Xcite Energy is a heavy oil company focused on the development of discovered resources in the United Kingdom North Sea. The Company holds a 100% working interest in Block 9/3b, the Bentley field, one of the largest undeveloped discoveries in the United Kingdom North Sea.
The Company today announces its financial and operational results for the 3 month period ended March 31, 2008 and its outlook for the remainder of 2008.
PERIOD HIGHLIGHTS and KEY MILESTONES
Operational
- Successful appraisal well completed on Bentley in February 2008
- Commercial potential of the field confirmed and key objectives met
- Subsequent update in April 2008 highlighted forecast flow rate of over 4,000 barrels of oil per day from a single production well using current technologies
Financial
- Cash balance as at March 31, 2008 was £8.56 million
- Investment in additional share capital of £0.48 million during the period
2008 OUTLOOK
- RPS Energy, independent reserve engineers, to prepare an updated Competent Person's Report
- Work continues on track to commercialise the Bentley field on Block 9/3b, targeting a Field Development Plan and the commencement of early phased development in the expected timescale
- Other identified business opportunities currently being reviewed
Richard Smith, Xcite Chief Executive Officer, commented, "Following a period of high investment, with the successful appraisal well on the Bentley field in Block 9/3b, we are well placed to continue with the next stage of the programme to commercialise Bentley."
