SOURCE: Xcite Energy Ltd

January 04, 2011 02:00 ET

Xcite Energy Limited ("Xcite Energy" or the "Company") Successful Suspension of 9/3b-6z Well and Rig Off Hire on Bentley Field

ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - January 4, 2011) - This Announcement Is Not for Release, Publication or Distribution in or Into the United States.

The Company (TSX-V: XEL) (LSE: XEL) (AIM: XEL) announces that the 9/3b-6z well has been successfully suspended for potential future use as a production well and the Ocean Nomad drilling rig is off hire from the Bentley field location.

In addition to the successful well flow test announced on 21 December 2010, high quality downhole pressure, temperature and sample data has been safely recovered following a 36 hour shut in and build up period after the flow test.

Analysis and interpretation of this data will now commence, with the intention to update the information in the February 2009 Competent Persons Report potentially enabling a reserves report to be issued in due course.

Xcite Energy would like to thank all the business partners that have played a part in the success of this transformational well for the Company. 

Stephen Kew has reviewed and approved the technical information contained within this press release in his capacity as a qualified person, as required under the AIM Rules. Stephen Kew is Head of Exploration and Development at Xcite Energy and is an associate of the Institution of Chemical Engineers and a member of the Society of Petroleum Engineers.

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.

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 Company's annual information form dated October 26, 2010 and in the annual Management's Discussion and Analysis for Xcite Energy dated March 24, 2010 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.

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)20 7012 2000
    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