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or Name
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Xcite Energy Ltd
Symbol XEL
Shares Issued 292,811,000
Close 2014-04-08 C$ 1.18
Market Cap C$ 345,516,980
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Xcite Energy to use Ove Arup's ACE oil rig for Bentley

2014-04-09 06:15 ET - News Release

Mr. Rupert Cole reports

XCITE ENERGY LIMITED ("XCITE ENERGY" OR THE "COMPANY") MOU WITH AMEC AND ARUP

Xcite Energy Ltd.'s 100-per-cent subsidiary, Xcite Energy Resources Ltd., has entered into a memorandum of understanding with AMEC Group Ltd. and Ove Arup & Partners Ltd., which sets out the principles of co-operation for the design and development of Arup's self-installing, steel ACE platform for the Bentley field.

XER, AMEC and Arup intend to work together to optimize the existing ACE platform design for the Bentley field, covering all aspects of assurance, engineering, procurement, construction and installation. This should enable XER, prior to contract award, to confirm the final platform design and capital requirement for one of the key Bentley field development assets.

XER believes that there are a number of benefits from using this existing, proven, self-elevating design, including the ability to build and integrate the platform at a wide range of construction yards. This should enable a direct wet tow to be undertaken to the Bentley field, at which time the platform can be installed with minimal offshore support. This, together with the application of an inherent "design for decommissioning" principle, should result in a capital-efficient and environmentally compliant development infrastructure solution.

Rupert Cole, chief executive officer of Xcite Energy, commented: "We are pleased to be able to announce AMEC and Arup as partners in our development group to progress Bentley towards production. Following on from the $250-million extended well test, this next phase of engineering will allow us to optimize Arup's existing ACE platform design for the Bentley field and enable us to refine the costs and related schedule ahead of submitting the field development plan."

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