14:37:19 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Xcite Energy Ltd
Symbol XEL
Shares Issued 308,730,421
Close 2014-07-03 C$ 1.15
Market Cap C$ 355,039,984
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Xcite Energy enters MOU with Aibel for Bentley platform

2014-07-04 07:05 ET - News Release

Mr. Rupert Cole reports

XCITE ENERGY LIMITED ("XCITE ENERGY" OR THE "COMPANY") MEMORANDUM OF UNDERSTANDING WITH AIBEL AS

Xcite Energy Ltd.'s 100-per-cent-owned subsidiary, Xcite Energy Resources Ltd., has entered into a memorandum of understanding with Aibel AS, which sets out the principles for executing the engineering, procurement and construction of the Ove Arup & Partners-designed self-installing ACE platform selected for the Bentley field.

Aibel will work with AMEC, the international engineering and project management company, acting as XER's project management contractor, to deliver the ACE platform. XER believes that the combination of the AMEC, Arup and Aibel project management, engineering and construction experience will deliver a quality and cost-effective asset.

Rupert Cole, chief executive officer of Xcite Energy, commented:

"We are very pleased to have Aibel, with its experience and expertise in offshore projects, join the Bentley development group for the construction of the ACE platform, which has significant economic benefits over the life of the field, including rapid deployment and ease of decommissioning. This further validates our strategy and development plan as we continue to refine the project costs and reduce future schedule risk through the early involvement of our development partners prior to submission of a field development plan."

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