative, providing additional potential upside.

‘Whilst a technical test, its success will provide lending banks with the necessary comfort to allow Xcite to raise the financing required to proceed to full commercial development.’

In an update to the stock market on Thursday, Xcite said its Rowan Norway drilling rig left Dundee to start its exploration of the field.

Richard Smith, chief executive of Xcite, revealed in an interview with Reuters in February that the company had been approached by potential partners to discuss the possibility of joint development to reduce overall costs if the site proves viable.

Gulf Keystone

Iraq-focused Gulf Keystone (GKP.L) topped the table to become the most sought after stock on the Selftrade platform in the past week.

The company confirmed its intention to gain a premium listing on the London Stock Exchange this year, moving up and out of the alternative investment market.  

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