Xcite Energy Limited: Xcite Energy Limited ("Xcite Energy" or the "Company") Results for the 3 Month Period
ABERDEENSHIRE, UK--(Marketwire - December 3, 2008) -
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES
Xcite Energy (TSX-V: [ XEL ]) ( The Company is listed on the AIM Market of the London Stock Exchange (AIM) and the TSX Venture Exchange (TSX-V). The Company today announces its financial and operational results for the 3 month period ended September 30, 2008 and its outlook for 2009. KEY HIGHLIGHTS Operational Financial Below is a link to Management's Discussion and Analysis and Interim Consolidated Financial Statements: [ http://www.rns-pdf.londonstockexchange.com/rns/4794J_-2008-12-3.pdf ] -- Realisation of the commercial potential of the Bentley field continues to be progressed through essential study work and commercial discussions. -- Important new understanding of the Bentley crude's in-situ cold flow behaviour has been achieved through the correlation of the successful drill stem test on well 9/3b-5 with historic data. -- Improved understanding of applicable well and process technologies resulting from the successful 9/3b-5 drill stem test underpins management confidence in economic productivity and recoverability, even at low oil prices. -- Re-processing of the 3D seismic data confirms that Bentley is a major North Sea asset. Interpretation of this dataset is underway, with initial findings supporting a material increase in oil in place, leading to improved commercial productivity characteristics compared to the initial 3D interpretation and the original 2D seismic data. -- The neighbouring Bressay Field (6km) has been shown to be a close reservoir analogue field for Bentley, with similar crude oil and geological properties. StatoilHydro, as Operator of Bressay, has recently completed a well and already shared its initial thinking for the development of the field with a target first oil date in 2014.
-- Cash balance as at September 30, 2008 was £2.7 million in line with budget. -- Challenging market conditions are likely to impact on the Bentley work programme timetable.