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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 secures storage and offtake/shuttle tanker for Bentley oil field

14th Dec 2011, 7:33 am by Andre Lamberti Xcite informed investors today that it has signed a letter of intent with Teekay Shipping Norway AS for the provision of a shuttle tanker

Xcite Energy (LON:XEL, CVE:XEL) has secured a storage and offtake/shuttle tanker for the forthcoming Phase 1A of the Bentley heavy oil field development programme.

The various parts of the company’s plan for the field in the North Sea are slotting together. Only last week it announced that the Rowan Norway rig, which will be used to develop Bentley, was on hire.

Once the rig is kitted out for the new job, and the Department of Energy and Climate Change (DECC) has given the sign-off for the field development plan, the rig can be deployed – and this is currently expected to occur early February 2012.

At the beginning of December, Xcite revealed that 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.

Another crucial element for phase 1A is now also in place, allowing the group to transfer the oil it produces initially via a pipeline to a shuttle tanker.

Today, it informed investors that subsidiary Xcite Energy Resources Ltd (XER) has signed a letter of intent with Teekay Shipping Norway AS for the provision of a shuttle tanker.

A definitive agreement for one of Teekay's dynamically positioned shuttle tankers should be struck within three months, following which the shuttle tanker is expected to be used as the in-field storage and offtake facility for Bentley oil.

Exploration and development director Steve Kew said: "We are pleased to have secured a storage and offtake vessel, which will play a key part in Phase 1A and first oil from the Bentley Field.  As another important step in the overall planning for the field development, it also serves to highlight the concurrent activity that is underway whilst we await the necessary approvals from DECC."

The development plan envisages that 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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