Xcite Energy has announced its financial and operational results for the 3 month period ended June 30, 2008 and its outlook for the remainder of 2008.
KEY HIGHLIGHTS
Operational
• Successful appraisal well completed on Bentley in February 2008.
• Commercial potential of the field confirmed and key objectives met.
• Operational update in April 2008 highlighted forecast flow rate of over 4,000 barrels of oil per day from each single production well using existing technologies.
• Strengthening of the XER team through management appointments as the Company continues to prepare for the planned early production system.
Financial
• Cash balance as at June 30, 2008 was £4.83 million in line with
budget.
2008 OUTLOOK
• RPS Energy, independent reserves engineer, appointed to prepare an updated Competent Person's Report ("CPR"), which is expected to be completed in Q4 2008.
• Programme remains on track to effectively and efficiently commercialise the Bentley field.
• Preparation for Full Field Development Plan and early production system continues and will be announced in conjunction with the updated CPR in the second half of 2008.
• Early production system to be completed within the anticipated timescale.
• Data expected to be received in November 2008 from StatoilHydro's Bressay well, following the well data trade agreement entered into May 2008.
• Other identified business opportunities are currently being reviewed.
Richard Smith, Xcite Chief Executive Officer commented:
"The successful appraisal well on the Bentley field and the strengthening of the XER technical and commercial team has enabled us to make significant progress in the programme to commercialise Bentley. We look forward to an equally productive latter half of 2008."
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