Xcite Energy

• 08/05/12

  Operational update for Bentley 9/3b-7 well

• 27/04/12

  Statement of Reserves Data and Funding Strategy

• 19/04/12

  Operations Update & Phase 1A Work Programme

• 11/04/12

  Additional Listing and Total Voting Rights

• 10/04/12

  Issue of US$50 million of Unsecured 14% Loan Notes

• 

  08/05/12

  Xcite Energy says drilling is progressing satisfactorily - UPDATE

  Xcite Energy this morning told investors that drilling operations are progressing satisfactorily. It also announced that it has now contracted a shuttle tanker and a pipeline for the start of the Bentley field’s production phase.

• 

  27/04/12

  North Sea deal activity could boost Xcite Energy’s project funding plans

  North Sea deal activity could help Xcite Energy pay for the Bentley oil field development as it seeks industry partners as one of the potential ways forward, with the help of City deal makers Rothschild and Jefferies.

• 

  27/04/12

  Xcite Energy unveils funding strategy for entire Bentley development

  Xcite requires around US$310 million to cover its development costs for 2013, so that it can kick start production as part of the Phase 1B programme.  After that it is expected that the Bentley field will be producing enough oil so that the remaining development will be self-sustaining.

• 

  19/04/12

  Xcite Energy updates on drilling and details testing plans

  The current operation will facilitate a testing phase, including a 90 day production test starting later this quarter.

• 

  08/03/12

  Xcite Energy shares rise as Phase 1A of Bentley field development gets approval

  Xcite shares advanced over 10 per cent this afternoon as it received its hotly anticipated approval for the first phase of the Bentley oilfield development.

  
  

   

• 08/05/12

  Xcite Energy says drilling is progressing satisfactorily

• 10/04/12

  Xcite Energy raises US$50 mln from loan notes

• 05/04/12

  Xcite Energy draws down £2.12 mln on Esousa equity line

• 02/04/12

  Xcite Energy says Bentley development well is making good progress

• 23/03/12

  Xcite Energy showed ‘remarkable flexibility’ to overcome challenges of 2011, says chairman

•  

  27/04/2012

  Stocktube video - Xcite CEO delivers upbeat message on the development of the Bentley field

  Richard Smith, CEO of Xcite Energy (LON:XEL, TSX-V:XEL), explains in some more detail to Proactiveinvestors about the most recent release updating shareholders on the forward development of the Bentley field. Richard also highlights the options that he says are available on the issue of funding.
•  

  11/04/2011

  Stocktube video - Rupert Cole at Xcite Energy says it’s almost set for first stage production

  Rupert Cole, CFO at Xcite Energy (LON:XEL), tells Proactive Investors that the company aims to have the reserves report ready by Easter with a view to go for a first stage production in a small part of the Bentley field to move Xcite into revenue.
•  

  04/03/2011

  Stocktube video - Rupert Cole of Xcite Energy believes there’s still significant upside on asset value

  Rupert Cole, Chief Financial Officer at Xcite Energy, tells Proactive Investors that the company is creating a new reserves assessment report and he clarifies some of the misconceptions that have built up around suggestions the company has withheld a previously undertaken assessment. Rupert also explains the belief that there’s still significant upside for shareholders on the asset value in the Bentley oilfield.(LON:XEL)
•  

  26/07/2010

  Stocktube video - Xcite Energy Bentley North sea oil field could be a “two billion dollar asset prize”

  Rupert Cole confirms that the Bentley North Sea oil field has 3 value creation points with major announcements due in late October or early November. Xcite Energy has BP as a significant partner in the field but says their arrangements are not under threat despite BP’s current issues. With a share price around 60p Cole says the Bentley field assets are significantly undervalued. Cole expands on the early production system of 15,000 bopd ramping up to 60,000 - 80,000 bopd in future years.
• 

  14/05/2009

  Xcite Energy One2One Investor Presentation 14 May 2009 (PDF)

  Rupert Cole of Xcite Energy updates investors at the Proactiveinvestors One2One Forum on 14 May 2009

The Group intends initially to evaluate and develop the identified heavy oil discoveries in the Bentley field, to be complemented by appraising and exploring the identified prospects and leads on the block. The Group will also pursue potential acquisition opportunities and participate in future UK offshore licensing rounds to become a significant independent heavy oil producer in the North Sea by 2014

Block 9/3b, Bentley Field

XER are 100% owner and operator of Block 9/3b, licence P.1078, containing the Bentley Field in its entirety. The block, which was awarded to XER in 2003 as part of the 21st UK Offshore Licensing Round, is located 160 km east of the Shetland Isles in 113 m of water. 

