Xcite Energy Limited Memorandum of Understanding (1438X)
November 17 2014 - 2:01AM
UK Regulatory
TIDMXEL
RNS Number : 1438X
Xcite Energy Limited
17 November 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
17 November 2014
Xcite Energy Limited
("Xcite Energy" or the "Company")
Memorandum of Understanding with China Oilfield Services
Limited
Xcite Energy announces that its 100% subsidiary, Xcite Energy
Resources plc ("XER"), has entered into a Memorandum of
Understanding ("MOU") with China Oilfield Services Limited
("COSL"), which sets out the principles for the provision of a
new-build Keppel FELS N Class Plus, harsh environment jack-up
drilling rig, together with equipment and personnel for the Bentley
field. Final specifications of the rig are currently being agreed
in order for construction to begin at the Keppel FELS yard in
Singapore.
COSL will work in a collaborative manner with all the key
stakeholders to develop innovative, field specific rig and drilling
services for Bentley, to maximise the economic recovery from the
field and the economic return for all stakeholders.
Rupert Cole, CEO of Xcite Energy, commented:
"We are very pleased that COSL has joined the Bentley
development team and this marks the last of the key development
group roles to be filled. COSL has considerable experience in
drilling operations and we believe they possess the skills and
expertise to work alongside our other partners in our collaborative
and innovative model. Selecting this ultra-high specification
drilling rig, and constructing it at the Keppel FELS yard in
Singapore, is an important part of securing both the future
schedule and drilling efficiency of the Bentley project."
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
+44 (0)207 425
Morgan Stanley (Joint Broker) 8000
Andrew Foster
+44 (0)203 772
Bell Pottinger 2500
Henry Lerwill
Notes to Editors
China Oilfield Services Limited("COSL") is a global top-tier
integrated oilfield service solution provider with nearly 50 years
of experience in oilfield operations covering the exploration,
development and production phases of the oil and gas industry. COSL
provides customers with flexible choices through single business or
bundled and turnkey services. Ranked in the top three by IHS
Petrodata by total number of drilling rigs, COSL possesses the
operational efficiency and QHSE record to ensure high quality
services for customers. COSL provides services across China, North
Europe, Southeast Asia, Australia, the Middle East and the Americas
for many international oil companies. COSL is listed on both
Shanghai and the Hong Kong Stock Exchanges and is majority owned by
China National Offshore Oil Corporation.
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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