LONDON--(Marketwire - February 8, 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, announces an offering of new ordinary shares of
the Company (the "Offering") which will be offered for sale pursuant to a
short form prospectus filed in all of the provinces of Canada except
Québec. The Offering will also include a placing of the new ordinary shares
in the United Kingdom. A receipt has been received by Xcite Energy from the
applicable securities regulator for the preliminary short form prospectus
filed on February 5, 2010. A copy of the preliminary short form prospectus
will be available on
www.sedar.com.
The net proceeds from the Offering will be used primarily to fund the
drilling and flow testing of a pre-development well on the Company's
Bentley oil field, which the Company currently estimates will cost
approximately C$40 million, for early production system planning and
engineering (approximately C$5 million) and for general working capital
purposes (approximately C$5 million).
Octagon Capital Corporation and CIBC World Markets Inc. will act as
exclusive agents of the Company with respect to sales of new ordinary
shares in Canada. Arbuthnot Securities Limited will act as special selling
agent of the Company and sole bookrunner in connection with the Offering in
the United Kingdom.
To view the full text of this press release, paste the following link into
your web browser:
http://www.rns-pdf.londonstockexchange.com/rns/7935G_1-2010-2-5.pdf
Contact Information: ENQUIRIES:
Xcite Energy Limited
Richard Smith
Chief Executive Officer
+44 (0) 1330 826 740
Rupert Cole
Chief Financial Officer
+44 (0) 1330 826 740
Arbuthnot Securities Limited
Sole Bookrunner, United Kingdom
Andrew Fairclough
Richard Johnson
Nick Tulloch
Ed Burbidge
+44 (0)20 7012 2000
Strand Hanson Limited (NOMAD)
James Harris
Rory Murphy
+44 (0) 20 7409 3494
Pelham Bell Pottinger Public Relations
Mark Antelme
+44 (0) 20 7337 1500