Welcome!

News Feed Item

Xcite Energy Limited Announces Results for 3 and 6 Month Periods Ended 30 June 2014

ABERDEENSHIRE, UNITED KINGDOM -- (Marketwired) -- 08/14/14 -- Xcite Energy Ltd (TSX VENTURE: XEL) (LSE: XEL)

TSX-V: XEL; LSE: XEL

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

14 August 2014

Xcite Energy Limited
("Xcite Energy" or the "Company")

Results for the 3 and 6 Month Periods Ended 30 June 2014

Xcite Energy announces its results for the 3 and 6 month periods ended 30 June 2014.

Highlights for the year to date

  • Memorandum of Understanding signed with Aibel AS, further enhancing the industry service provider partnership for the development of the Bentley field, which already includes AMEC Group Ltd., Ove Arup & Partners Ltd. and Teekay Shipping Norway AS.

  • Collaboration Agreement signed with Statoil (U.K.) Ltd. and Shell U.K. Ltd., for the sharing of technical and operational information to evaluate potential synergies and collaboration in the development of the Bentley and Bressay oil fields.

  • US$ 140 million raised through the issue of senior secured bonds and issue of new equity share capital, and repayment of the US$ 80 million of unsecured loan notes.

  • Upgrade in 1P, 2P and 3P oil reserves for the Bentley field to 203 MMstb, 257 MMstb and 317 MMstb, respectively, effective 31 December 2013 and based on an initial 35 year production period.

  • Material Licence extension granted by the Department of Energy and Climate Change for the Bentley field until 31 December 2016.

  • Profit for the 3 month period ended 30 June 2014 of £ 0.51 million.

  • Cash balance of £ 41.5 million as at 30 June 2014.

Rupert Cole, Chief Executive Officer of Xcite Energy, commented:

"We have continued to make good progress towards our near term objective of the submission of the field development plan, with expansion of the development group, continuing engineering work and constructive contract discussions. With the industry beginning to recognise what can be achieved with an enhanced partnership model and the collaboration initiatives noted from the recently published Wood Review, I am very pleased that the efforts of the team are translating into commercial agreements to develop the Bentley field. With much to do in the coming months, we shall keep stakeholders updated at each step of the way."

Outlook for the balance of 2014

Pre-FEED/assurance engineering, project planning and contract negotiations with existing development partners are underway. The Company continues its discussions with additional development partners to complement the Bentley development group, including drilling contractors and services companies as part of its rig tender process and overall well strategy. Xcite Energy will shortly be mobilising a survey vessel to undertake the pre-FEED geotechnical site investigation for the Arup designed ACE platform.

The benefits from working with its development partners are becoming evident, as the development group is able to identify and address the key design, engineering, execution and integration issues that will affect the core development assets and the overall development cost and schedule. In addition, there are potential opportunities to realise purchasing and logistical synergies for the benefit of the project as a whole.

The Company continues to have discussions with other potential partners as part of its funding strategy, as set out in its full year results published on 27 March 2014. The Company's aim remains focused on reducing the front-end cash requirements of the project by exploring the potential use of asset financing for the ACE platform, leasing of certain key assets (such as the FSO and drilling rig) and some financial participation by its existing development partners. By reducing the initial funding requirement, the Company intends to widen the scope of companies with whom it can engage.

The recent bond financing and the repayment of the unsecured loan notes has provided a stable financial footing during a key period for the Company as it continues to bring together a technically and financially compliant field development plan for the Bentley field with its development partners.

The following tables summarise the Group's financial performance in the 3 and 6 months ended 30 June 2014 and the comparatives for the 3 and 6 months ended 30 June 2013.

