SOURCE: Xcite Energy Ltd

February 10, 2010 02:07 ET

Xcite Energy Limited ("Xcite Energy" or the "Company") Key Role for AMEC in Bentley Field Development

ABERDEENSHIRE, UK--(Marketwire - February 10, 2010) -


THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES

Xcite Energy (TSX-V: XEL) (AIM: XEL) (LSE: XEL), a developer of heavy oil assets in the UK North Sea, is pleased to announce that Xcite Energy Resources Limited ("XER"), its 100% owned subsidiary, has signed an agreement with AMEC for it to assist Xcite Energy demonstrate the reserves potential of the Bentley field and help bring it into production.

AMEC will advise on the upcoming Bentley 9/3b-R horizontal test well and then provide technical expertise, engineering and project management skills for the planned Early Production System for the Bentley field and the full field development solution in due course.

The services to be provided will include integrated project management, engineering, facilities design, planning and programming, supply chain management and operational support.

AMEC is a focused supplier of high-value consultancy, engineering and project management services to the world's natural resources, nuclear, clean energy, water and environmental sectors. With annual revenues of over £2.6 billion, AMEC designs, delivers and maintains strategic and complex assets for its customers. AMEC's Natural Resources, Power & Process and Earth & Environmental businesses employ almost 22,000 people in around 40 countries worldwide.

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 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 December 8, 2009 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.

Contact Information

  • ENQUIRIES:

    Xcite Energy Limited
    Richard Smith
    Chief Executive Officer
    +44 (0) 1330 826740

    Rupert Cole
    Chief Financial Officer
    +44 (0) 1330 826740

    Strand Hanson Limited (Nomad)
    James Harris
    Director
    Rory Murphy
    Director
    +44 (0) 20 7409 3494

    Arbuthnot Securities Limited (Broker)
    Andrew Fairclough
    Director
    Ed Burbidge
    +44 (0)20 7012 2000

    Pelham Bell Pottinger
    Mark Antelme
    Director
    +44 (0) 20 7337 1500

    Paradox Public Relations
    Jean-Francois Meilleur
    Consultant
    Karl Mansour
    Consultant
    +1 514 341 0408