23 Aug 2013 07:00
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
23 August 2013
Xcite Energy Limited
("Xcite Energy" or the "Company")
Results for the 3 and 6 Month Periods Ended 30 June 2013
Xcite Energy announces its results for the 3 and 6 month periods ended 30 June 2013.
Highlights
v Net profit in the current period of £8.3 million arising from the sale of technical well data from the Bentley field to a third party for an initial sum of $15 million, and the disposal of surplus oilfield equipment.
v Cash balance of £24.9 million as at 30 June 2013, with no escrow accounts.
v Revised Reserves Assessment Report on the Bentley field, with 2P Reserves of 250 million stock tank barrels ("MMstb") (increased from 116 MMstb), with a further 46 MMstb of P50 Contingent Resources, confirming Bentley as one of the largest proven, undeveloped oil fields in the UK North Sea.
v Submission of the Environmental Statement relating to the Bentley field development plan to the Department of Energy and Climate Change for public consultation.
v Entering into a Memorandum of Understanding with AMEC Group Limited for future cooperation to support the development of the Bentley field.
v Discussions with potential farm-out partners and lending banks are on-going.
The following tables summarise the Group's financial performance in the 3 and 6 months ended 30 June 2013 and the comparatives for the 3 and 6 months ended 30 June 2012.
6 months ended 30 June | 3 months ended 30 June | 6 months ended 30 June | 3 months ended 30 June | |
Income Statement Information | 2013 | 2013 | 2012 | 2012 |
£m | £m | £m | £m | |
Net profit/(loss) | 8.3 | 10.0 | (0.3) | (0.2) |
Basic earnings/(loss) per share in pence | 2.85p | 3.43p | (0.1p) | (0.1p) |
Diluted earnings/(loss) per share in pence | 2.56p | 3.07p | (0.1p) | (0.1p) |
6 months ended 30 June | 3 months ended 30 June | 6 months ended 30 June | 3 months ended 30 June | |
Cash Flow Information | 2013 | 2013 | 2012 | 2012 |
£m | £m | £m | £m | |
Net cash flow from operations | 13.5 | 14.8 | 4.8 | 1.3 |
Net cash flow from investing activities | (14.6) | (10.4) | (65.4) | (40.3) |
Net cash flow from financing activities | 0.4 | - | 78.2 | 41.8 |
As at 30 June | As at 31 December | As at 30 June | |
Balance Sheet Information | 2013 | 2012 | 2012 |
£m | £m | £m | |
Total assets | 265.4 | 251.8 | 237.6 |
Cash and cash equivalents | 24.9 | 25.6 | 81.8 |
Current liabilities | 46.9 | 45.6 | 45.8 |
Long term liabilities (deferred tax) | 0.9 | 0.5 | 0.5 |
Total net assets | 217.7 | 205.8 | 191.2 |
The Company's unaudited Financial Results for the 3 and 6 Month Periods Ended 30 June 2013 can be found at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/3369M_-2013-8-22.pdf
ENQUIRIES:
Xcite Energy Limited |
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+44 (0) 1483 549 063 |
Rupert Cole / Andrew Fairclough |
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Liberum Capital Limited (Joint Broker and Nomad) | +44 (0) 203 100 2000 | |
Clayton Bush / Tim Graham |
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Morgan Stanley (Joint Broker) |
| +44 (0) 207 425 8000 |
Andrew Foster |
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Pelham Bell Pottinger |
| +44 (0) 207 861 3232 |
Mark Antelme / Henry Lerwill |
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Paradox Public Relations |
| +1 514 341 0408 |
Jean-Francois Meilleur |
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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 annual Management's Discussion and Analysis for Xcite Energy dated 25 March 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.