12 Sep 2016 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
LSE-AIM: XEL
12 September 2016
Xcite Energy Limited
("Xcite Energy" or the "Company")
Shareholder Update
Xcite Energy notes the recent rise in the Company's share price and provides an update on the restructuring of its $135 million senior secured bonds (the "Bonds") issued by Xcite Energy Resources plc.
As announced in its full year results for the year ended 31 December 2015 on 21 March 2016, the Company has been in discussions with its principal Bondholders with respect to a potential restructuring of the Bonds and, on 16 June 2016, it subsequently announced an extension to the maturity of the Bonds until 30 September 2016 in order to continue those discussions and allow it to resolve terms for restructuring the Bonds.
At the time of this maturity extension, the Company highlighted that while those discussions had been constructive, no terms had yet been agreed, and that should agreement on the terms of a restructuring be reached, it was likely that this would involve a reduction in the balance of the Bonds in return for an equity stake in the Company.
Whilst terms of the restructuring have still to be agreed, the Company now believes that there will be a minimal residual equity stake attributed to the Company's existing shareholders following the restructuring.
The Company will update shareholders as soon as any further information relating to the restructuring of the Bonds can be made available.
ENQUIRIES:
Xcite Energy Limited |
+44 (0) 1483 549 063 | |
Rupert Cole / Andrew Fairclough | ||
Liberum (Joint Broker and Nomad) | +44 (0) 203 100 2222 | |
Clayton Bush / Jamie Richards | ||
Morgan Stanley (Joint Broker) | +44 (0) 207 425 8000 | |
Andrew Foster | ||
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Forward-Looking Statements
This announcement contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. Whilst the Company believes the expectations reflected herein to be reasonable in light of the information available to it at this time, the actual outcome may be materially different owing to factors beyond the Company's control, or otherwise within the Company's control, for example, if the Company decides on a change of plan or strategy. Accordingly, no reliance may be placed on the figures contained in such forward-looking statements.
Notes to Editors
Xcite Energy (LSE-AIM: XEL) is an oil appraisal and development company with a portfolio of heavy oilfield assets in the Northern North Sea in the UK. Xcite Energy holds a 100% working interest in the Bentley field; a heavy oil field with 2P recoverable reserves of 267 MMstb, making Bentley one of the largest undeveloped oilfields in the UK Continental Shelf.