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Memorandum of Understanding with AMEC

12 Jun 2013 07:00

RNS Number : 8127G
Xcite Energy Limited
12 June 2013
 



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

 

12 June 2013

 

Xcite Energy Limited

("Xcite Energy" or the "Company")

 

Memorandum of Understanding with AMEC

 

Xcite Energy announces that its 100% subsidiary, Xcite Energy Resources Limited ("XER"), has entered into a Memorandum of Understanding ("MOU") with AMEC Group Limited ("AMEC") setting out commercial principles for future cooperation to support the development of the Bentley Field.

 

XER and AMEC will shortly commence a front-end engineering and design (FEED) programme, during which the terms for a wider services agreement are expected to be formulated to include project and programme management and controls, further detailed engineering and design, fabrication management, sub-contractor management, hook-up and commissioning, operations and maintenance planning and system build, and Duty Holder services.

 

XER and AMEC intend to build on the already agreed MOU principles to optimise the commercial benefits for all stakeholders and provide a strong foundation for the life-of-field technical and operational solutions.

 

Rupert Cole, CEO of Xcite Energy, commented:

 

"We are very pleased to have developed our existing relationship with AMEC to create the basis for these commercial arrangements. I believe that AMEC's expertise and track record in delivering major UKCS offshore and heavy oil projects will complement the Company's own skillset to deliver a best in class development programme. This is another industry confirmation of Bentley as one of the largest development-ready North Sea fields and provides further, complementary support to the current farm-out process as we progress towards development."

 

 

 

ENQUIRIES:

 

Xcite Energy Limited

 

 

 

+44 (0) 1483 549 063

Rupert Cole / Andrew Fairclough

 

 

 

 

Liberum Capital Limited (Joint Broker and Nomad)

+44 (0) 203 100 2000

Clayton Bush / Tim Graham

 

 

 

 

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

 

 

 

 

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. 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 17 May 2013 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.

 

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
 
END
 
 
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