Welcome!

Microsoft Cloud Authors: Janakiram MSV, Yeshim Deniz, David H Deans, Andreas Grabner, Stackify Blog

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
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
SYS-CON Events announced today that TidalScale, a leading provider of systems and services, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale has been involved in shaping the computing landscape. They've designed, developed and deployed some of the most important and successful systems and services in the history of the computing industry - internet, Ethernet, operating s...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
As hybrid cloud becomes the de-facto standard mode of operation for most enterprises, new challenges arise on how to efficiently and economically share data across environments. In his session at 21st Cloud Expo, Dr. Allon Cohen, VP of Product at Elastifile, will explore new techniques and best practices that help enterprise IT benefit from the advantages of hybrid cloud environments by enabling data availability for both legacy enterprise and cloud-native mission critical applications. By rev...
Infoblox delivers Actionable Network Intelligence to enterprise, government, and service provider customers around the world. They are the industry leader in DNS, DHCP, and IP address management, the category known as DDI. We empower thousands of organizations to control and secure their networks from the core-enabling them to increase efficiency and visibility, improve customer service, and meet compliance requirements.
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Amazon is pursuing new markets and disrupting industries at an incredible pace. Almost every industry seems to be in its crosshairs. Companies and industries that once thought they were safe are now worried about being “Amazoned.”. The new watch word should be “Be afraid. Be very afraid.” In his session 21st Cloud Expo, Chris Kocher, a co-founder of Grey Heron, will address questions such as: What new areas is Amazon disrupting? How are they doing this? Where are they likely to go? What are th...
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, will lead you through the exciting evolution of the cloud. He'll look at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering ...
Digital transformation is changing the face of business. The IDC predicts that enterprises will commit to a massive new scale of digital transformation, to stake out leadership positions in the "digital transformation economy." Accordingly, attendees at the upcoming Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA, Oct 31-Nov 2, will find fresh new content in a new track called Enterprise Cloud & Digital Transformation.
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, will discuss how given the magnitude of today's applicati...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp emp...
As popularity of the smart home is growing and continues to go mainstream, technological factors play a greater role. The IoT protocol houses the interoperability battery consumption, security, and configuration of a smart home device, and it can be difficult for companies to choose the right kind for their product. For both DIY and professionally installed smart homes, developers need to consider each of these elements for their product to be successful in the market and current smart homes.
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Avere delivers a more modern architectural approach to storage that doesn't require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbui...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
SYS-CON Events announced today that Avere Systems, a leading provider of hybrid cloud enablement solutions, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Avere Systems was created by file systems experts determined to reinvent storage by changing the way enterprises thought about and bought storage resources. With decades of experience behind the company’s founders, Avere got its ...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, will discuss how by using...