SOURCE: Xcite Energy Ltd

February 28, 2011 02:01 ET

Xcite Energy Limited ("Xcite Energy" or the "Company") Reserves Assessment Process Update

ABERDEENSHIRE, UK--(Marketwire - February 28, 2011) - Xcite Energy Limited (TSX-V: XEL) (LSE: XEL) (AIM: XEL) -- Following the successful Bentley 9/3b-6 well test in December 2010, the Company's 100% subsidiary, Xcite Energy Resources Limited ("XER"), has been working on a Reserves report that will update the RPS Energy Competent Person's report dated February 2009.

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.

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES

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
    (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