-- Formation of the Bentley alliance (the "Alliance"), the management and
operational structure created by Xcite Energy as the vehicle to direct the
Bentley field to full field development.
-- Agreement reached with Fugro Well Services Ltd ("Fugro") to drill and
test the first development well on the Bentley field, the 9/3b-R well, on a
risked basis. Fugro will bear a material percentage of the cost of the well
as the first Alliance partner.
-- Successful fund raising of £2.1 million gross (CAN$3.8 million) in
early October from new and existing shareholders.
-- Drilling of geotechnical test well in Q4 2009 to confirm usability of
jack-up rig.
-- Significant progress made to plan for and engineer the 9/3b-R well in
Q1 2010.
-- Intention to secure additional Alliance partners in advance of 9/3b-R
well.
Richard Smith, Xcite Energy Chief Executive Officer commented:
"We are very pleased with the market's support for our recent fund raising
and its positive reaction to the creation of the Bentley alliance with
Fugro as the first partner. This represents a significant step forward in
the development of the Company and in drilling the first development well
in the Bentley field, planned to commence in the first quarter of 2010.
This will be a watershed event for the Company and we look forward to
continued support from shareholders in order to successfully pursue our
strategy."
The Company's Financial Results for the 3 Months Ended September 30, 2009
can be found at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/7683C_-2009-11-19.pdf
Neither 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 changes in market and
competition, governmental or regulatory developments and general economic
conditions. Additional information identifying risks and uncertainties are
contained in the Company's annual information form dated June 30, 2008 and
in the annual Management's Discussion and Analysis for Xcite Energy dated
March 26, 2009 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.
Contact Information: ENQUIRIES: Xcite Energy Limited +44 (0) 1330 826740 Richard Smith, Chief Executive Officer Rupert Cole, Chief Financial Officer Strand Hanson Limited (Nomad) +44 (0) 20 7409 3494 James Harris, Director Rory Murphy, Director Arbuthnot Securities Limited (Broker) +44 (0)20 7012 2000 Andrew Fairclough, Director Ed Burbidge Pelham Public Relations +44 (0) 20 7337 1500 Mark Antelme, Director Paradox Public Relations +1 514 341 0408 Jean-Francois Meilleur, Consultant Karl Mansour, Consultant