ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - Mar 26, 2013) - (
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
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TSX-V, LSE-AIM: XEL
26 March 2013
Xcite Energy Limited
("Xcite Energy" or the "Company")
Results for the Year Ended 31 December 2012
Xcite Energy announces its results for the year ended 31 December 2012.
Highlights
* Safe and successful completion of pre-production extended well test
on the Bentley field, producing over 149,000 barrels of Bentley crude
which was sold to a major refiner in Europe, to record the first
revenue for the Group.
* Pre-production extended well test exceeded management expectations,
successfully demonstrating drilling, completion, production and export
techniques, enabling the development of a cost effective full field
development solution, which maximises the recovery of crude oil and
associated economics.
* Bentley field now substantially de-risked and development-ready.
Development can be approached with a higher degree of certainty in
terms of reservoir performance, technical execution and financial
outturn.
* Signing of a US$155 million Reserves Based Lending facility with a
leading group of lending institutions, which will form a substantial
part of the funding requirement for Phase 1B development of the
Bentley field.
* Strengthened balance sheet, with new net equity capital financing of
GBP63.4 million and new debt financing of US$60 million during 2012.
Cash balance at year end of GBP25.6 million.
* Strengthened management team and increased staffing levels, to
support future project activity levels moving into the development and
production phase of the Bentley field.
* Success in the 27th Licence Round provides new acreage to the Xcite
Energy Resources Limited portfolio. Blocks 9/4a, 9/8b and 9/9h add
four identified prospects to the future exploration and appraisal
programmes in the wider Bentley area.
Commenting on today's announcement Rupert Cole, Chief Executive
Officer, said:"2012 has been an excellent year for Xcite, with the
successful, and,
most importantly, safe, conclusion of a US$250 million project in the
North Sea, on time and on budget, which is a testament to the skill and
experience of our team. This is an immense achievement by any
standards.
The entire team has worked tirelessly during the well test and in the
time since its conclusion in September last year, to re-engineer the
reservoir model in order to deliver an updated field development plan
based on the excellent data and results from the test.
The success of last year's project has provided us not only the
information but also the confidence needed to be able to deliver our
plans to commence the first phase development on Bentley, which will be
largely based on scaling up the 2012 pre-production work programme.
While these 2012 results cover the past, as I look to the future, I am
enormously excited about what we can achieve in 2013 as we remain on
track for delivery of the new CPR in the early part of this year. My
thanks, once again, goes to the entire team for their dedication and
expertise."
The following tables summarise the Group's performance in the year
ended 31 December 2012 and the comparatives for the years ended 31
December 2011 and 31 December 2010.
Year ended Year ended Year ended
31 December 31 December 31 December
Income Statement Information 2012 2011 2010
GBPm GBPm GBPm
Revenue 13.3 - -
Net (loss)/profit (1.7) 0.1 (2.4)
(Loss)/earnings per share (basic) in (0.7p) 0.1p (1.9p)
pence
(Loss)/earnings per share (diluted) (0.7p) 0.1p (1.9p)
in pence
Year ended Year ended Year ended
31 December 31 December 31 December
Cash Flow Information 2012 2011 2010
GBPm GBPm GBPm
Net cash flow from operations (9.5) (12.6) 20.9
Net cash flow from investing (127.5) (22.0) (39.3)
activities
Net cash flow from financing 98.4 62.8 52.6
activities
As at As at As at
31 December 31 December 31 December
Balance Sheet Information 2012 2011 2010
GBPm GBPm GBPm
Total assets 251.8 152.8 102.8
Current liabilities 45.6 9.5 23.7
Long term liabilities (deferred 0.5 0.5 0.5
tax)
Total net assets 205.8 142.7 78.6
The Company's full Financial Results for the Year Ended 31 December
2012 can be found at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/8372A_-2013-3-25.pdf
The Company has filed copies of its audited financial statements and
management discussion and analysis in respect thereof for the year
ended 31 December 2012. These documents can be found for viewing by
electronic means on the System for Electronic Document and Analysis
Retrieval at www.sedar.com
ENQUIRIES:
Xcite Energy Limited +44 (0) 1483 549 063
Rupert Cole / Andrew Fairclough
Liberum Capital Limited (Joint Broker and Nomad) +44 (0) 203 100 2222
Clayton Bush / Tim Graham
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. 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