SOURCE: Xcite Energy Ltd

September 29, 2010 10:26 ET

Xcite Energy Limited ("Xcite Energy" or the "Company") R Well Spud and Contracting of Tanker

ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - September 29, 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 the Ocean Nomad semi-submersible drilling rig has arrived on location of the 9/3b-R well on the Bentley field and the circa 65 day well programme has commenced.

In addition, the Company has contracted with Knutsen OAS (UK) Limited to provide an offtake tanker to store well products from the intended well test.

Notes to editors:

Xcite Energy is listed on AIM in London and the TSX Venture Exchange. The Company is focused on the appraisal and development of the Bentley Field in Block 9/3b in the UK North Sea. Xcite holds 100% working interest in the field, which is the largest undeveloped heavy oil field in the region. Management's base recovery estimate for Bentley is 160mmbbls.

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

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

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

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