A form 8-K SEC release from Rowan companies yesterday confirms that the Rowan Stavanger is going to Talisman Norway. Looks like Rowan Norway for Xcite assuming all agreed by 31st January with delivery June 2011. Another solid possibility is that Xcite is talking to Talisman (who have operations in the UK North Sea) about using the Rowan Stavanger until the Rowan Norway is available in June 2011.

http://secwatch.com/rdc/8k/events-or-changes-between-quar/2011/1/21/7522190?source=rss

In terms of the funding of the Rowan Norway, in the event that cash is needed to pay for it (other collateral could potentially be used), there should be sufficient money left from the SEDA (Standby Equity Distribution Agreement) arrangement where the company gets cash in exchange for the issue of shares to Yorkville Advisors - the YA Global Master SPV Ltd. From the December 17th RNS, "Xcite Energy (LON:XEL, TSX-V:XEL) has increased its existing Standby Equity Distribution Agreement (SEDA) by £20 million.The company can now raise up to £60 million through the equity line facility.". Alternatively money could be obtained from the Bentley Alliance (BP, Transocean, ADTI, AMEC, Fugro) without needing to resort to alternatives such as a placing. BP have already put in £4 million (see previous post on Alliance - http://contrarianinvestoruk.blogspot.com/2011/01/xcite-energy-should-prove-highly.html). I would guess that the company could also get a loan if necessary on the oil in place resource estimate, which will be converted to reserves in place in February or March. Either way, no big discounted placing.