I'd broadly agree with your comments on XEL- though obviously...

I'd broadly agree with your comments on XEL- though obviously this is the Range board and it wouldn't be appropriate to discuss things in great detail. 108p is definitely a good price.

I think as the coming spud will be already priced in there might be another fall once it's announced to test 110-115p. That's where I'll get in (if it happens, if not, so be it).

Very undervalued based on reserves, though obviously there's the funding/flow test risks. I don't consider 24 hours to be an adequate test, but on balance, there's far better upside than downside IMO.