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10/05/2012

Xcite Energy Corporate Video May 2012

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Market: AIM, TSX-V
Sector: Energy
EPIC: XEL
Latest Price: 92.00p  (3.37% Ascending)
52-week High: 247.00p
52-week Low: 72.50p
Market Cap: 221.94M
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Xcite Energy
www.xcite-energy.com

 

Xcite Energy Limited is a heavy oil appraisal and development company, with current interests in three licence blocks in the UK North Sea, all of which are held with 100% working interests through its wholly-owned UK subsidiary, Xcite Energy Resources Limited.

Its primary focus is in bringing the Bentley oil field on Block 9/3b into production and in doing so becoming a significant independent oil producer in the North Sea by 2014.

 

Watch Xcite Energy's May 2012 Corporate Video here.

 

Full Xcite Energy profile here
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Xcite Energy says Bentley rig now on hire; deployment scheduled for next February

5th Dec 2011, 7:26 am by Ian Lyall A work programme in Dundee will see the jack-up rig modified and “appropriately equipped and prepared” for deployment.

Xcite Energy (LON:XEL, CVE:XEL) has confirmed that the Rowan Norway rig, which will be used to develop the company’s Bentley heavy oil field, is now on hire.

A work programme in Dundee will see the jack-up rig modified and “appropriately equipped and prepared” for deployment. 

“This is expected to be early February 2012, subject to suitable weather conditions prevailing and all expected permits and consents having been obtained,” the company said in a statement. 

After that Xcite will begin the drilling for phase 1A of Bentley’s development.

Xcite last week revealed the first stage production programme for the field would be split into two parts. 

The revised plan means that Xcite can still achieve first oil next year, as it originally planned, with phase 1B  planned for 2013 and Phase 2 pencilled in to start in 2016.

In phase 1A, the oil produced will be transferred via a pipeline to a shuttle tanker. 

Finance director Rupert Cole last week pointed out that the revised plan provides an opportunity to establish an industry valuation for the producing asset. 

During phase 1B, the crude oil will be pumped to a floating production storage offloading vessel via a subsea pipeline. 

The oil will then be exported via a shuttle tanker. Xcite intends for Phase 1B to run for around three years.

For phase 2, a permanent production platform will be installed. It will comprise full processing, drilling and accommodation facilities.

 

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