Xcite Energy Limited ("Xcite Energy" or the "Company") Reserves Assessment Process Update
February 28 2011 - 2:01AM
Marketwired
Xcite Energy Limited (TSX-V: XEL) (LSE: XEL)
(AIM: XEL)
-- Following the successful
Bentley 9/3b-6 well test in December 2010, the Company's 100%
subsidiary, Xcite Energy Resources Limited ("XER"), has been
working on a Reserves report that will update the RPS Energy
Competent Person's report dated February 2009.
TRACS, part of the AGR Group, was appointed as the independent
third party engineers to undertake the Reserves report on behalf of
XER in the second half of 2010 and RPS Energy will continue to
advise the Company to optimise the report.
The success of the Bentley 9/3b-6 well test requires XER to
re-assess all material aspects of the reservoir model as the
starting point for the input to the Reserves report. The
information and data available from the well is still in the
process of being received and collated and the Company intends to
use as much of this material as possible for input to the Reserves
report.
The Reserves report will be focused on the First Stage
Production ("FSP") of the Bentley field, for which the work
programme is underway and the Rowan jack-up rig has been
contracted. The Reserves report will assess reserves in connection
with the FSP only, while also providing a further update to the
resources on a field-wide basis.
The Company expects the completion of the Reserves report to be
around the end of March 2011, but will take the time necessary to
maximise the value of the report.
THIS ANNOUNCEMENT IS NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES
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 +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