Welcome!

Microsoft Cloud Authors: Pat Romanski, Lori MacVittie, Andreas Grabner, Jim Kaskade, John Basso

News Feed Item

CORRECTION - Results for the Periods Ended 30 Sep

ABERDEENSHIRE, UNITED KINGDOM -- (Marketwire) -- 11/09/12 --

TSXV: IEA

As previously released the announcement contained a link to a PDF
document which did not include 'Management's Discussion and Analysis'.

The full PDF can now be found by clicking the link below.

All other details remain unchanged


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 in
   June 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

http://www.rns-pdf.londonstockexchange.com/rns/7492Q_-2012-11-9.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 many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2017 New York The 7th Internet of @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, New York. Chris Matthieu is the co-founder and CTO of Octoblu, a revolutionary real-time IoT platform recently acquired by Citrix. Octoblu connects things, systems, people and clouds to a global mesh network allowing users to automate and control design flo...
Unsecured IoT devices were used to launch crippling DDOS attacks in October 2016, targeting services such as Twitter, Spotify, and GitHub. Subsequent testimony to Congress about potential attacks on office buildings, schools, and hospitals raised the possibility for the IoT to harm and even kill people. What should be done? Does the government need to intervene? This panel at @ThingExpo New York brings together leading IoT and security experts to discuss this very serious topic.
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, discussed how VPaaS enables you to move fast, creating scalable video experiences that reach your aud...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.