Xcite Energy Limited ("Xcite Energy" or the "Company") Key Role for AMEC in Bentley Field Development
ABERDEENSHIRE, UK--(Marketwire - February 10, 2010) -
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR
INTO THE UNITED STATES
Xcite Energy (TSX-V: XEL) (AIM: XEL) (LSE: XEL), a developer of heavy oil
assets in the UK North Sea, is pleased to announce that Xcite Energy
Resources Limited ("XER"), its 100% owned subsidiary, has signed an
agreement with AMEC for it to assist Xcite Energy demonstrate the reserves
potential of the Bentley field and help bring it into production.
AMEC will advise on the upcoming Bentley 9/3b-R horizontal test well and
then provide technical expertise, engineering and project management skills
for the planned Early Production System for the Bentley field and the full
field development solution in due course.
The services to be provided will include integrated project management,
engineering, facilities design, planning and programming, supply chain
management and operational support.
AMEC is a focused supplier of high-value consultancy, engineering and
project management services to the world's natural resources, nuclear,
clean energy, water and environmental sectors. With annual revenues of over
£2.6 billion, AMEC designs, delivers and maintains strategic and complex
assets for its customers. AMEC's Natural Resources, Power & Process and
Earth & Environmental businesses employ almost 22,000 people in around 40
countries worldwide.
Neither 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.
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 December 8, 2009 and in the
annual Management's Discussion and Analysis for Xcite Energy dated March
26, 2009 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.
Contact Information: ENQUIRIES:
Xcite Energy Limited
Richard Smith
Chief Executive Officer
+44 (0) 1330 826740
Rupert Cole
Chief Financial Officer
+44 (0) 1330 826740
Strand Hanson Limited (Nomad)
James Harris
Director
Rory Murphy
Director
+44 (0) 20 7409 3494
Arbuthnot Securities Limited (Broker)
Andrew Fairclough
Director
Ed Burbidge
+44 (0)20 7012 2000
Pelham Bell Pottinger
Mark Antelme
Director
+44 (0) 20 7337 1500
Paradox Public Relations
Jean-Francois Meilleur
Consultant
Karl Mansour
Consultant
+1 514 341 0408