Baxter <karenb@stockwatch.com>
Subject: XEL release
PLAIN TEXT:
Xcite Energy plc - RNS News
Xcite Energy Limited Logo
RNS News
RNS Number : 6069X
Xcite Energy Limited
21 November 2014
?
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
TSX-V, LSE-AIM: XEL
21 November 2014
Xcite Energy Limited
("Xcite Energy" or the "Company")
Results for the 3 and 9 Month Periods Ended 30 September 2014
Xcite Energy announces its results for the 3 and 9 month periods ended
30 September 2014.
Highlights for the year to date
� Memorandum of Understanding signed with China Oilfield Services
Limited, setting out the principles for the provision and operation of a
new-build, harsh environment, jack-up drilling rig, completing the final
role in the Bentley development group, which now consists of AMEC,
Aibel, Arup, Baker Hughes, COSL and Teekay.
� Collaboration Agreements signed with Statoil and EnQuest to share
information to evaluate the potential benefits of a future shared gas
import pipeline.
� Collaboration Agreement signed with Statoil and Shell,for the sharing
of information to evaluate potential synergies and collaboration between
the Bentley and Bressay 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.
� Loss for the 3 month period ended 30 September 2014 of �2.7 million,
arising from unrealised foreign exchange losses from a strengthening US
dollar.
� Cash balance of �38.7 million as at 30 September 2014.
Rupert Cole, Chief Executive Officer of Xcite Energy, commented:
"The Bentley development group continues to mature, with
pre-FEED/assurance engineering progressing well, contract negotiations
with development partners continuing constructively and the important
signing of another key MOU with China Oilfield Services Limited for the
provision of a jack-up drilling rig. This means we now have AMEC, Aibel
and Arup engaged to manage and construct the ACE platform, Baker Hughes
to provide drilling services, Teekay to supply a Sevan FSO unit and now
COSL providing the rig; this completes the key development partner line
up and will help us create further certainty over the project schedule.
We successfully conducted an offshore geotechnical survey in September
2014 and are waiting for the final results from the sample analysis,
which we expect to confirm the suitability of the platform location for
the First Phase Development. We will be submitting a revised
Environmental Statement to reflect the updated technical blueprint of
the field development plan, in particular the utilisation of the ACE
platform and the Sevan FSO.
We have consistently stated that the technical and commercial
workstreams would be our focus for 2014 and that we will only submit a
formal field development plan when we are able to demonstrate both the
technical and financial capability required by DECC. I believe the
progression of our MOUs to firm contracts will be an important step
towards demonstrating the technical expertise surrounding the Bentley
development to allow us to construct the required financial capability.
We continue to progress available financing options, and discussions
with potential co-venturers are ongoing.
Offshore oil and gas developments are major and complex engineering
projects, which require detailed planning and execution for successful
delivery. We believe that our strategy to work with our selected
development partners early in the project life, in a collaborative
partnership model, with aligned incentives to deliver the project
safely, on-time and on-budget, is an innovative and appropriate strategy
for addressing the key challenges currently facing our industry.
As we look forward to formalising the relationship with our partners
over the coming months, we remain committed to delivering value for all
stakeholders and firmly believe that this collaborative strategy is the
right approach in the current market environment."
The following tables summarise the Group's financial performance in the
3 and 9 months ended 30 September 2014 and the comparatives for the 3
and 9 months ended 30 September 2013.
9 months ended 30 September
3 months ended 30 September
9 months ended 30 September
3 months ended 30 September
Income Statement Information
2014
2014
2013
2013
�m
�m
�m
�m
Net (loss)/profit
(2.2)
(2.7)
9.2
0.9
Basic earnings per share in pence
(0.7p)
(0.9p)
3.2p
0.3p
Diluted earnings per share in pence
(0.7p)
(0.9p)
2.8p
0.3p
9 months ended 30 September
3 months ended 30 September
9 months ended 30 September
3 months ended 30 September
Cash Flow Information
2014
2014
2013
2013
�m
�m
�m
�m
Net cash flow from operations
9.6
5.1
14.0
0.5
Net cash flow from investing activities
(20.6)
(8.2)
(18.0)
(3.4)
Net cash flow from financing activities
27.7
0.2
0.4
-
As at
30 September
As at
31 December
As at
30 September
Balance Sheet Information
2014
2013
2013
�m
�m
�m
Total assets
307.1
269.5
263.9
Cash and cash equivalents
38.7
21.9
22.0
Current liabilities
2.5
49.0
44.4
Long term liabilities
77.8
3.5
0.9
Total net assets
226.9
217.0
218.7
The Company's unaudited Financial Results for the 3 and 9 Month Periods
Ended 30 September 2014 can be found at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/6069X_-2014-11-20.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)
acceptsresponsibility 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
Morgan Stanley (Joint Broker)
+44 (0) 207 425 8000
Andrew Foster
Bell Pottinger
+44 (0) 203 772 2500
Henry Lerwill
This information is provided by RNS
The company news service from the London Stock Exchange
