ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - Nov 15, 2011) -
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO
WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF
SUCH JURISDICTION
TSX-V, LSE-AIM: XEL
15 November 2011
Xcite Energy Limited
("Xcite Energy" or the "Company")
Corporate Update and Results for the 3 months ended 30 September 2011
Xcite Energy is pleased to provide a corporate update and its results
for the three months ended 30 September 2011.
The third quarter of 2011 and subsequent period has seen continued
progress in the Company's technical and operational plans for the First
Phase Development ("FPD") of the Bentley field. The Rowan Norway
jack-up rig has arrived in Dundee and is currently undergoing final
equipment testing, crew training and regulatory certification for
operations, before it can be handed over to the Company and equipped
for its deployment onto the Bentley field.
The Company continues its good progress with the approval process by
the Department of Energy and Climate Change ("DECC") of a Field
Development Plan for the Bentley field, to be consistent with the rig
deployment timing. A final Environmental Statement for the planned FPD
on the Bentley field has now been submitted in line with usual
practice.
Financing discussions continue to progress satisfactorily and the
Company's objective is to conclude these in a consistent timeframe with
approval by DECC of a Field Development Plan for the Bentley field and
the rig deployment.
The Company's unaudited Financial Results for the three months ended 30
September 2011 can be found at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/0739S_-2011-11-14.pdf
ENQUIRIES:
Xcite Energy Limited +44 (0) 1483 549 063
Richard Smith Chief Executive Officer
Rupert Cole Chief Financial Officer
Oriel Securities (Joint Broker and Nomad) +44 (0) 207 710 7600
Emma Griffin Partner
Simon Edwards Partner
Morgan Stanley (Joint Broker) +44 (0) 207 425 8000
Andrew Foster Managing Director
Pelham Bell Pottinger +44 (0) 207 861 3232
Mark Antelme Director
Henry Lerwill Account Director
Paradox Public Relations +1 514 341 0408
Jean-Francois Meilleur Consultant
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.
Morgan Stanley which is authorised and regulated in the United Kingdom
by the Financial Services Authority, is acting exclusively for Xcite
Energy and for no one else in connection with the subject matter of
this announcement and will not be responsible to anyone other than
Xcite Energy for providing the protections afforded to its clients or
for providing advice in connection with the subject matter of this
announcement.
Oriel Securities which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting exclusively for
Xcite Energy and for no one else in connection with the subject matter
of this announcement and will not be responsible to anyone other than
Xcite Energy for providing the protections afforded to its clients or
for providing advice in connection with the subject matter of this
announcement.
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 October
26, 2010 and in the annual Management's Discussion and Analysis for
Xcite Energy dated March 24, 2011 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.
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