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Xcite Energy Regulatory News (XEL)

Regulatory News for Xcite Energy (XEL)

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Collaboration Agreement with Statoil and Shell

Tue, 6th May 2014 07:01

RNS Number : 2263G
Xcite Energy Limited
06 May 2014






6 May 2014


Xcite Energy Limited

("Xcite Energy" or the "Company")


Collaboration Agreement with Statoil and Shell


Xcite Energy announces that its 100% owned subsidiary, Xcite Energy Resources Ltd ("XER"), has entered into a Collaboration Agreement with Statoil (U.K.) Ltd. ("Statoil") and Shell U.K. Ltd. ("Shell"), which allows all the Parties to make available and share field-specific technical and operational information for the evaluation of potential synergies and collaboration between the Bentley and Bressay Fields.

A joint XER, Statoil and Shell team will work together to analyse the current available information and develop a number of proposals for assessment, including the potential utilisation of common infrastructure, assets and operational solutions during the phased development of the Bentley Field and the future development of the Bressay Field.

XER believes that collaboration in a number of key areas, along with a coordinated approach to an area development, will realise a number of mutual opportunities which have the potential to benefit all stakeholders.

Rupert Cole, CEO of Xcite Energy, commented:

"We are pleased to continue to work  with Statoil and Shell in this important initiative and, following their purchase of the Bentley EWT data in 2013, believe that it demonstrates the value that independent oil companies can bring to the North Sea to unlock major energy assets. We also believe that the principles contained in this Collaboration Agreement complement the recent UK Government commissioned report, "UKCS Maximising Recovery Review" by Sir Ian Wood, and will provide an important early framework through which additional value can be captured in area development scenarios." 






Xcite Energy Limited



+44 (0) 1483 549 063

Rupert Cole / Andrew Fairclough

Liberum (Joint Broker and Nominated Adviser)

+44 (0) 203 100 2222

Clayton Bush / Tim Graham

Morgan Stanley (Joint Broker)

+44 (0) 207 425 8000

Andrew Foster

Bell Pottinger

+44 (0) 207 861 3232

Mark Antelme / Henry Lerwill


Notes to Readers


Xcite Energy Resources Limited is Operator of the Bentley field and holds a 100% working interest in the Bentley licence.

The Bressay field is operated by Statoil, with an 81.625% working interest. Shell holds an 18.375% working interest.

Forward-Looking Statements           


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 risks associated with the oil and gas industry (including operational risks in exploration and development and uncertainties of estimates oil and gas potential properties), the risk of commodity price and foreign exchange rate fluctuations and the ability of Xcite Energy to secure financing. 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.


Neither the 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.



This information is provided by RNS
The company news service from the London Stock Exchange

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