|By Marketwired .||
|November 9, 2012 02:00 AM EST||
ABERDEENSHIRE, UNITED KINGDOM -- (Marketwire) -- 11/09/12 --
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION TSX-V, LSE-AIM: XEL 9 November 2012 Xcite Energy Limited ("Xcite Energy" or the "Company") Results for the 3 and 9 Month Periods Ended 30 September 2012 Xcite Energy announces its results for the 3 and 9 month periods ended 30 September 2012. Operational Highlights - Bentley pre-production well test successfully and safely concluded in September 2012, with initial well test results exceeding management expectations: - Water breakthrough better than expected (i.e. less water produced) - Extensive data gathered for reservoir model calibration and production facilities design, enabling optimisation of field development plan - Significantly improved understanding of oil, gas and water movement behaviour - Produced approximately 149,000 barrels of Bentley crude, which was combined with approximately 58,000 barrels of diluent. - 9/3b-7 and 7Z wells suspended for future use as production wells during Phase 1B and the Rowan Norway demobilised from the field, with all associated equipment off hire. Financial Highlights - Revenue generated of GBP13.3 million from the sale of the blended crude oil and diluent. - Net loss in the three month period of GBP0.57 million. Further increase in net assets through continued investment in the Bentley field development programme. - Cash of GBP54.6 million as at 30 September 2012, following net new equity capital and debt financing of GBP21.2 million in the three month period.Included in cash balances are amounts held in escrow of GBP44.0 million relating to the Bentley Phase 1A work programme, a significant amount of which is expected to be returned to the Company in due course. - Issue of an additional US$10 million of unsecured 14% loan notes to West Face Capital Inc. in the three month period, giving a total of US$60 million in the nine month period. - Signing of a US$155 million reserves based lending facility inJune with a leading syndicate of lending institutions to provide a substantial part of the Phase 1B work programme funding requirement. Post Period Event UK Department of Energy and Climate Change has offered the Company licenses over Blocks 9/4 (part), 9/8b and 9/9f (split) as applied for in the UK 27th Offshore Licensing Round. These licences could add significant additional value to a Bentley hub development concept. Significant Work Ahead The Phase 1A programme was a highly successful, extensive and thorough pre-production well test, which has provided substantial quantities of valuable data.The Company's immediate priority is to continue to analyse this information in order to update the reservoir model and production profiles, which, together with the inclusion of recently acquired new 3D seismic data over the Bentley field and its surrounding prospects (including 27th Round licences), will form part of the updated reserves report (a Competent Person's Report) and the RBL banks review process, expected early in 2013. This data and analysis thereof will also be utilised in a data room in due course for the intended farm-out discussions, with the intention of commencing the initial engagement process by the end of the year. 2013 is therefore expected to be an important year for Xcite Energy, with an updated Competent Persons Report, discussions with potential farm-in partners, the re-submission of the updated Field Development Plan to DECC and the initiation of the Phase 1B work programme, the planning for which is well underway. The Company looks forward to updating investors on these important events. The following tables summarise the Group's financial performance in the 3 and 9 months ended 30 September 2012 and the comparatives for the 3 and 9 months ended 30 September 2011. 9 months 3 months 9 months 3 months ended ended ended ended 30 Sept 30 Sept 30 Sept 30 Sept Income Statement Information 2012 2012 2011 2011 GBPm GBPm GBPm GBPm Revenue 13.3 13.3 - - Net profit/(loss) (0.8) (0.6) (1.0) (0.7) Earnings/(loss) per share (basic (0.3p) (0.2p) (0.6p) (0.4p) and diluted) in pence 9 months 3 months 9 months 3 months ended ended ended ended 30 Sept 30 Sept 30 Sept 30 Sept Cash Flow Information 2012 2012 2011 2011 GBPm GBPm GBPm GBPm Net cash flow from (8.2) (13.0) (16.8) 0.7 operations Net cash flow from (100.8) (35.4) (12.2) (4.9) investing activities Net cash flow from 99.5 21.3 43.8 10.6 financing activities As at As at As at 30 Sept 31 December 30 Sept Balance Sheet Information 2012 2011 2011 GBPm GBPm GBPm Total assets 260.7 152.8 130.2 Cash and cash equivalents 54.6 64.1 50.8 Current liabilities 53.7 9.5 7.0 Long term liabilities (deferred tax) 0.5 0.5 0.5 Total net assets 206.5 142.7 122.7 Click on, or paste the following link into your web browser, to view the associated PDF document: http://www.rns-pdf.londonstockexchange.com/rns/7197Q_-2012-11-8.pdf ENQUIRIES: Xcite Energy Limited +44 (0) 1483 549 063 Rupert Cole / Andrew Fairclough Oriel Securities (Joint Broker and Nomad) +44 (0) 207 710 7600 Michael Shaw / Ashton Clanfield Morgan Stanley (Joint Broker) +44 (0) 207 425 8000 Andrew Foster Pelham Bell Pottinger +44 (0) 207 861 3232 Mark Antelme / Henry Lerwill Paradox Public Relations +1 514 341 0408 Jean-Francois Meilleur 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 26 October 2010 and in the Management's Discussion and Analysis for Xcite Energy dated 24 July 2012 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. 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. This information is provided by RNS The company news service from the London Stock Exchange END
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