ABERDEENSHIRE, UK--(Marketwire - February 28, 2011) - Xcite Energy Limited (
TRACS, part of the AGR Group, was appointed as the independent third party engineers to undertake the Reserves report on behalf of XER in the second half of 2010 and RPS Energy will continue to advise the Company to optimise the report.
The success of the Bentley 9/3b-6 well test requires XER to re-assess all material aspects of the reservoir model as the starting point for the input to the Reserves report. The information and data available from the well is still in the process of being received and collated and the Company intends to use as much of this material as possible for input to the Reserves report.
The Reserves report will be focused on the First Stage Production ("FSP") of the Bentley field, for which the work programme is underway and the Rowan jack-up rig has been contracted. The Reserves report will assess reserves in connection with the FSP only, while also providing a further update to the resources on a field-wide basis.
The Company expects the completion of the Reserves report to be around the end of March 2011, but will take the time necessary to maximise the value of the report.
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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