Xcite Energy Limited ("Xcite Energy" or the "Company") Successful Suspension of 9/3b-6z Well and Rig Off Hire on Bentley Field
January 04 2011 - 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) announces that
the 9/3b-6z well has been successfully suspended for potential
future use as a production well and the Ocean Nomad drilling rig is
off hire from the Bentley field location.
In addition to the successful well flow test announced on 21
December 2010, high quality downhole pressure, temperature and
sample data has been safely recovered following a 36 hour shut in
and build up period after the flow test.
Analysis and interpretation of this data will now commence, with
the intention to update the information in the February 2009
Competent Persons Report potentially enabling a reserves report to
be issued in due course.
Xcite Energy would like to thank all the business partners that
have played a part in the success of this transformational well for
the Company.
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.
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 risks
associated with the oil and gas industry (including operational
risks in exploration and development and uncertainties of estimates
oil and gas potential properties), the risk of commodity price and
foreign exchange rate fluctuations and the ability of Xcite Energy
to secure financing. Additional information identifying risks and
uncertainties are contained in the Company's annual information
form dated October 26, 2010 and in the annual Management's
Discussion and Analysis for Xcite Energy dated March 24, 2010 filed
with the Canadian securities regulatory authorities and 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.
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
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