In January 2008, XER successfully operated the drilling and testing of the 9/3b-5 well in the central area of the field. The well achieved its primary objectives of (i) sampling the Bentley oil by way of a drill stem test (DST), (ii) confirming the excellent reservoir characteristics and continuity of the Bentley reservoir, and (iii) enabling potential flow rates under development conditions to be established through modelling and by analogy to the nearby Bressay field, 6 km to the northwest. The Bressay field achieved stabilised, vertical well flow rates in excess of 3,100 bopd from similar reservoir and oil type.

The Bentley field, which is a large four-way dip-closed structure, approximately 15 km by 6 km, within the Upper Palaeocene Dornoch reservoir at an average depth of 3,700 ft TVDSS, is established by four appraisal wells and delineated with reprocessed 3D seismic.

In addition to the Bentley field, there is further potential in the four-way dip-closed Brunel Prospect at Dornoch level, and in two Jurassic leads.

XER is currently planning a pre-development well on Bentley for 2010 prior to progressing to field development. This pre-development well will narrow the range of potential performance of the Bentley field and thereby further enable detailed field development planning. 

For full details on the Bentley Field please click here.

Roger S. Ramshaw is Chairman and a Director of Xcite. From 2002 until his retirement in 2003, Roger was Chairman and Managing Director of ConocoPhillips (UK) Ltd, where he led the company’s exploration, development and production business on the UKCS. From 1999 to 2002, he was President of Conoco Venezuela Ltd, leading the company’s commercialisation of heavy oil assets. Roger has over 30 years of domestic and international experience in operations, project and commercial activity in the petroleum industry.

Gregory J. Moroney is a Director of Xcite. Greg is the Founding and Managing Member of Energy Capital Advisors LLC of Greenwich, Connecticut, which he founded in 2003 to assist independent energy companies and energy fund managers in North America in their fund-raising activities. Greg is also a director of BreitBurn Energy Partners L.P., an oil and gas limited partnership listed on NASDAQ. From 1993 to 2002, he was head of the Structured Finance Group for the Energy and Natural Resource Sector – Western Hemisphere at Deutsche Bank Securities in New York. Greg has over 25 years of experience as an energy finance specialist.

Scott R. Cochlan is a Non-Executive Director of the Company and is a member of the Remuneration and Nominating Committee. Mr. Cochlan is a partner at the law firm of Torys LLP in the Corporate and Capital Markets group. Mr. Cochlan has represented senior and junior public issuers in numerous aspects of general corporate law and securities regulatory matters including corporate governance, continuous disclosure, regulatory compliance and transaction negotiation and completion. Mr. Cochlan also has extensive experience in representing both issuers and underwriters in a wide variety of complex private and public financing matters (equity and debt), including cross-border financings, mergers, acquisitions and other business reorganizations and restructurings. Mr. Cochlan holds a law degree from the University of Calgary and a B.A. from the University of Western Ontario. Mr. Cochlan has received a number of recognitions as a leading lawyer in his field.

Timothy S. Jones, aged 60, is a Chartered Accountant, with twenty years experience in professional practice covering a number of industries including oil and gas. Following major public company roles, he formed his own accountancy and consulting practice to focus on the oil and gas sector, where he specialises in providing advice to AIM listed companies. He is currently on the board of a number of AIM listed natural resources companies.

Richard E. Smith is CEO and Director of Xcite. From 2000 until joining XER in 2003, Richard was Programme Director at Granherne, formerly of the Halliburton Group of companies, where he was responsible for the creation and formation of a business providing programme management services to clients in the international onshore and offshore oil and gas business. Richard is a Chartered Engineer and has over 25 years of experience in engineering and business management in onshore and offshore oil and gas projects. He is a Fellow of the Institute of Civil Engineers and a Corporate Member of the Institute of Marine Engineers and the Royal Institute of Naval Architects.

Rupert E. Cole is Chief Financial Officer and Director of Xcite. From 2002 until joining XER in 2003, Rupert was Programme Management Business Adviser at Granherne, a company within the Halliburton Group of companies, providing strategic, commercial and financial advice to upstream oil and gas services providers. From 1990 to 1996, Rupert was Finance Director at Harpur, an international downstream service provider to major oil companies. Rupert is a Chartered Accountant and has over 20 years of experience in corporate finance.

Stephen A. Kew is Exploration and Development Director of Xcite. Stephen has been a director of 3 Sigma Limited since 1999, a petroleum engineering consultancy company in the upstream oil and gas business. Stephen is a Petroleum Engineer and has over 34 years of development engineering and project management experience in the oil and gas industry, including 25 years with Conoco and previous experience in respect of the Bentley field, Block 9/3b. He is an associate of the Institution of Chemical Engineers, a member of the Society of Petroleum Engineers and President of the Scottish Oil Club.

For information on Xcite's management team click here

For shares information please Click Here.

Connect with Facebook to view or add comments for this company