Meanwhile Xcite Energy, which is exploring in the North Sea, continues to benefit from an analyst visit to the Rowan Norway rig currently moored in Dundee ahead of its deployment to the Bentley Field. There have been suggestions the rig could move out as soon as Monday if the weather is favourable. Xcite's shares, up more than a quarter on Thursday - the day of the visit - have climbed another 13p to 178p, a near 8% rise. Analyst Dougie Youngson at Seymour Pierce said:

The new build rig is currently undergoing final preparations before heading to the Bentley field to start drilling.
We were told that DECC [the department of energy and climate change] had been to inspect the rig on Wednesday and we would now expect final approval to be given in the short term. Under phase 1A it will drill two wells and conduct an extended well test for up to 90 days. Positive results from these activities should then provide DECC with enough comfort to approve the full field development plan.

The announcement of the site visit resulted in a 25% increase in the share price, an overreaction in our view. It does show that the market is desperate for any information from the company, which has been lacking of late. We feel that the DECC approval and subsequent departure of the rig should provide major drivers for the share price. Any conversion of contingent resources into reserves should also enhance valuation. We continue coverage with a buy recommendation and target price of 242p.