SOURCE: Xcite Energy Limited

August 23, 2013 02:00 ET

Xcite Energy Limited: Results for 3 & 6 Month Periods Ended 30 June 2013

ABERDEENSHIRE, UNITED KINGDOM--(Marketwired - Aug 23, 2013) - Xcite Energy Limited (TSX VENTURE: XEL) (LSE: XEL) (AIM: XEL)


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


23 August 2013


                       Xcite Energy Limited
              ("Xcite Energy" or the "Company")

       Results for the 3 and 6 Month Periods Ended 30 June 2013


Xcite Energy announces its results for the 3 and 6 month periods ended
30 June 2013.

Highlights

- Net profit in the current period of GBP8.3 million arising from the
  sale of technical well data from the Bentley field to a third party
  for an initial sum of $15 million, and the disposal of surplus
  oilfield equipment.

- Cash balance of GBP24.9 million as at 30 June 2013, with no escrow
  accounts.

- Revised Reserves Assessment Report on the Bentley field, with 2P
  Reserves of 250 million stock tank barrels ("MMstb") (increased from
  116 MMstb), with a further 46 MMstb of P50 Contingent Resources,
  confirming Bentley as one of the largest proven, undeveloped oil
  fields in the UK North Sea.

- Submission of the Environmental Statement relating to the Bentley
  field development plan to the Department of Energy and Climate Change
  for public consultation.

- Entering into a Memorandum of Understanding with AMEC Group Limited
  for future cooperation to support the development of the Bentley
  field.

- Discussions with potential farm-out partners and lending banks are
  on-going.

The following tables summarise the Group's financial performance in the
3 and 6 months ended 30 June 2013 and the comparatives for the 3 and 6
months ended 30 June 2012.

                              6 months  3 months   6 months   3 months
                                 ended     ended      ended      ended
                               30 June   30 June    30 June    30 June
Income Statement Information      2013      2013       2012       2012
                                  GBPm      GBPm       GBPm       GBPm

Net profit/(loss)                  8.3      10.0       (0.3)      (0.2)
Basic earnings/(loss) per        2.85p     3.43p      (0.1p)     (0.1p)
share in pence
Diluted earnings/(loss) per      2.56p     3.07p      (0.1p)     (0.1p)
share 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             2013      2013       2012       2012
                                  GBPm      GBPm       GBPm       GBPm
Net cash flow from                13.5      14.8        4.8        1.3
operations
Net cash flow from              (14.6)     (10.4)     (65.4)     (40.3)
investing activities
Net cash flow from                 0.4         -        78.2      41.8
financing activities

                                       As at         As at      As at
                                     30 June   31 December    30 June
Balance Sheet Information               2013          2012       2012
                                        GBPm          GBPm       GBPm
Total assets                           265.4         251.8      237.6
Cash and cash equivalents               24.9          25.6       81.8
Current liabilities                     46.9          45.6       45.8
Long term liabilities (deferred tax)     0.9           0.5        0.5
Total net assets                       217.7         205.8      191.2


The Company's unaudited Financial Results for the 3 and 6 Month Periods
Ended 30 June 2013 can be found at the following link:

 http://www.rns-pdf.londonstockexchange.com/rns/3369M_-2013-8-22.pdf 


ENQUIRIES:

Xcite Energy Limited                             +44 (0) 1483 549 063
Rupert Cole / Andrew Fairclough

Liberum Capital Limited (Joint Broker and Nomad) +44 (0) 203 100 2000
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. Additional information identifying risks and uncertainties
are contained in the annual Management's Discussion and Analysis for
Xcite Energy dated 25 March 2013 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

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