Xcite Energy Limited ("Xcite Energy" or the "Company") Successful Completion of 9/3b-6z Well Flow Test
December 21 2010 - 3:17AM
Marketwired
Xcite Energy Limited (TSX-V: XEL) (LSE: XEL)
(AIM: XEL)
THIS ANNOUNCEMENT IS NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES
The Company announces that the flow test of the 9/3b-6z
horizontal well on the Bentley field has been successfully
completed.
The flow rates achieved demonstrate both the commerciality of
the Bentley field and the reservoir properties to be above the
upper end of modelled expectations.
Key flow test results were:
- Total flow test of 36 hours including clean-up of 9 hours, with
cumulative production to tote tanks of over 2,000 barrels.
- Multi-rate flow tests were conducted, culminating in a final
stabilised flow rate of 2,900 stock tank barrels of oil per
day.
Richard Smith, Chief Executive Officer of Xcite
Energy, commented: "This is an outstanding outcome for the
Xcite team and for the industry contractors to deliver this
successful well test on Bentley. This flow test fully demonstrates
the commercial potential of the Bentley field and the long-held
belief that Xcite has maintained in this major North Sea asset. We
now move on to the first stage production planned for 2011 with an
excellent platform."
Stephen Kew has reviewed and approved the technical information
contained within this press release in his capacity as a qualified
person, as required under the AIM Rules. Stephen Kew is Head of
Exploration and Development at Xcite Energy and is an associate of
the Institution of Chemical Engineers and a member of the Society
of Petroleum Engineers.
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.
This information is provided by RNS The company news service
from the London Stock Exchange
ENQUIRIES: Xcite Energy Limited Richard Smith
Chief Executive Officer Rupert Cole Chief Financial Officer +44
(0)1330 826740 Arbuthnot Securities Limited (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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