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Xcite Energy Ltd
Symbol XEL
Shares Issued 309,780,421
Close 2014-09-09 C$ 1.14
Market Cap C$ 353,149,680
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Xcite to analyze shared pipeline with Statoil, EnQuest

2014-09-10 06:08 ET - News Release

Mr. Rupert Cole reports

XCITE ENERGY LIMITED COLLABORATION AGREEMENT WITH STATOIL AND ENQUEST

Xcite Energy Ltd.'s 100-per-cent-owned subsidiary, Xcite Energy Resources PLC, has entered into a collaboration agreement with Statoil (U.K.) Ltd. and EnQuest Heather Ltd., in order to share field-specific technical and operational information to evaluate the potential utilization of common gas import infrastructure between the Kraken, Bentley and Bressay fields.

A joint Xcite, Statoil and EnQuest team will work together to analyze the current available information and develop a number of proposals to assess the potential benefits of installing a shared gas import pipeline in conjunction with the development of the Kraken, Bentley and Bressay fields.

Rupert Cole, chief executive officer of Xcite Energy, commented: "We are pleased to continue to work with Statoil and extend this to include EnQuest in the assessment of this shared infrastructure. This new collaboration with Statoil and EnQuest to assess this shared infrastructure is an important initiative, which highlights the scope of potential opportunities available to our respective projects. I believe that today's announcement further demonstrates that additional value can be created by companies collaborating in key development activities and it reinforces our commitment to 'maximizing economic recovery' from the area immediately surrounding the Bentley field."

We seek Safe Harbor.

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