Xcite Energy Limited Memorandum of Understanding with AIBEL AS (4351L)
July 04 2014 - 2:00AM
UK Regulatory
TIDMXEL
RNS Number : 4351L
Xcite Energy Limited
04 July 2014
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
4 July 2014
Xcite Energy Limited
("Xcite Energy" or the "Company")
Memorandum of Understanding with AIBEL AS
Xcite Energy announces that its 100% subsidiary, Xcite Energy
Resources Limited ("XER"), has entered into a Memorandum of
Understanding ("MOU") with Aibel AS ("Aibel"), which sets out the
principles for executing the Engineering, Procurement and
Construction of the Ove Arup & Partners ("Arup") designed
self-installing ACE platform selected for the Bentley field.
Aibel will work with AMEC, the international engineering and
project management company, acting as XER's Project Management
Contractor, to deliver the ACE platform. XER believes that the
combination of the AMEC, Arup and Aibel project management,
engineering, and construction experience will deliver a quality and
cost effective asset.
Rupert Cole, CEO of Xcite Energy, commented:
"We are very pleased to have Aibel, with its experience and
expertise in offshore projects, join the Bentley development group
for the construction of the ACE platform, which has significant
economic benefits over the life of the field, including rapid
deployment and ease of decommissioning. This further validates our
strategy and development plan as we continue to refine the project
costs and reduce future schedule risk through the early involvement
of our development partners, prior to submission of a field
development plan."
ENQUIRIES:
+44 (0) 1483 549
Xcite Energy Limited 063
Rupert Cole / Andrew Fairclough
+44 (0) 203 100
Liberum (Joint Broker and Nominated Adviser) 2222
Clayton Bush / Tim Graham
+44 (0) 207 425
Morgan Stanley (Joint Broker) 8000
Andrew Foster
+44 (0) 207 861
Bell Pottinger 3232
Mark Antelme / Henry Lerwill
Notes to Editors
AIBEL is a leading service company in the oil and gas industry.
The company is also established within renewable energy.
Around 6,000 employees are engaged in work both onshore and
offshore. Aibel has eight offices in Norway. In addition, the
company has operations in Thailand, Singapore, the UK, Denmark and
Egypt.
AMEC(LSE: AMEC) is a leading supplier of consultancy,
engineering and project management services to its customers in the
world's oil and gas, mining, clean energy, environment and
infrastructure markets. Our 27,000 people design, deliver and
maintain strategic and complex assets in around 40 countries
worldwide. See amec.com.
Arup is the creative force at the heart of many of the world's
most prominent projects in the built environment and across
industry. From 90 offices in 38 countries our 11,000 planners,
designers, engineers and consultants deliver innovative projects
across the world with creativity and passion.
For further information about the ACE platform and related
services, please visit:
http://www.arup.com/Services/Oil_and_Gas_Engineering.aspx
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. 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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