ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - August 02, 2012) -
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TSX-V, LSE-AIM: XEL
3 August 2012
Xcite Energy Limited ("Xcite Energy" or the "Company") Operational Update - Pre-production Flow Test
The Company is pleased to announce that the pre-production flow test is progressing well.
Following planned equipment maintenance, offtake procedure testing and further optimisation of process equipment, the 9/03b-7 well has been producing at a stabilised rate of approximately 3,200 barrels per day with no associated basic sediments or water. This is viewed as being well within the operational performance of the reservoir.
Bentley crude oil collected so far in the Scott Spirit tanker is in excess of 47,000 barrels of dry oil and thus achieves another major technical objective of the flow test.
Early data gathered from down hole pressure and temperature responses demonstrates that the underlying aquifer support is strong and consistent, which is a good indicator for longer term productivity of the reservoir.
The pre-production flow test will be continued in order to determine the reservoir fluid behaviour and to gather data to assist in the optimisation of ultimate life-of-field performance.
Commenting on today's announcement Steve Kew, Chief Operating Officer, said:"With the Phase 1A work programme thus far having once again demonstrated the expertise and delivery capabilities of the Xcite team, we look forward to completing the programme and moving forward with the important next stages in the development of the Bentley field."
Xcite Energy Limited +44 (0) 1483 549 063 Rupert Cole / Steve Kew
Oriel Securities (Joint Broker and Nomad) +44 (0) 207 710 7600 Emma Griffin / Michael Shaw
Morgan Stanley (Joint Broker) +44 (0) 207 425 8000 Andrew Foster
Pelham Bell Pottinger +44 (0) 207 861 3232 Mark Antelme / Henry Lerwill
Paradox Public Relations +1 514 341 0408 Jean-Francois Meilleur
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. Additional information identifying risks and uncertainties are contained in the Company's annual information form dated 26 October 2010 and in the Management's Discussion and Analysis for Xcite Energy dated 25 July 2012 filed with the Canadian securities regulatory authorities and 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.
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