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Xcite Energy Ltd
Symbol XEL
Shares Issued 309,930,421
Close 2014-11-13 C$ 0.85
Market Cap C$ 263,440,858
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Xcite works with China Oilfield on Bentley rig

2014-11-17 06:13 ET - News Release

Mr. Rupert Cole reports

XCITE ENERGY LIMITED MEMORANDUM OF UNDERSTANDING WITH CHINA OILFIELD SERVICES LIMITED

Xcite Energy Ltd.'s 100-per-cent subsidiary, Xcite Energy Resources PLC, has entered into a memorandum of understanding with China Oilfield Services Ltd., which sets out the principles for the provision of a new-build Keppel FELS N class plus, harsh-environment jack-up drilling rig, together with equipment and employees, for the Bentley field. Final specifications of the rig are currently being agreed in order for construction to begin at the Keppel FELS yard in Singapore.

COSL will work in a collaborative manner with all the key stakeholders to develop innovative, field-specific rig and drilling services for Bentley, to maximize the economic recovery from the field and the economic return for all stakeholders.

Rupert Cole, chief executive officer of Xcite Energy, commented: "We are very pleased that COSL has joined the Bentley development team and this marks the last of the key development group roles to be filled. COSL has considerable experience in drilling operations and we believe they possess the skills and expertise to work alongside our other partners in our collaborative and innovative model. Selecting this ultrahigh-specification drilling rig, and constructing it at the Keppel FELS yard in Singapore, is an important part of securing both the future schedule and drilling efficiency of the Bentley project."

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