Xcite Energy Limited ("Xcite Energy" or the "Company") -- Extension of Letter of Intent for "Rowan Norway" N-Class Jack-up Rig
December 16 2010 - 8:12AM
Marketwired
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION
IN OR INTO THE UNITED STATES.
Xcite Energy (TSX-V: XEL) (LSE: XEL) (AIM: XEL) is pleased to
announce that its 100% subsidiary, Xcite Energy Resources Limited
("XER"), has entered into an extension to the binding letter of
intent ("LOI") with British American Offshore Limited ("BAOL"),
part of Rowan Companies, Inc. for the N-Class "Rowan Norway", a
harsh environment, deep water jack-up unit, designed and built for
simultaneous drilling and production, which is currently under
construction.
The LOI has been extended to 15th January 2011, in consideration
for which the termination fee payable by XER in the event it does
not enter into a definitive agreement by this date has been
increased to US$4 million.
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.
ENQUIRIES: Xcite Energy Limited Richard Smith
Chief Executive Officer Rupert Cole Chief Financial Officer +44 (0)
1330 826740 Arbuthnot Securities Limited (Nomad and Broker)
Antonio Bossi Director +44 (0)20 7012 2000 Pelham Bell
Pottinger Mark Antelme Director Henry Lerwill +44 (0) 20 7861
3232 Paradox Public Relations Jean-Francois Meilleur
Consultant +1 514 341 0408