ABERDEENSHIRE--(Marketwired - Nov 29, 2013) -
TSX-V: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
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SUCH JURISDICTION
TSX-V, LSE-AIM: XEL
Xcite Energy Limited
("Xcite Energy" or the "Company")
Results for the 3 and 9 Month Periods Ended 30 September 2013
Xcite Energy announces its unaudited, consolidated results for the 3
and 9 month periods ended 30 September 2013.Highlights
* Discussions with potential farm-out partners and lending banks
ongoing.
* The terms of a refinancing of the Company's unsecured loan notes
have been agreed subject to final documentation.
* Submission of the Environmental Statement for the Bentley field
development plan to the Department of Energy and Climate Change.
* Entered into a Memorandum of Understanding with AMEC Group
Limited for future cooperation to support the development of the
Bentley field.
* Sale of Bentley extended well test data for $15 million.
* Revised Reserves Assessment Report for the Bentley field updated
2P Reserves to 250 million stock tank barrels ("MMstb") (from 116
MMstb), with a further 46 MMstb of Contingent Resources in April 2013.
* Net profit in the current period of GBP0.9 million arising from
unrealised foreign currency gains.
* Cash balance of GBP22.0 million as at 30 September 2013.
Rupert Cole, CEO of Xcite Energy commented:"It has been a very busy and
successful 12 months for Xcite, in which we have appraised a major,
strategic asset and delivered clear value for Xcite, as well for others in
the industry. We are now engaging, through data sharing and a collaborative
approach, in the process of finding a suitable and robust partner for the
Bentley development.
We have an understanding of the key investment drivers for Bentley and
will continue to work diligently towards delivering a result to create
value for all parties."
Outlook
The Company continues to progress the detailed work programme on
Bentley, focused on optimising the development plan and schedule in
preparation for project execution. Critical long lead items have been
identified and are being sourced through a structured procurement
process and strategic alliances.
To support the development of the Bentley field, Xcite Energy is
seeking a suitable farm-out partner with an aligned strategy and the
required financial capacity. The initial phase has provided the
Company with the opportunity to share the substantial amount of
information collected on the field with interested parties for the
first time, and engage in a number of on-going discussions.
The process so far has reinforced some of the key drivers currently
affecting the decision-making processes for investment in the North Sea
basin, including scheduling commitments and resources. It has also
highlighted key attractions of Bentley and the selected development
concept, as well as potential areas for further investigation and
optimisation through a collaborative approach between a farm-out
partner and the Company, to deliver the best outcome for all
stakeholders. Discussions with potential partners are continuing.
The re-assessment and potential increase of the Reserves Based Lending
facility has progressed satisfactorily, with significant interest
having been demonstrated by existing and new banking institutions
following the successful well test in 2012. This work will continue in
parallel with the discussions with potential field development
partners.
The Bentley field Environmental Statement was submitted to DECC on 2
July 2013 for public consultation, which commenced on 12 July 2013 and
concluded on 9 August 2013, and the Company is in the process of
addressing the comments received. A formal Field Development Plan will
only be submitted once the complete development package, including
funding, is finalised.
The terms of a refinancing of the Company's US$60 million unsecured
loan notes have been agreed subject to final documentation, which is
expected to be concluded as soon as practicable.
The following tables summarise the financial performance of Xcite
Energy and Xcite Energy Resources Limited in the 3 and 9 months ended
30 September 2013 and the comparatives for the 3 and 9 months ended 30
September 2012.
9 months 3 months 9 months 3 months
ended ended ended ended
30 Sept 30 Sept 30 Sept 30 Sept
Income Statement Information 2013 2013 2012 2012
GBPm GBPm GBPm GBPm
Revenue - - 13.3 13.3
Net profit/(loss) 9.6 0.9 (0.8) (0.6)
Basic earnings/(loss) per 3.2p 0.3p (0.3p) (0.2p)
share in pence
Diluted earnings/(loss) per 2.8p 0.3p (0.3p) (0.2p)
share in pence
9 months 3 months 9 months 3 months
ended ended ended ended
30 Sept 30 Sept 30 Sept 30 Sept
Cash Flow Information 2013 2013 2012 2012
GBPm GBPm GBPm GBPm
Net cash flow from 14.0 0.5 (8.2) (13.0)
operations
Net cash flow from (18.0) (3.4) (100.8) (35.4)
investing activities
Net cash flow from 0.4 - 99.5 21.3
financing activities
As at As at As at
30 Sept 31 Dec 30 Sept
Balance Sheet Information 2013 2012 2012
GBPm GBPm GBPm
Total assets 263.9 251.8 260.7
Cash and cash equivalents 22.0 25.6 54.6
Current liabilities 44.4 45.6 53.7
Long term liabilities (deferred tax) 0.9 0.5 0.5
Total net assets 218.7 205.8 206.5
The Company's unaudited Financial Results for the 3 and 9 Month Periods
Ended 30 September 2013 can be found at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/2331U_1-2013-11-28.pdf
ENQUIRIES:
Xcite Energy Limited +44 (0) 1483 549 063
Rupert Cole / Andrew Fairclough
Liberum Capital Limited +44 (0) 203 100 2000
(Joint Broker and Nominated Adviser)
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
Contact Information:
Contacts:
RNS
Customer
Services
0044-207797-4400
http://www.rns.com