Xcite Energy Limited ("Xcite Energy" or the "Company") Financial Results for the 3 Month Period Ended June 30, 2010
August 27 2010 - 9:48AM
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 June 30, 2010.
Highlights
- Strong balance sheet with cash of circa £23.3 million as at
June 30, 2010.
- Additional gross funding raised of circa £5.8 million since
balance sheet date.
- Contracted the Ocean Nomad semi-submersible rig to drill the
9/3b-R pre-development well as planned in 2010.
- Plans are now approaching completion 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:
"This has been another important period for the Company and we
have now put in place the key elements of the work programme for
the 9/3b-R well. We look forward to a transformational few months
as we seek to demonstrate the commercial value of the Bentley
field."
The Company's unaudited Financial Results for
the 3 Months Ended June 30, 2010 can be found at the following
link:
http://www.rns-pdf.londonstockexchange.com/rns/7743R_-2010-8-27.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 Richard Smith Chief Executive
Officer Rupert Cole Chief Financial Officer +44 (0) 1330 826740
Arbuthnot Securities Limited (Broker) (Nomad and Broker) Antonio
Bossi Director +44 (0)20 7012 2000 Pelham Bell Pottinger Mark
Antelme Director Henry Lerwill +44 (0) 20 7861 3232 Paradox Public
Relations Jean-Francois Meilleur Consultant +1 514 341 0408
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