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Bentley Field - Operational Update
RNS




RNS Number : 1246T
Xcite Energy Limited
30 November 2011









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











1 December 2011







Xcite Energy Limited



("Xcite Energy" or the "Company")







Bentley Field - Operational Update







The Company notes the recent publication of the Addendum to the Bentley Environmental Statement, which will be available on the Company's website and on www.sedar.com.







In response to feedback from the Department of Energy and Climate Change ("DECC") on the Bentley field development plan, the Company has re-configured its approach to the first phase of development of Bentley to provide a more financially efficient outcome.







This re-configuration has allowed the Company to maintain the first oil date in 2012, while enabling the completion of a more cost effective field development plan. The principal elements of this plan are Phase 1A with first oil planned for 2012, Phase 1B planned for 2013 and Phase 2 estimated to commence in 2016. The Company understands that the plan is in the final stages of DECC approval.







If DECC approval is obtained, the financial resources to commence Phase 1A are available. The Company continues to make good progress with respect to securing additional sources of funding, including project finance from commercial lending banks.







Whilst adopting this more financially efficient approach to Phase 1, the Company intends to pre-invest substantially in Phase 1B and Phase 2, with the objective of lowering the unit cost of oil produced and, thus, maximising the commercial industry value of the Bentley asset in advance of Phase 1B.







Management considers that this re-configuration of the Phase 1 production and financial plans for the Bentley field should maximise shareholder value. Further announcements will be made to the market as soon as practicable.

Drawdown on Equity Line
RNS




RNS Number : 1233T
Xcite Energy Limited
01 December 2011













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















1 December 2011







Xcite Energy Limited



("Xcite Energy" or the "Company")







Drawdown on Equity Line







Xcite Energy announces that it has drawn down on its Standby Equity Distribution Agreement ("SEDA") with YA Global Master SPV Ltd ("Yorkville") as announced on 28 September 2010 in the amount of 2.0 million (CAD$3.2 million). This draw down has been undertaken at a price of 1.1025 (CAD$1.764) per share and will result in the issue of 1,814,059 ordinary shares of no par value in the capital of the Company (the "SEDA Ordinary Shares") to Yorkville. This funding will be used as future working capital for the Company and to progress towards first oil from the Bentley field.







Subject to the terms of the SEDA and except in accordance with Canadian securities laws and with prior written approval of the TSX Venture Exchange, the SEDA Ordinary Shares may not be sold or otherwise traded on or through the facilities of the TSX Venture Exchange or otherwise in Canada or to or for the benefit of a Canadian resident until the date that is four months and one day from the date of issue.







Application will be made for the admission to AIM ("Admission") of the SEDA Ordinary Shares upon approval of the share issue by the TSX Venture Exchange. The SEDA Ordinary Shares will rank pari passu with the Company's existing issued ordinary shares (each, an "Ordinary Share").







Subject to approval by the TSX Venture Exchange, following the issue of the 1,814,059 Ordinary Shares the total Ordinary Shares in the Company in issue will be 190,810,070.

Ow, in free fall.

Not good.

Market not happy.

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Someones made a few bob today. lol

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Fox-Davies Capital


8:02 am

Xcite Energy (LON:XEL) today announced that in response to feedback from the Department of Energy and Climate Change ("DECC") on the Bentley field development plan, the Company has re-configured its approach to the first phase of development of Bentley to provide a more financially efficient outcome. This re-configuration has allowed the Company to maintain the first oil date in 2012, while enabling t he completion of a more cost effective field development plan. The principal elements of this plan are Phase 1A with first oil planned for 2012, Phase 1B planned for 2013 and Phase 2 estimated to commence in 2016. The Company understands that the plan is in the final stages of DECC approval. If DECC approval is obtained, the financial resources to commence Phase 1A are available. The Company continues to make good progress with respect to securing additional sources of funding, including project finance from commercial lending banks. Whilst adopting this more financially efficient approach to Phase 1, the Company intends to pre-invest substantially in Phase 1B and Phase 2, with the objective of lowering the unit cost of oil produced and, thus, maximising the commercial industry value of the Bentley asset in advance of Phase 1B. Management considers that this re-configuration of the Phase 1 production and financial plans for the Bentley field should maximise share holder value. Further announcements will be made to the market as soon as practicable.

:-))))

http://www.dataexplorers.com/

Enter the ISIN code for Xcite in the box: VGG9828A1194

Could fall 50% from here..

careful.

A joke

Company needs buying out and developing. This board of directors dont seem to have it. Should be a 4 + share now

Xcite won't exist in 2016 ?

dc- is that a prediction or your reaction to something you have read?

Nothing I have read, DD5. I feel the Directors will pass on taking the company the full
distance.

Wow, still falling.

Was the news bad ?

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