END
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<h1>RNS News</h1>
<div>RNS Number : 6069X</div>
<div>Xcite Energy Limited</div>
<div>21 November 2014</div>
<div> </div>
<p></p>
<div class="aw">
<p class="ej">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</p>
<p class="ek"> </p>
<p class="ek">TSX-V, LSE-AIM: XEL</p>
<p class="ek"> </p>
<p class="el"> </p>
<p class="a"><span class="ef">21 November 2014</span></p>
<p class="ek"> </p>
<p class="ek"> </p>
<p class="ek"><span class="ef">Xcite Energy Limited</span></p>
<p class="ek"><span class="ef">("Xcite Energy" or the
"Company")</span></p>
<p class="ek"><span class="ef"> </span></p>
<p class="ek"><span class="ef">Results for the 3 and 9 Month
Periods Ended 30 September 2014</span></p>
<p class="em"><span class="en"><span class="ee"> </span></span></p>
<p class="eo"><span class="k"><span class="dz">Xcite Energy
announces its results for the 3 and 9 month periods
ended 30 September 2014.</span></span></p>
<p class="eo"><span class="ef"> </span></p>
<p class="ep"><span class="dw">Highlights for the year to date</span></p>
<p class="eq"><span class="dz"> </span></p>
<p class="er"><span class="k"><span class="dr">· </span></span><span
class="k"><span class="dq">Memorandum of Understanding
signed with China Oilfield Services Limited, setting out
the principles for the provision and operation of a
new-build, harsh environment, jack-up drilling rig,
completing the final role in the Bentley development
group, which now consists of AMEC, Aibel, Arup, Baker
Hughes, COSL and Teekay.</span></span></p>
<p class="p"><span class="k"><span class="dz"> </span></span></p>
<p class="er"><span class="k"><span class="dr">· </span></span><span
class="k"><span class="dq">Collaboration Agreements signed
with </span></span><span class="do">Statoil and EnQuest
to share information to evaluate the potential benefits of
a future shared gas import pipeline.</span></p>
<p class="p"><span class="k"><span class="dq"> </span></span></p>
<p class="er"><span class="k"><span class="dr">· </span></span><span
class="k"><span class="dq">Collaboration Agreement signed
with </span></span><span class="do">Statoil and Shell,<span
class="k"><span class="dn"> for the sharing of
information to evaluate potential synergies and
collaboration between the Bentley and Bressay fields.</span></span></span></p>
<p class="es"><span class="k"><span class="dq"> </span></span></p>
<p class="et"><span class="k"><span class="dl">· </span></span><span
class="k"><span class="dk">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. </span></span></p>
<p class="p"><span class="k"><span class="dh"> </span></span></p>
<p class="er"><span class="k"><span class="dr">· </span></span><span
class="k"><span class="dq">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.</span></span></p>
<p class="es"><span class="k"><span class="dh"> </span></span></p>
<p class="eu"><span class="k"><span class="dg">· </span></span><span
class="k"><span class="dq">Material Licence extension
granted by the </span></span><span class="do">Department
of Energy and Climate Change </span><span class="k"><span
class="df">for the Bentley field until 31 December 2016.
</span></span></p>
<p class="p"><span class="k"><span class="dz"> </span></span></p>
<p class="et"><span class="k"><span class="dg">· </span></span><span
class="k"><span class="dq">Loss for the 3 month period
ended 30 September 2014 of £2.7 million, arising from
unrealised foreign exchange losses from a strengthening
US dollar.</span></span></p>
<p class="p"> </p>
<p class="et"><span class="k"><span class="dg">· </span></span><span
class="k"><span class="dq">Cash balance of £38.7 million
as at 30 September 2014.</span></span></p>
<p class="p"><span class="k"><span class="dq"> </span></span></p>
<p class="es"><span class="en"><span class="dq"> </span></span></p>
<p class="ev"><span class="ew">Rupert Cole, Chief Executive
Officer of Xcite Energy, commented:</span></p>
<p class="ex"><span class="ef"> </span></p>
<p class="ex"><span class="ef">"The Bentley development group
continues to mature, with pre-FEED/assurance engineering
progressing well, contract negotiations with development
partners continuing constructively and the important
signing of another key MOU with China Oilfield Services
Limited for the <span class="k"><span class="dn">provision
of a jack-up drilling rig.</span></span> This means
we now have AMEC, Aibel and Arup engaged to manage and
construct the ACE platform, Baker Hughes to provide
drilling services, Teekay to supply a Sevan FSO unit and
now COSL providing the rig; this completes the key
development partner line up and will help us create
further certainty over the project schedule. </span></p>
<p class="ex"><span class="ef"> </span></p>
<p class="ex"><span class="ef">We successfully conducted an
offshore geotechnical survey in September 2014 and are
waiting for the final results from the sample analysis,
which we expect to confirm the suitability of the platform
location for the First Phase Development. We will be
submitting a revised Environmental Statement to reflect
the updated technical blueprint of the field development
plan, in particular the utilisation of the ACE platform
and the Sevan FSO.</span></p>
<p class="ex"><span class="ef"> </span></p>
<p class="ex"><span class="ef">We have consistently stated
that the technical and commercial workstreams would be our
focus for 2014 and that we will only submit a formal field
