ABERDEENSHIRE, UK--(Marketwire - January 11, 2008) -
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR
INTO THE UNITED STATES
Xcite Energy (
TSX-V:
XEL) (
LSE:
XEL) (
AIM:
XEL), a heavy oil company
focused on the development of discovered resources in the UK North Sea,
today provides an update on the 9/3b-5 appraisal well on the Bentley field.
As anticipated, the well has reached its target depth on schedule and the
Company continues to expect testing to be completed before the end of
January 2008.
The Bentley heavy oil discovery is located on Block 9/3b, in which Xcite
Energy holds a 100% interest, 160km east of the Shetland Isles and covering
an area of approximately 200 km². Bentley has been drilled by three of the
four wells on Block 9/3b, being wells 9/3-1 (Amoco, 1977), 9/3-2A (Conoco,
1983) and 9/3-4 (Conoco, 1986).
The TSX Venture Exchange does not accept 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 Xcite Energy' prospectus filed with the Canadian securities
regulatory authorities, available at
www.sedar.com.
This information is provided by RNS
The company news service from the London Stock Exchange
Contact Information: Enquiries:
Xcite Energy
Richard Smith
Chief Executive Officer
Rupert Cole
Chief Financial Officer
+44 (0) 1330 826 740
Thomas Weisel Partners (UK) Limited
Paul Colucci
Managing Director
Paul Newman
Managing Director
+44 (0) 20 7290 9716
Strand Partners Ltd.
James Harris
Director
Warren Pearce
Associate Director
+44 (0) 20 7409 3494
Pelham Public Relations
Alisdair Haythornthwaite
Director
Katherine Stewart
Account Executive
Lucy Frankland
Account Executive
+44 (0) 20 7743 6676