Click here to close now.



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

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
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
With microservices, SOA and distributed architectures becoming more popular, it is becoming increasingly harder to keep track of where time is spent in a distributed application when trying to diagnose performance problems. Distributed tracing systems attempt to address this problem by following application requests across service boundaries, persisting metadata along the way that provide context for fine-grained performance monitoring.
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
The maker of automated server migration software reports sales bookings increased 460 percent year-over-year and last week IDC forecast spending on public cloud services will grow to more than $141 billion in 2019. Seems (at last) we are at the tipping point where enterprises are adopting cloud in a big way opening opportunities for those who can help with the transition.
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
@DevOpsSummit taking place June 7-9, 2016 at Javits Center, New York City, and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...