Xcite Energy Limited ("Xcite Energy" or the "Company") 9/3b-6z Well Update
November 08 2010 - 2:00AM
Marketwired
This announcement is not for release, publication
or distribution in or into the United States.
The Company (TSX-V: XEL) (LSE: XEL) (AIM: XEL) is pleased to
announce that the 9/3b-6 well on the Bentley field is progressing
on plan, on schedule and has reached target depth for the second
part of the planned work programme, the horizontal section of the
well, 9/3b-6z.
The horizontal section has reached the planned total depth at
7085 ft measured depth in the well section and has successfully
tracked the top of the reservoir. This provides over 1800 ft of
gross reservoir section since reservoir entry point of 5261 ft
measured depth.
The reservoir in the 9/3b-6z well bore section was encountered
at an estimated 3618 ft true vertical depth subsea, some 18 ft
higher than the pre-well prognosis of 3636 ft true vertical depth
and thus giving more oil column. Petrophysical analysis is being
undertaken and is expected to confirm close to 100% net to gross
oil pay.
The completion and testing of this horizontal section is
expected by the end of November.
The Bentley oil field is located on Block 9/3b (Licence 1078),
approximately 160 km east of the Shetland Isles, in which Xcite
Energy holds 100% working interest.
Stephen Kew has reviewed and approved the technical information
contained within this press release in his capacity as a qualified
person, as required under the AIM Rules. Stephen Kew is Head of
Exploration and Development at Xcite Energy and is an associate of
the Institution of Chemical Engineers and a member of the Society
of Petroleum Engineers.
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.
ADVISORY REGARDING FORWARD LOOKING
STATEMENTS
Information in this news release that is not current or
historical factual information may constitute forward-looking
information within the meaning of securities laws. Such information
is often, but not always, identified by the use of words such as
"seek", "anticipate", "plan", "schedule", "continue", "estimate",
"expect", "may", "will", "project", "predict", "upside",
"potential", "targeting", "intend", "could", "might", "should",
"believe", "if successful" and similar expressions.
Implicit in this information are assumptions regarding
measurements from instrumentation, which are subject to the
inherent minor inaccuracies of offshore oilfield measurement
processes. These assumptions, although considered reasonable by the
Company at the time of preparation of this press release, may prove
to be incorrect. Readers are cautioned that actual future operating
results and economic performance of the Company are subject to a
number of risks and uncertainties, including general economic,
market and business conditions and could differ materially from
what is currently expected. Although this press release discloses
information regarding the oil pay, oil column and reservoir
encountered in the horizontal section of the Company's 9/3b-6z
well, readers are cautioned that reserves have not been attributed
to, and there is no certainty that it will be commercially or
technically viable to produce hydrocarbons from, such well.
For more exhaustive information on these risks and uncertainties
you should refer to the Company's most recently filed annual
information form which is available at www.sedar.com. You should
not place undue importance on forward-looking information and
should not rely upon this information as of any other date. While
the Company may elect to, it is under no obligation and does not
undertake to update this information at any particular time except
as may be required by applicable securities laws.
ENQUIRIES: Xcite Energy Limited +44 (0)1330 826740
Richard Smith Chief Executive Officer Rupert Cole Chief Financial
Officer Arbuthnot Securities Limited (Nomad and Broker) +44
(0)20 7012 2000 Antonio Bossi Director Pelham Bell Pottinger
+44 (0) 20 7861 3232 Mark Antelme Director Henry Lerwill Paradox
Public Relations +1 514 341 0408 Jean-Francois Meilleur
Consultant