Xcite Energy Limited ("Xcite Energy" or the "Company") Financial Results for the 3 Month Period Ended September 30, 2010
November 01 2010 - 2:00AM
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 September 30,
2010.
Highlights
- The 9/3b-6 well has now spud and an update on the excellent
results of the pilot well was issued on October 25, 2010.
Management believes this confirms that an upside structure is
present in the eastern half of the reservoir, significantly
increasing the volume of oil in place.
- UK 26th Offshore Licence Round award to Xcite Energy Resources
Limited over Blocks 9/3c and 9/3d, thereby enhancing the
development potential of the Block 9/3 area containing the Bentley
field.
- Net assets up to £52.9 million as at September 30, 2010.
- Cash balances of £27.8 million as at September 30, 2010.
- Gross funding raised of circa £5.8 million in the 3 month
period.
- Additional gross funding raised of circa £3 million since
balance sheet date from draw down on Yorkville standby equity line.
Balance of £17 million still available.
- Additional gross funding raised of circa £0.4 million from the
exercise of share warrants and share options.
Richard Smith, Xcite Energy Chief Executive
Officer commented:
"An excellent few months on all fronts, with the 9/3b-6 pilot
well confirming that we have been conservative in our predictions
for the Bentley field thus far. With the upside reservoir structure
now confirmed and the 100% net to gross oil column, the location
selection for the horizontal well test is an outstanding piece of
planning by the team. We look forward to the next few weeks with
high expectations."
The Company's unaudited Financial Results for
the 3 Months Ended September 30, 2010 can be found at the following
link:
http://www.rns-pdf.londonstockexchange.com/rns/3245V_-2010-10-31.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 October 26, 2010 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 Pelham Bell
Pottinger +44 (0) 20 7861 3232 Mark Antelme Henry Lerwill
Director Paradox Public Relations +1 514 341 0408
Jean-Francois Meilleur Consultant
Xcite Energy Limited (TSXV:XEL)
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