Xcite Energy Regulatory News (XEL)

11 Jan 2008 13:11

Xcite Energy Limited11 January 2008 THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES TSX-V, LSE-AIM: XEL January 11th, 2008 XCITE ENERGY LIMITED ("Xcite Energy" or the "Company") Update on 9/3b-5 Appraisal Well Xcite Energy, a heavy oil company focused on the development of discoveredresources in the UK North Sea, today provides an update on the 9/3b-5 appraisalwell on the Bentley field. As anticipated, the well has reached its target depth on schedule and theCompany continues to expect testing to be completed before the end of January2008. The Bentley heavy oil discovery is located on Block 9/3b, in which Xcite Energyholds a 100% interest, 160km east of the Shetland Isles and covering an area ofapproximately 200 km(2). Bentley has been drilled by three of the four wells onBlock 9/3b, being wells 9/3-1 (Amoco, 1977), 9/3-2A (Conoco, 1983) and 9/3-4(Conoco, 1986). Enquiries: Xcite Energy +44 (0) 1330 826 740Richard Smith Chief Executive OfficerRupert Cole Chief Financial Officer Thomas Weisel Partners (UK) Limited +44 (0) 20 7290 9716Paul Colucci Managing DirectorPaul Newman Managing Director Strand Partners Ltd. +44 (0) 20 7409 3494James Harris DirectorWarren Pearce Associate Director Pelham Public Relations +44 (0) 20 7743 6676Alisdair Haythornthwaite DirectorKatherine Stewart Account ExecutiveLucy Frankland Account Executive The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Forward-Looking Statements Certain statements contained in this announcement constitute forward-lookinginformation within the meaning of securities laws. Forward-looking informationmay relate to the Company's future outlook and anticipated events or resultsand, 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 expressionsconcerning matters that are not historical facts. These statements are based oncertain factors and assumptions including expected growth, results ofoperations, performance and business prospects and opportunities. While theCompany considers these assumptions to be reasonable based on informationcurrently available to us, they may prove to be incorrect. Forward-lookinginformation is also subject to certain factors, including risks anduncertainties that could cause actual results to differ materially from what wecurrently 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 inXcite Energy' prospectus filed with the Canadian securities regulatoryauthorities, available at www.sedar.com. This information is provided by RNS The company news service from the London Stock Exchange