Energy XXI (Bermuda) Limited Repurchase of Shares Replacement (1648F)
May 21 2013 - 1:01AM
UK Regulatory
TIDMEXXI
RNS Number : 1648F
Energy XXI (Bermuda) Limited
21 May 2013
FOR IMMEDIATE RELEASE: CORRECTION - In its press release 20 May
2013, the Company provided inaccurate information regarding the
limitations on its Rule 10b5-1 Trading Plan. The corrected
information is provided below.
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 previously
announced $250 million 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
excludes any open market purchases made by the Company. As
repurchases under the Plan are subject to certain guidelines and
other conditions, there is no guarantee as to the exact number of
Plan Shares that will be repurchased under the Plan. The Plan has a
start date of 1 June 2013 and terminates on 16 August 2013.
The Company will make appropriate announcements of the Plan
Shares repurchased every two weeks. The announcement will include
the number of Plan Shares repurchased, the average price paid for
the repurchased Plan Shares and the high and low prices paid for
the Plan Shares.
21 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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