TIDMXEL
RNS Number : 6041X
Xcite Energy Limited
18 August 2009
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THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE
UNITED STATES
TSX-V, LSE-AIM: XEL
August 18, 2009
Xcite Energy Limited
("Xcite Energy" or the "Company")
Financial Results for the 3 Month Period Ended June 30, 2009
and Outlook for 2009
Xcite Energy is a heavy oil company focused on the development of discovered
resources in the United Kingdom North Sea. The Company holds a 100% working
interest in Block 9/3b, which contains the Bentley field in its entirety, one of
the largest undeveloped heavy oil fields in the United Kingdom North Sea.
Xcite Energy is listed on the AIM Market of the London Stock Exchange ("AIM")
and the TSX Venture Exchange ("TSX-V").
The Company today announces its results for the 3 month period ended June 30,
2009.
KEY HIGHLIGHTS
* Successful re-interpretation of the re-processed 3D seismic over the Bentley field gives increase in remaining recoverable resources from a full field evaluation.
* Agreement reached with Fugro Well Services Ltd ("Fugro") to drill a geotechnical test well as part of the preparation for the 9/3b-R pre-development well on the Bentley field, together with a seabed survey during Q3 2009.
* Memorandum of understanding with Fugro providing Xcite Energy with an option to
drill and test the planned 9/3b-R pre-development well on the Bentley field
during 2010.
* Significant progress made with potential industry partners to advance the next
stages in the development of the Bentley field.
2009 OUTLOOK
* The work programme will continue on Bentley in the context of the current
economic conditions, including the geotechnical test well and seabed survey,
together with the planning of and engineering for the 9/3b-R pre-development
well.
* Planning for the next phase in the development of the Bentley field will
continue in the context of the current economic conditions, with a
successful outcome being targeted with potential industry partners offering a
range of solutions.
* The focus remains on re-establishing asset value through industry partnerships and, thereby, the recovery of shareholder value.
Richard Smith, Xcite Energy Chief Executive Officer commented:
"Following the release of the new Competent Person's Report in February and the
3D seismic update in June, the first half of 2009 has provided further
confirmation of the significant recoverable resources in the Bentley field, one
of the largest undeveloped fields in the North Sea. We continue to make
significant progress with the planning for the pre-development well and beyond,
with significant interest in the Bentley field from a range of potential
industry partners with differing solutions. We look forward to a productive and
focused second half year to regain shareholder value."
The Company's Financial Results for the 3 Months Ended June 30, 2009 can be
found at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/6041X_-2009-8-18.pdf
ENQUIRIES:
+----------------------------------+----------------------+--------------------+
| Xcite Energy Limited | | +44 (0) 1330 826 |
| | | 740 |
+----------------------------------+----------------------+--------------------+
| Richard Smith | Chief Executive | |
| | Officer | |
+----------------------------------+----------------------+--------------------+
| Rupert Cole | Chief Financial | |
| | Officer | |
+----------------------------------+----------------------+--------------------+
| | | |
+----------------------------------+----------------------+--------------------+
| Thomas Weisel Partners | | +44 (0) 20 7877 |
| International Limited | | 4300 |
+----------------------------------+----------------------+--------------------+
| Paul Colucci | Managing Director | |
+----------------------------------+----------------------+--------------------+
| Jesse Meidl | Vice President | |
+----------------------------------+----------------------+--------------------+
| | | |
+----------------------------------+----------------------+--------------------+
| Strand Partners Limited | | +44 (0) 20 7409 |
| | | 3494 |
+----------------------------------+----------------------+--------------------+
| James Harris | Director | |
+----------------------------------+----------------------+--------------------+
| Rory Murphy | Director | |
+----------------------------------+----------------------+--------------------+
| | | |
+----------------------------------+----------------------+--------------------+
| Pelham Public Relations | | +44 (0) 20 7337 |
| | | 1500 |
+----------------------------------+----------------------+--------------------+
| Mark Antelme | Director | |
+----------------------------------+----------------------+--------------------+
| | | |
+----------------------------------+----------------------+--------------------+
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this announcement constitute forward-looking
information within the meaning of securities laws. Forward-looking information
may relate to the Company's future outlook and anticipated events or results
and, in some cases, can be identified by terminology such as "may", "will",
"should", "expect", "plan", "anticipate", "believe", "intend", "estimate",
"predict", "target", "potential", "continue" or other similar expressions
concerning matters that are not historical facts. These statements are based on
certain factors and assumptions including expected growth, results of
operations, performance and business prospects and opportunities. While the
Company considers these assumptions to be reasonable based on information
currently available to us, they may prove to be incorrect. Forward-looking
information is also subject to certain factors, including risks and
uncertainties that could cause actual results to differ materially from what we
currently expect. These factors include changes in market and competition,
governmental or regulatory developments and general economic conditions.
Additional information identifying risks and uncertainties are contained in the
Company's annual information form dated June 30, 2008 and in the annual
Management's Discussion and Analysis for Xcite Energy dated March 26, 2009 filed
with the Canadian securities regulatory authorities and available at
www.sedar.com. The Company disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new information,
future events or otherwise, except as required under applicable securities
regulations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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