SOURCE: Xcite Energy Ltd

December 16, 2010 08:13 ET

Xcite Energy Limited ("Xcite Energy" or the "Company") -- Extension of Letter of Intent for "Rowan Norway" N-Class Jack-up Rig

ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - December 16, 2010) - THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES.

Xcite Energy (TSX-V: XEL) (LSE: XEL) (AIM: XEL) is pleased to announce that its 100% subsidiary, Xcite Energy Resources Limited ("XER"), has entered into an extension to the binding letter of intent ("LOI") 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 LOI has been extended to 15th January 2011, in consideration for which the termination fee payable by XER in the event it does not enter into a definitive agreement by this date has been increased to US$4 million.

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. 

Contact Information

  • ENQUIRIES:

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

    Arbuthnot Securities Limited
    (Nomad and Broker)
    Antonio Bossi
    Director
    +44 (0)20 7012 2000

    Pelham Bell Pottinger
    Mark Antelme
    Director
    Henry Lerwill
    +44 (0) 20 7861 3232

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