ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - Jul 25, 2012) -
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO
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SUCH JURISDICTION
TSX-V, LSE-AIM: XEL
25 July 2012
Xcite Energy Limited
("Xcite Energy" or the "Company")
Results for the 3 and 6 Month Periods Ended 30 June 2012
Xcite Energy announces its results for the 3 and 6 month periods ended
30 June 2012.
Highlights
- Net loss in the current period of GBP0.2 million comparable with
previous quarters. Further increase in net asset value due to the
current well drilling operations as the Bentley field development
programme continues. Increased investment in operational team headcount
reflecting increased activity levels.
- Cash of GBP81.8 million as at 30 June 2012, following net new equity
capital and debt financing of GBP40.3 million in the three month
period. Included in cash balances are amounts held in escrow of GBP59.1
million relating to the Bentley Phase 1A work programme.
- Signing of a US$155 million reserves-based lending facility with a
leading group of five lending institutions to provide a substantial
part of the Phase 1B work programme funding requirement.
- Issue of US$50 million of unsecured 14% loan notes to a Canada-based
investment management firm, with a term of 360 days.
- Successful drilling of a mother bore and two lateral wells on
Bentley, with the upper lateral providing over 2,200 feet of reservoir
section positioned at the top of the reservoir, and the lower lateral
with over 2,000 feet reservoir section positioned nearer to the oil
water contact.
- Since the period end, the Company announced that it had successfully
installed smart completions equipment and down hole pumps in the wells,
culminating with the successful commencement of the pre-production flow
test on 9 July 2012 and the planned shut-in period and pressure
build-up test on 11 July 2012. This planned shut-in period and pressure
build-up test is designed to obtain key information about the Bentley
reservoir and the mobility of its fluids.
- On 19 July 2012, the Company announced that, following the
successful pressure build-up test, the flow test has continued as
planned and a stabilised flow rate of 2,900 barrels of oil per day has
been comfortably achieved, which was well within the operational
performance of the reservoir.
The following tables summarise the Group's financial performance in the
3 and 6 months ended 30 June 2012 and the comparatives for the 3 and 6
months ended 30 June 2011. The Group had no trading revenue in any of
these periods.
6 months 3 months 6 months 3 months
ended ended ended ended
30 June 30 June 30 June 30 June
Income Statement Information 2012 2012 2011 2011
GBPm GBPm GBPm GBPm
Net profit/(loss) (0.3) (0.2) (0.3) (0.3)
Earnings/(loss) per share (0.1p) (0.1p) (0.2p) (0.2p)
(basic) in pence
Earnings/(loss) per share (0.1p) (0.1p) (0.2p) (0.2p)
(diluted) in pence
6 months 3 months 6 months 3 months
ended ended ended ended
30 June 30 June 30 June 30 June
Cash Flow Information 2012 2012 2011 2011
GBPm GBPm GBPm GBPm
Net cash flow from 4.6 1.3 (17.5) 0.4
operations
Net cash flow from (65.2) (40.3) (7.3) (4.6)
investing activities
Net cash flow from 78.2 41.8 33.2 18.3
financing activities
As at As at As at
30 June 31 December 30 June
Balance Sheet Information 2012 2011 2011
GBPm GBPm GBPm
Total assets 237.6 152.8 118.1
Cash and cash equivalents 81.8 64.1 44.3
Current liabilities 45.8 9.5 5.9
Long term liabilities (deferred tax) 0.5 0.5 0.5
Total net assets 191.2 142.7 111.6
The Company's unaudited Financial Results for the 3 and 6 Months Ended
30 June 2012 can be found at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/4246I_1-2012-7-24.pdf
ENQUIRIES:
Xcite Energy Limited +44 (0) 1483 549 063
Richard Smith (CEO) / Rupert Cole (CFO)
Oriel Securities (Joint Broker and Nomad) +44 (0) 207 710 7600
Emma Griffin / Michael Shaw
Morgan Stanley (Joint Broker) +44 (0) 207 425 8000
Andrew Foster
Pelham Bell Pottinger +44 (0) 207 861 3232
Mark Antelme / Henry Lerwill
Paradox Public Relations +1 514 341 0408
Jean-Francois Meilleur
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 26 October
2010 and in the annual Management's Discussion and Analysis for Xcite
Energy dated 22 March 2012 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.
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
Contact Information:
Contacts:
RNS
Customer
Services
0044-207797-4400
http://www.rns.com