ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - December 04, 2011) -
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
TSX-V, LSE-AIM: XEL
5 December 2011
Xcite Energy Limited ("Xcite Energy" or the "Company")
Rig Status Update
The Company announces that, as expected, the Rowan Norway jack-up rig has been made available to Xcite Energy Resources Limited ("XER") and is now on hire, subject to a satisfactory audit and inspection prior to acceptance.
Following acceptance and in accordance with the originally scheduled work programme in Dundee, the rig will be modified to accept drilling and processing equipment, before being appropriately equipped and prepared by XER prior to deployment to the Bentley field as soon as practicable. This is expected to be early February 2012, subject to suitable weather conditions prevailing and all expected permits and consents having been obtained, after which the Company expects to commence drilling for Phase 1A of the First Phase Development of Bentley.
ENQUIRIES: Xcite Energy Limited
+44 (0) 1483 549 063 Richard Smith Chief Executive Officer Rupert Cole Chief Financial Officer
Oriel Securities (Joint Broker and Nomad) +44 (0) 207 710 7600 Emma Griffin Partner Simon Edwards Partner
Morgan Stanley (Joint +44 (0) 207 425 8000 Broker) Andrew Foster Managing Director
Pelham Bell Pottinger +44 (0) 207 861 3232 Mark Antelme Director Henry Lerwill Account Director
Paradox Public Relations +1 514 341 0408 Jean-Francois Meilleur Consultant
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.
Morgan Stanley which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Xcite Energy and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Xcite Energy for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.
Oriel Securities which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Xcite Energy and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Xcite Energy for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.
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 October 26, 2010 and in the annual Management's Discussion and Analysis for Xcite Energy dated March 24, 2011 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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