Click here to close now.

Welcome!

Microsoft Cloud Authors: Aleksei Gavrilenko, Elizabeth White, Liz McMillan, Pat Romanski, Jaynesh Shah

News Feed Item

Results for the Periods Ended 30 September 2012

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

Contacts:
RNS
Customer
Services
0044-207797-4400
Email Contact
http://www.rns.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Among the proven benefits, DevOps is corr...
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and high availability solutions, leveraging the cloud and the benefits of Infrastructure-as-a-Service (IaaS...
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare to be blown away with a glimpse of the future.
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the cloud and the best price/performance value available. ProfitBricks was named one of the coolest Clo...
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are rapidly redefining traditional integration approaches and their reliance on proprietary connectors. ...
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
"We have a tagline - "Power in the API Economy." What that means is everything that is built in applications and connected applications is done through APIs," explained Roberto Medrano, Executive Vice President at Akana, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
WebRTC converts the entire network into a ubiquitous communications cloud thereby connecting anytime, anywhere through any point. In his session at WebRTC Summit,, Mark Castleman, EIR at Bell Labs and Head of Future X Labs, will discuss how the transformational nature of communications is achieved through the democratizing force of WebRTC. WebRTC is doing for voice what HTML did for web content.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driving this change including privacy controls, data transparency and integration of real time context wi...
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fillin...
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust IoT ...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust IT industrialization – allowing customers to provide amazing user experiences with optimized IT per...
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.