SOURCE: Xcite Energy Ltd

February 14, 2011 02:00 ET

Xcite Energy Limited ("Xcite Energy" or the "Company") Drilling Contract for "Rowan Norway" N-Class Jack-Up Rig

ABERDEENSHIRE, UK--(Marketwire - February 14, 2011) - Xcite Energy is pleased to announce that its 100% subsidiary, Xcite Energy Resources Limited ("XER") (TSX-V: XEL) (LSE: XEL) (AIM: XEL), has entered into a binding drilling contract with British American Offshore Limited("BAOL"), part of Rowan Companies, Inc. for the N-Class "Rowan Norway", a harsh environment, deep water jack-up unit, designed and built for simultaneous drilling and production, which is currently under construction.

The Rowan Norway is expected to be used to commence the first stage production of the Bentley field, the planning for which is currently being undertaken. XER expects the Rowan Norway to be made available in the fourth quarter of 2011.

Neither 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 ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES

Contact Information

  • ENQUIRIES:

    Xcite Energy Limited
    +44 (0) 1330 826740
    Richard Smith
    Chief Executive Officer
    Rupert Cole
    Chief Financial Officer

    Arbuthnot Securities Limited
    (Nomad and Broker)
    +44 (0) 207 012 2000
    Antonio Bossi
    Director

    Pelham Bell Pottinger
    +44 (0) 207 861 3232
    Mark Antelme
    Director

    Paradox Public Relations
    +1 514 341 0408
    Jean-Francois Meilleur
    Consultant