ABERDEENSHIRE, UK--(Marketwire - April 18, 2008) -
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR
INTO THE
UNITED STATES
Xcite Energy (TSX-V: XEL) (LSE: XEL) (AIM: XEL) is a heavy oil company
focused on the development of discovered
resources in the United Kingdom North Sea. The Company holds a 100% working
interest in the 9/3b block, the Bentley field, one of the largest
undeveloped
discoveries in the United Kingdom North Sea.
The Company is listed on the AIM Market of the London Stock Exchange (AIM)
and
the TSX Venture Exchange (TSX-V).
The Company today announces its financial and operational results for the
14
month period ended December 31, 2007 and its outlook for the remainder of
2008.
PERIOD HIGHLIGHTS and KEY MILESTONES
Operational
-- December 2007 - drilling operations commenced on the 9/3b-5 appraisal
well
- Successful appraisal well completed on Bentley in February 2008
- All key objectives were met and results confirmed commercial
potential of the field
- Licence secured for a further 4 years beyond the initial term
through
completion of the required work programme
- Plans now in place for the next phase in the commercialisation
of
Bentley
Financial
-- June 2007 - completion of an oversubscribed Private placement of
shares
- Raised US$20million (approximately £10 million)
-- November 2007 - completion of an oversubscribed Initial Public
Offering of
shares
- Listed on the TSX-V and AIM
- Raised CAD$30 million (approximately £15 million)
-- Cash balance as at December 31, 2007 was £21.07 million, compared with
£0.14 million as at October 31, 2006
2008 OUTLOOK
-- RPS Energy, independent reserve engineers, have been engaged to
prepare an updated Competent Person's Report incorporating the technical
data collected from the 9/3b-5 appraisal well
-- The Company intends to participate in the 25th Licence Round in the
United Kingdom North Sea
-- The Company continues to assess further opportunities to farm-in or
swap into production to further enhance shareholder value, through close
cooperation with selected groups
-- The Company intends to submit a Field Development Plan to the UK
Department for Business, Enterprise and Regulatory Reform by the end of
2008, and is targeting early phased development to commence in 2009
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Contact Information: Enquiries:
Xcite Energy
+44 (0) 1330 826 740
Richard Smith
Chief Executive Officer
Rupert Cole
Chief Financial Officer
Thomas Weisel Partners (UK) Limited
+44 (0) 20 7290 9716
Paul Colucci
Managing Director
Paul Newman
Managing Director
Strand Partners Ltd.
+44 (0) 20 7409 3494
James Harris
Director
Warren Pearce
Associate Director
Pelham Public Relations
+44 (0) 20 7743 6676
Alisdair Haythornthwaite
Director
Katherine Stewart
Account Executive