ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - May 07, 2012) -
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
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TSX-V, LSE-AIM: XEL
8 May 2012
Xcite Energy Limited
("Xcite Energy" or the "Company")
Operational update for Bentley 9/3b-7 well
Xcite Energy announces that drilling of the 9/3b-7 well on the Bentley
field is progressing satisfactorily, having reached a total depth of
6684ft.
The 17 1/2" section has been drilled, 13?"casing set, cemented and
pressure tested. The 121/4" hole has been drilled. After the 10 3/4" x
9 5/8" liner has been set, cemented and pressure tested, drilling to the
reservoir section will follow.
Following the announcement on 14 December 2011, the Company's 100%
subsidiary, Xcite Energy Resources Limited ("XER"), has now signed a
time charter contract with Teekay Navion Offshore Loading Pte. Ltd.
("Teekay"), for the provision of the dynamically positioned "Scott
Spirit" shuttle tanker vessel. The Scott Spirit is planned to be used
as the in-field storage and offtake facility for Bentley crude oil
during the Phase 1A of the Bentley field development programme now
being undertaken.
XER has also now concluded a contract with Ocean Installer AS for the
installation of the oil export pipeline of 1.8 km between the Rowan
Norway jack-up rig and the Scott Spirit.The load out on the
installation vessel "Polar Prince" is currently taking place in
Peterhead in preparation for the work programme.
ENQUIRIES:
Xcite Energy Limited +44 (0) 1483 549 063
Richard Smith Chief Executive
Officer
Rupert Cole Chief Financial
Officer
Oriel Securities (Joint +44 (0) 207 710 7600
Broker and Nomad)
Emma Griffin Partner
Michael Shaw Partner
Morgan Stanley (Joint Broker) +44 (0) 207 425 8000
Andrew Foster Managing Director
Pelham Bell Pottinger +44 (0) 207 861 3232
Mark Antelme Director
Henry Lerwill Account Director
Paradox Public Relations +1 514 341 0408
Jean-Francois Meilleur Consultant
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
acceptsresponsibility for the adequacy or accuracy of this release.
This information is provided by RNS
The company news service from the London Stock Exchange
END