----------------------------------------------------------------------------
                                      6 months  3 months  6 months  3 months
                                         ended     ended     ended     ended
                                       30 June   30 June   30 June   30 June
----------------------------------------------------------------------------
Income Statement Information              2014      2014      2013      2013
----------------------------------------------------------------------------
                                           £ m       £ m       £ m       £ m
----------------------------------------------------------------------------
Net profit                                0.47      0.51       8.3      10.0
----------------------------------------------------------------------------
Basic earnings per share in pence        0.16p     0.17p     2.85p     3.43p
----------------------------------------------------------------------------
Diluted earnings per share in pence      0.14p     0.15p     2.56p     3.07p
----------------------------------------------------------------------------


----------------------------------------------------------------------------
                                      6 months  3 months  6 months  3 months
                                         ended     ended     ended     ended
                                       30 June   30 June   30 June   30 June
----------------------------------------------------------------------------
Cash Flow Information                     2014      2014      2013      2013
----------------------------------------------------------------------------
                                           £ m       £ m       £ m       £ m
----------------------------------------------------------------------------
Net cash flow from operations              9.8      10.8      13.5      14.8
----------------------------------------------------------------------------
Net cash flow from investing
 activities                             (17.7)    (14.2)    (14.6)    (10.4)
----------------------------------------------------------------------------
Net cash flow from financing
 activities                               27.5      27.5       0.4         -
----------------------------------------------------------------------------


----------------------------------------------------------------------------
                                             As at        As at        As at
                                           30 June  31 December      30 June
----------------------------------------------------------------------------
Balance Sheet Information                     2014         2013         2013
----------------------------------------------------------------------------
                                               £ m          £ m          £ m
----------------------------------------------------------------------------
Total assets                                 301.9        269.5        265.4
----------------------------------------------------------------------------
Cash and cash equivalents                     41.5         21.9         24.9
----------------------------------------------------------------------------
Current liabilities                            1.0         49.0         46.9
----------------------------------------------------------------------------
Long term liabilities                         72.7          3.5          0.9
----------------------------------------------------------------------------
Total net assets                             228.2        217.0        217.7
----------------------------------------------------------------------------

The Company's unaudited Financial Results for the 3 and 6 Month Periods Ended 30 June 2014 can be found at the following link:

http://www.rns-pdf.londonstockexchange.com/rns/0771P_-2014-8-13.pdf

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 annual Management's Discussion and Analysis for Xcite Energy dated 26 March 2014 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.

ENQUIRIES:

Xcite Energy Limited                                    +44 (0) 1483 549 063
Rupert Cole / Andrew Fairclough

Liberum (Joint Broker and Nominated Adviser)            +44 (0) 203 100 2222
Clayton Bush / Tim Graham

Morgan Stanley (Joint Broker)                           +44 (0) 207 425 8000
Andrew Foster

Bell Pottinger                                          +44 (0) 207 861 3232
Mark Antelme / Henry Lerwill

This information is provided by RNS
The company news service from the London Stock Exchange

Contact:
RNS
Customer Services
0044-207797-4400
[email protected]
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.

Latest Stories
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true ...
Containers and Kubernetes allow for code portability across on-premise VMs, bare metal, or multiple cloud provider environments. Yet, despite this portability promise, developers may include configuration and application definitions that constrain or even eliminate application portability. In this session we'll describe best practices for "configuration as code" in a Kubernetes environment. We will demonstrate how a properly constructed containerized app can be deployed to both Amazon and Azure ...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
DXWorldEXPO LLC announced today that "IoT Now" was named media sponsor of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...
"DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great team at @DevOpsSUMMIT and CloudEXPO tell the world how they can leverage this emerging disruptive trend."
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
You want to start your DevOps journey but where do you begin? Do you say DevOps loudly 5 times while looking in the mirror and it suddenly appears? Do you hire someone? Do you upskill your existing team? Here are some tips to help support your DevOps transformation. Conor Delanbanque has been involved with building & scaling teams in the DevOps space globally. He is the Head of DevOps Practice at MThree Consulting, a global technology consultancy. Conor founded the Future of DevOps Thought Leade...
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, discussed how to use Kubernetes to set up a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace. H...