THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES Xcite Energy (
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."
The Company has also filed its Management Discussion and Analysis and
Interim Financial Statements. These documents can be found for viewing by
electronic means on the System for Electronic Document and Analysis
Retrieval at www.sedar.com.
The TSX-V does not accept responsibility for the adequacy or accuracy of
this release.
Forward-Looking Statements
Certain statements contained in this announcement constitute
forward-looking information within the meaning of securities laws.
Forward-looking information may relate to the Company's future outlook and
anticipated events or results and, in some cases, can be identified by
terminology such as "may," "will," "should," "expect," "plan,"
"anticipate," "believe," "intend," "estimate," "predict," "target,"
"potential," "continue" or other similar expressions concerning matters
that are not historical facts. These statements are based on certain
factors and assumptions including expected growth, results of operations,
performance and business prospects and opportunities. While the Company
considers these assumptions to be reasonable based on information currently
available to us, they may prove to be incorrect. Forward-looking
information is also subject to certain factors, including risks and
uncertainties that could cause actual results to differ materially from
what we currently expect. These factors include changes in market and
competition, governmental or regulatory developments and general economic
conditions. Additional information identifying risks and uncertainties are
contained in the Company' prospectus filed with the Canadian securities
regulatory authorities, available at www.sedar.com. The Company disclaims
any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required under applicable securities regulations.
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Contact Information: Enquiries: Xcite Energy +44 (0) 1330 826 740 Richard Smith Chief Executive Officer Rupert Cole Chief Financial Officer Thomas Weisel Partners (UK) Limited +44 (0) 20 7877 4300 Paul Colucci Managing Director Paul Newman Managing Director Strand Partners Ltd. +44 (0) 20 7409 3494 James Harris Director Warren Pearce Associate Director Pelham Public Relations +44 (0) 20 7743 6676 Alisdair Haythornthwaite Director Katherine Stewart Account Executive