Xcite Energy Limited Collaboration Agreement with Statoil and EnQuest (2121R)
September 10 2014 - 2:00AM
UK Regulatory
TIDMXEL
RNS Number : 2121R
Xcite Energy Limited
10 September 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
10 September 2014
Xcite Energy Limited
("Xcite Energy" or the "Company")
Collaboration Agreement with Statoil and EnQuest
Xcite Energy announces that its 100% owned subsidiary, Xcite
Energy Resources plc ("XER"), has entered into a Collaboration
Agreement with Statoil (U.K.) Ltd. ("Statoil") and EnQuest Heather
Limited ("EnQuest"), in order to share field-specific technical and
operational information to evaluate the potential utilisation of
common gas import infrastructure between the Kraken, Bentley and
Bressay fields.
A joint XER, Statoil and EnQuest team will work together to
analyse the current available information and develop a number of
proposals to assess the potential benefits of installing a shared
gas import pipeline in conjunction with the development of the
Kraken, Bentley and Bressay fields.
Rupert Cole, CEO of Xcite Energy, commented:
"We are pleased to continue to work with Statoil and extend this
to include EnQuest in the assessment of this shared infrastructure.
This new collaboration with Statoil and EnQuest to assess this
shared infrastructure is an important initiative, which highlights
the scope of potential opportunities available to our respective
projects.I believe that today's announcement further demonstrates
that additional value can be created by companies collaborating in
key development activities and it reinforces our commitment to
"Maximising Economic Recovery" from the area immediately
surrounding the Bentley field."
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
Xcite Energy Resources plc is Operator of the Bentley field and
holds a 100% working interest in the Bentley licence.
The Bressay field is operated by Statoil, with an 81.625%
working interest. Shell holds an 18.375% working interest.
The Kraken field is operated by EnQuest, with a 60% working
interest. Cairn Energy and First Oil hold the balance of 25% and
15% working interests respectively.
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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