ABERDEENSHIRE, UK--(Marketwire - April 23, 2009) -
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES
Xcite Energy (TSX-V: XEL) (LSE: XEL) (AIM: XEL) is a heavy oil company focused on the development of discovered resources in the United Kingdom North Sea. The Company holds a 100% working interest in Block 9/3b, which contains the Bentley field in its entirety, one of the largest proven, but undeveloped heavy oil fields in the United Kingdom North Sea.
Xcite Energy is listed on the AIM Market of the London Stock Exchange ("AIM") and the TSX Venture Exchange ("TSX-V").
The Company today announces its financial results for the 3 month period ended March 31, 2009.
-- Completion of the new Competent Person's Report from RPS Energy on the Bentley field, that has confirmed a higher resources categorisation, increased recoverable volumes of oil, significantly increased economic value and a greatly improved probability of commercial success. -- Further re-interpretation of the 3D seismic over the Bentley field provides additional confidence in recovery factors.
-- Work to conclude the detailed costs and design of the next well intervention on Bentley is nearing completion. -- Planning for the next phase in the development of the Bentley field will continue in the context of the current economic and market conditions.
Richard Smith, Xcite Energy Chief Executive Officer, commented:
"Following the release of the new Competent Person's Report in February, the first quarter of 2009 has provided further confirmation of the recoverable resources in the Bentley field through the re-interpretation work on the 3D seismic data. The details of this will be announced in due course. As we finalise the design and objectives of the next work programme intervention on Bentley, the market sentiment is viewed by some commentators as more encouraging. The Bentley field we believe, as one of the largest proven, but undeveloped fields in the North Sea, is well placed to attract appropriate interest from industry and financial partners seeking significant value uplift."
The Company's Financial Results for the 3 Months Ended March 31, 2009 can be found at the following link:
Neither 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.
Certain statements contained in this announcement constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to the Company's future outlook and anticipated events or results and, in some cases, can be identified by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "intend," "estimate," "predict," "target," "potential," "continue" or other similar expressions concerning matters that are not historical facts. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities. While the Company considers these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what we currently expect. These factors include changes in market and competition, governmental or regulatory developments and general economic conditions. Additional information identifying risks and uncertainties are contained in the Company's annual information form dated June 30, 2008 filed with the Canadian securities regulatory authorities, available at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
FOR FURTHER INFORMATION PLEASE CONTACT:
Xcite Energy Limited
Chief Executive Officer
Chief Financial Officer
+44 (0) 1330 826 740
Thomas Weisel Partners International Limited
+44 (0) 20 7877 4300
Strand Partners Limited
+44 (0) 20 7409 3494
Pelham Public Relations
+44 (0) 20 7337 1500