.

RNS Number : 2600L

Xcite Energy Limited

29 July 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

29 July 2011

Xcite Energy Limited

("Xcite Energy" or the "Company")

Results for the 3 Month Period Ended 30 June 2011

Xcite Energy is pleased to announce its results for the 3 months ended 30 June 2011.

The second quarter of 2011 has seen important progress in the Company's plans for the First Stage Production ("FSP") programme on the Bentley field, with the Rowan Norway harsh environment, deep water jack-up rig being delivered on time to Rowan in Singapore from the Keppel FELS construction yard. The rig will now be transported to Dundee using the OHT Hawk heavy lift vessel, where it will undergo final testing and will be crewed and equipped for its deployment onto the Bentley field.

Preparations for the final submission to the Department of Energy and Climate Change ("DECC") of a Field Development Plan for the Bentley field remain on track and are consistent with the rig deployment timing.

Financing discussions are progressing satisfactorily, with a number of different options being assessed in parallel with the submission of the Field Development Plan to DECC.

On 26 July 2011 the Company announced that a submission had been made to DECC of the Environmental Statement for the planned First Stage Production on the Bentley field. This is a standard DECC requirement in connection with, but not simultaneous with the submission of a field development plan.

The completion of the Reserves Assessment Report ("RAR") on the Bentley field and the announcement of its principal findings as published by the Company on 10 May 2011 and followed by the announcement of the filing of the Material Change Report on 17 May 2011 has, in management's opinion, de-risked the field significantly and greatly enhanced its value by upgrading it to reserves status.

The RAR focused on the reserves accessed from a single drill centre in the northern area of the field relating to the FSP, together with the Second Stage Production ("SSP") from the same drill centre. Together the FSP and the SSP comprise the core area of the reservoir.

The RAR assigned a NPV10 (after tax) value per barrel as approximately $14.20 for the 28 million barrels 2P reserves in the FSP, or in aggregate $396 million. The RAR assigned a NPV10 (after tax) value per barrel as approximately $11.00 for the 87 million barrels of "best" estimate contingent resources in the SSP, or in aggregate $961 million.

As no technical contingencies remain with respect to the contingent resources in the SSP, the RAR confirms that these would be converted to an equivalent volume of reserves following the Company's decision to pursue the development of the SSP and the approval by DECC of its development plan for this purpose. On this basis, the Company intends to seek approval from DECC for the FSP and SSP which, if obtained together with appropriate funding, would enable it to (i) move forward with the FSP; (ii) move forward with the SSP at an appropriate time that suits its business objectives; and (iii) upgrade the SSP contingent resources to reserves status.

Richard Smith, Xcite Energy Chief Executive Officer, commented:

"We are pleased that the Reserves Assessment Report has provided independent third party validation of the value and commerciality of the Bentley field, following the excellent outcome from the successful 9/3b-6 and 6Z wells. This re-confirmed management's belief in the commercial value of Bentley and its potential as one of the largest undeveloped fields in the UK sector of the North Sea. We are making significant progress towards the First Stage Production which, if successful, will be a key milestone in our objective to determine full field reserves in due course and deliver significant value for shareholders."

The Company's unaudited Financial Results for the 3 Months Ended 30 June 2011 can be found at the following link:

http://www.rns-pdf.londonstockexchange.com/rns/2600L_-2011-7-28.pdf

.

XEL - Xcite Energy on track to begin North Sea field development

July 30, 2011
OIL exploration company, Xcite Energy is gearing up to begin commercial production at what may be one of the largest untapped oil field in the North Sea. Xcite told shareholders today in a quarterly update talks are going well with ...

region seas north sea

Wednesday 03 August, 2011Xcite Energy Limited
Submission of FDP for Bentley Field
RNS Number : 6095L
Xcite Energy Limited
03 August 2011



TSX-V, LSE-AIM: XEL





3 August 2011

Xcite Energy Limited

("Xcite Energy" or the "Company")



Submission of Field Development Plan for Bentley Field



Xcite Energy is pleased to announce that the final draft of the Field Development Plan ("FDP") for the Bentley field has now been submitted to the Department of Energy and Climate Change ("DECC").



The FDP outlines the proposed development plan for the Bentley field, which addresses the first stage production programme in detail and also references the second stage production programme, which together encompasses the core area of the reservoir.



The Company will respond to any issues raised by DECC in the coming months, in expectation of achieving approval in due course.

Thursday 04 August, 2011Xcite Energy Limited
Option Award - Directors,Management & Project Team
RNS Number : 7152L
Xcite Energy Limited
04 August 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





4 August 2011

Xcite Energy Limited

("Xcite Energy" or the "Company")



Option Award to Directors, Management and Project Team



Xcite Energy announces the award of an aggregate of 1,850,000 options to purchase ordinary shares of the Company to the Directors, members of the Xcite Energy Resources Limited (the Company's wholly owned subsidiary) management team and to certain members of the Bentley field project team.



The options, which vest immediately, were granted under the terms of the Company's share option scheme by reference to the closing price of the Company's ordinary shares on 3 August 2011. All options have an exercise price of CAN$2.30 (1.46) per ordinary share and are exercisable for a period of five years. This award is made in recognition of the significant progress made to achieve submission of the final draft of the Field Development Plan for the Bentley field to the Department of Energy and Climate Change.



Following these option awards, the Directors of the Company have the following aggregate number of ordinary shares under option:





Option award now being made
Aggregate ordinary shares under option








Roger Ramshaw
100,000
690,000








Gregory Moroney
100,000
490,000








Timothy Jones
100,000
590,000








Scott Cochlan
100,000
590,000








Richard Smith
100,000
2,521,000








Stephen Kew
100,000
2,521,000








Rupert Cole
100,000
2,521,000













ENQUIRIES:



Xcite Energy Limited








+44 (0) 1483 549 063

Richard Smith
Chief Executive Officer



Rupert Cole
Chief Financial Officer










Oriel Securities (Joint Broker and Nomad)
+44 (0) 207 710 7600

Emma Griffin

Simon Edwards
Partner

Partner










Morgan Stanley (Joint Broker)


+44 (0)207 425 8000

Andrew Foster
Managing Director










Pelham Bell Pottinger


+44 (0) 207 861 3232

Mark Antelme

Henry Lerwill


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) accepts responsibility for the adequacy or accuracy of this release.



Morgan Stanley which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Xcite Energy and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Xcite Energy for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.



Oriel Securities which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Xcite Energy and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Xcite Energy for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.






This information is provided by RNS
The company news service from the London Stock Exchange

END

unbelievable,

Could this of not waited. Not the time in my opnion. The sp is in shi- and they are giving out rewards. When will they learn.

We are talking silly prices all round now.....

Just getting stupid.

Looks like you can only play these markets very short term...any longterm plays like I have are just out of the question.

Why is this getting a bashing.

Just about everything is. Hold on to your hats!

Not recovering very well today.

NO recovery. Where is this going?

down, rapidly

Not good.

Will this ever go up. Red day after day.

It was blue yesterday was it not?

Your right. Thats the only day in Aug it has. This was 1.65 July 27th.
It went up yesterday from 1.16 to 1.25, now we are back to the 1.16.

It was over 4 not so long ago, until the Directors sold a shed load of shares, I followed their example and did the same :-)