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11/04/2011

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

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Additional Information
Market: AIM, TSX-V
Sector: Energy
EPIC: XEL
Latest Price: 92.75p  (-1.07% Descending)
52-week High: 397.50p
52-week Low: 72.50p
Market Cap: 194.59M
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Xcite Energy
www.xcite-energy.com

The Company, through its wholly owned subsidiary, Xcite Energy Resources Limited (“XER”), is an oil exploration and development company, which is focused on the exploration and development of heavy oil resources in the North Sea on the United Kingdom Continental Shelf.

In 2003, XER was awarded its 100% working interest in the Bentley field in Block 9/3b in the UK North Sea. All of the Company’s current material assets are held through XER.

Full Xcite Energy profile here
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Xcite Energy Chief Executive looks ahead to “transformational few months”

27th Aug 2010, 3:57 pm Xcite Energy Chief Executive looks ahead to “transformational few months”

With the release of its Q2 results, Xcite Energy’s (LON:XEL) chief executive Richard Smith said he was looking forward to a “transformational few months”.

In the three-months ended 30th June, the company has been working in preparation for an important work programme on the Bentley oil field in the North Sea. Xcite and its partners - collectively known as the Bentley Alliance - will appraise the Bentley field, gather data and accelerate the first stage production programme.

"This has been another important period for the company and we have now put in place the key elements of the work programme for the 9/3b-R well,” Smith commented.

Significantly, Xcite secured an alterative rig to carry out the 9/3b-R drilling. With the Ocean Nomad semi-submersible rig, the Bentley Alliance have been able to expand the scope of the drilling programme to include a ‘slant’ well section.

The company believes its updated plan will “provide greater certainty” for the planned horizontal flow test.

Importantly the enhancement will add new “significant data”, and accelerate development to reach first stage production.

“We look forward to a transformational few months as we seek to demonstrate the commercial value of the Bentley field," Smith added.

The company said it has a strong balance sheet, with £23.3m as at the end of the period. Additionally it added a further capital this week with a placing, raising £5.8m gross.

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