Energy XXI (Bermuda) Limited Repurchase of Shares (1347F)
May 20 2013 - 8:31AM
UK Regulatory
TIDMEXXI
RNS Number : 1347F
Energy XXI (Bermuda) Limited
20 May 2013
Energy XXI (Bermuda) Limited ("Energy XXI" or "the Company")
Repurchase of Shares
Energy XXI announces that the Company has entered into a Rule
10b5-1 Trading Plan ("the Plan") as part of its Share Repurchase
Program.
Under the Plan, the Company has granted Credit Suisse Securities
(USA) LLC the irrevocable authority to buy up to US $50 million in
$0.005 common stock ("Shares") in the Company (the "Plan Shares"),
subject to meeting certain conditions. The US $50 million limit
includes open market purchases previously made by the Company.
Following the entry of the Plan, the Company has no ability to stop
or influence the purchase of these Shares on the specified terms.
The Plan has a start date of 1 June 2013 and terminates on 16
August 2013.
The Company will make appropriate announcements of Shares
repurchased every two weeks. The announcement will include the
number of Shares repurchased, the average price paid for the
repurchased Shares and the high and low prices paid for the
Shares.
20 May 2013
Enquiries of the Company
Energy XXI
Stewart Lawrence
Vice President, Investor Relations and Communications
713-351-3006
slawrence@energyxxi.com
Greg Smith
Director, Investor Relations
713-351-3149
gsmith@energyxxi.com
Cantor Fitzgerald
Nominated Adviser: David Porter, Rick Thompson
Corporate Broking: Richard Redmayne
Tel: +44 (0) 20 7894 7000
Pelham Bell Pottinger
James Henderson
jhenderson@pelhambellpottinger.co.uk
Mark Antelme
mantelme@pelhambellpottinger.co.uk
+44 (0) 20 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
END
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