Xcite Energy Limited Announces 1st Quarter Results
May 27 2010 - 1:00AM
Marketwired
This Announcement Is Not for Release, Publication or Distribution
in or Into the United States
Xcite Energy (TSX-V: XEL) (LSE: XEL) (AIM: XEL), a developer of
heavy oil assets in the UK North Sea, today announces its unaudited
financial results for the 3 month period ended March 31, 2010.
Highlights
- Formation of the Bentley Alliance and engaging industry leading
partners including BP, AMEC, Transocean and ADTI to assist in the
programme to bring the Bentley field into development.
- Successful equity capital funding in March 2010, raising
approximately £23.1 million net of expenses to drill the 9/3b-R
pre-development well on Bentley and for working capital
purposes.
- Secured Challenger Minerals (North Sea) Limited ("CMNS") as
farm-in partner to Bentley, whereby CMNS will provide US$4 million
towards the costs of the 9/3b-R well for a 4% working
interest.
- Secured a Transocean jack-up rig to drill 9/3b-R
pre-development well, subject to contract completion.
- Now positioned to move forward to drill the 9/3b-R
pre-development well with the objective of demonstrating the
commercial value of the Bentley oil field.
Richard Smith, Xcite Energy Chief Executive
Officer commented:
"With a seminal first quarter of the year, we have created the
opportunity to demonstrate the commercial value of the Bentley
field through the drilling of the 9/3b-R well later this year. The
continuing dedication and hard work of the Xcite team, together
with the belief and support of our advisors, is proving to be a
powerful combination as a semblance of stability returns to our
business environment."
The Company's unaudited Financial Results for
the 3 Months Ended March 31, 2010 can be found at the following
link:
http://www.rns-pdf.londonstockexchange.com/rns/6162M_-2010-5-26.pdf
Neither the 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 risks
associated with the oil and gas industry (including operational
risks in exploration and development and uncertainties of estimates
oil and gas potential properties), the risk of commodity price and
foreign exchange rate fluctuations and the ability of Xcite Energy
to secure financing. Additional information identifying risks and
uncertainties are contained in the Company's annual information
form dated December 8, 2009 and in the annual Management's
Discussion and Analysis for Xcite Energy dated March 24, 2010 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.
ENQUIRIES: Xcite Energy Limited +44 (0) 1330
826740 Richard Smith, Chief Executive Officer Rupert Cole, Chief
Financial Officer Arbuthnot Securities Limited (Nomad and
Broker) +44 (0)20 7012 2000 Antonio Bossi, Director Andrew
Fairclough, Director Pelham Bell Pottinger +44 (0) 20 7861
3894 Mark Antelme, Director Paradox Public Relations +1 514
341 0408 Jean-Francois Meilleur, Consultant
Xcite Energy Limited (TSXV:XEL)
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