Xcite Energy Limited Memorandum of Understanding with Baker Hughes (6897U)
October 20 2014 - 1:01AM
UK Regulatory
TIDMXEL
RNS Number : 6897U
Xcite Energy Limited
20 October 2014
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO
DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION
TSX-V, LSE-AIM: XEL
20 October 2014
Xcite Energy Limited
("Xcite Energy" or the "Company")
Memorandum of Understanding with Baker Hughes Limited
Xcite Energy announces that its 100% subsidiary, Xcite Energy
Resources plc ("XER"), has entered into a Memorandum of
Understanding ("MOU") with Baker Hughes Limited ("Baker Hughes"),
which sets out the principles for the provision of oil field
services for the Bentley field and which are likely to include the
supply of drilling and completion services, well engineering,
electronic submersible pumps and reservoir engineering.
Baker Hughes will work with all the key stakeholders in a
collaborative manner to develop innovative, field specific
technical and commercial oil field services for Bentley, which
maximise the economic recovery from the field and the economic
return for all stakeholders.
Rupert Cole, CEO of Xcite Energy, commented:
"We are very pleased that Baker Hughes has joined the Bentley
development group and we believe this is a further validation of
the viability of this project and demonstrates the continuing
progress we are making towards our field development plan. The
provision of these key oil field services is an important part of
the successful delivery of any project and we believe Baker Hughes
has the necessary skills, expertise and track record to support our
development group.
We continue to make good progress with the planned assurance
engineering programme and development partner commercial
negotiations and remain focused on delivering a robust and
compliant field development plan for this valuable asset."
ENQUIRIES:
+44 (0) 1483 549
Xcite Energy Limited 063
Rupert Cole / Andrew Fairclough
+44 (0) 203 100
Liberum (Joint Broker and Nominated Adviser) 2222
Clayton Bush
+44 (0) 207 425
Morgan Stanley (Joint Broker) 8000
Andrew Foster
+44 (0) 023 772
Bell Pottinger 2500
Henry Lerwill
Notes to Editors
Baker Hughes is a leading supplier of oilfield services,
products, technology and systems to the worldwide oil and natural
gas industry. The company's 60,000 employees today work in more
than 80 countries helping customers find, evaluate, drill, produce,
transport and process hydrocarbon resources. For more information
on Baker Hughes, visit: www.bakerhughes.com
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. 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.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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