20 May 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
20 May 2013
Xcite Energy Limited
("Xcite Energy" or the "Company")
Results for the 3 Month Period Ended 31 March 2013
Xcite Energy announces its results for the 3 month period ended 31 March 2013.
Highlights
·; Net loss in the current period of £1.7 million, arising primarily from unrealised foreign exchange losses on a strengthening US dollar over the 3 month period.
·; Cash of £20.4 million as at 31 March 2013, of which £12.3 million was held in escrow relating to the Bentley Phase 1A work programme, with £11.6 million of the escrow amount having now been released.
·; Effective 31 December 2012, upgrade in 1P, 2P and 3P oil reserves for the Bentley field to 198 MMstb, 250 MMstb and 312 MMstb, respectively, based on an initial 35 year production period, as announced on 8 April 2013.
·; Success in the 27th UK Licensing Round provides new acreage to the Xcite Energy Resources Limited portfolio. Blocks 9/4a, 9/8b and 9/9h add four identified prospects to the future exploration and appraisal programmes in the wider Bentley area.
·; A binding agreement has been entered into relating to the sale of certain technical well data for $15 million.
·; Commencement of the Bentley field farm-out process with industry participants.
The following tables summarise the Group's financial performance in the 3 months ended 31 March 2013 and the comparatives for the 3 months ended 31 March 2012.
3 months ended 31 March | 3 months ended 31 March | |
Income Statement Information | 2013 | 2012 |
£m | £m | |
Net loss | (1.70) | (0.05) |
Loss per share (basic and diluted) in pence | (0.6p) | (0.0p) |
3 months ended 31 March | 3 months ended 31 March | |
Cash Flow Information | 2013 | 2012 |
£m | £m | |
Net cash flow from operations | (1.33) | 3.49 |
Net cash flow from investing activities | (4.23) | (25.08) |
Net cash flow from financing activities | 0.41 | 36.41 |
As at 31 March | As at 31 December | As at 31 March | |
Balance Sheet Information | 2013 | 2012 | 2012 |
£m | £m | £m | |
Total assets | 250.4 | 251.8 | 192.6 |
Current liabilities | 45.4 | 45.6 | 13.0 |
Long term liabilities (deferred tax) | 0.5 | 0.5 | 0.5 |
Total net assets | 204.5 | 205.8 | 179.2 |
The Company's unaudited Financial Results for the 3 Month Period Ended 31 March 2013 can be found at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/0611F_-2013-5-19.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 Company's annual information form dated 26 October 2010 and 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.