development plan when we are able to demonstrate both the
technical and financial capability required by DECC. I
believe the progression of our MOUs to firm contracts will
be an important step towards demonstrating the technical
expertise surrounding the Bentley development to allow us
to construct the required financial capability. We
continue to progress available financing options, and
discussions with potential co-venturers are ongoing. </span></p>
<p class="ex"><span class="ef"> </span></p>
<p class="ex"><span class="ef">Offshore oil and gas
developments are major and complex engineering projects,
which require detailed planning and execution for
successful delivery. We believe that our strategy to work
with our selected development partners early in the
project life, in a collaborative partnership model, with
aligned incentives to deliver the project safely, on-time
and on-budget, is an innovative and appropriate strategy
for addressing the key challenges currently facing our
industry. </span></p>
<p class="ex"><span class="ef"> </span></p>
<p class="ex"><span class="ef">As we look forward to
formalising the relationship with our partners over the
coming months, we remain committed to delivering value for
all stakeholders and firmly believe that this
collaborative strategy is the right approach in the
current market environment."</span></p>
<p class="ex"><span class="ef"> </span></p>
<p class="ev"><span class="ef">The following tables summarise
the Group's financial performance in the 3 and 9 months
ended 30 September 2014 and the comparatives for the 3 and
9 months ended 30 September 2013. </span></p>
<p class="ev"><span class="ef"> </span></p>
<table class="ey" style="width: 554px;" cellpadding="0"
cellspacing="0">
<tbody>
<tr>
<td class="cy" style="width: 39%;" valign="top">
<p class="ez"><span class="da"><br>
</span></p>
</td>
<td class="cw" style="width: 16%;" valign="top">
<p class="fa"><span class="da">9 months ended 30
September</span></p>
</td>
<td class="cv" style="width: 14%;" valign="top">
<p class="fa"><span class="da">3 months ended 30
September</span></p>
</td>
<td class="cv" style="width: 14%;" valign="top">
<p class="fb"><span class="da">9 months ended 30
September</span></p>
</td>
<td class="cv" style="width: 14%;" valign="top">
<p class="fb"><span class="da">3 months ended 30
September</span></p>
</td>
</tr>
<tr>
<td class="cs" style="width: 39%;" valign="top">
<p class="fc"><span class="da">Income Statement
Information</span></p>
</td>
<td class="cr" style="width: 16%;" valign="top">
<p class="fa"><span class="da">2014</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fa"><span class="da">2014</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fb"><span class="da">2013</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fb"><span class="da">2013</span></p>
</td>
</tr>
<tr>
<td class="cs" style="width: 39%;" valign="top">
<p class="fc"><span class="da"><br>
</span></p>
</td>
<td class="cr" style="width: 16%;" valign="top">
<p class="fa"><span class="da">£m</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fa"><span class="da">£m</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fb"><span class="da">£m</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fb"><span class="da">£m</span></p>
</td>
</tr>
<tr>
<td class="cs" style="width: 39%;" valign="top">
<p class="fd"><span class="da">Net (loss)/profit</span></p>
</td>
<td class="cr" style="width: 16%;" valign="top">
<p class="fa"><span class="da">(2.2)</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fa"><span class="da">(2.7)</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fb"><span class="da">9.2</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fb"><span class="da">0.9</span></p>
</td>
</tr>
<tr>
<td class="cs" style="width: 39%;" valign="top">
<p class="fd"><span class="da">Basic earnings per
share in pence</span></p>
</td>
<td class="cr" style="width: 16%;" valign="top">
<p class="fa"><span class="da">(0.7p)</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fa"><span class="da">(0.9p)</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fb"><span class="da">3.2p</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fb"><span class="da">0.3p</span></p>
</td>
</tr>
<tr>
<td class="cs" style="width: 39%;" valign="top">
<p class="fe"><span class="da">Diluted earnings per
share in pence</span></p>
</td>
<td class="cr" style="width: 16%;" valign="top">
<p class="fa"><span class="da">(0.7p)</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fa"><span class="da">(0.9p)</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fb"><span class="da">2.8p</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fb"><span class="da">0.3p</span></p>
</td>
</tr>
</tbody>
</table>
<p class="ff"><span class="k"><span class="dk"> </span></span></p>
<table class="ey" style="width: 554px;" cellpadding="0"
cellspacing="0">
<tbody>
<tr>
<td class="cy" style="width: 39%;" valign="top">
<p class="ez"><span class="da"><br>
</span></p>
</td>
<td class="cj" style="width: 16%;" valign="top">
<p class="fg"><span class="da">9 months ended 30
September</span></p>
</td>
<td class="ci" style="width: 14%;" valign="top">
<p class="fa"><span class="da">3 months ended 30
September</span></p>
</td>
<td class="cv" style="width: 14%;" valign="top">
<p class="fb"><span class="da">9 months ended 30
September</span></p>
</td>
<td class="ch" style="width: 14%;" valign="top">
<p class="fb"><span class="da">3 months ended 30
September</span></p>
</td>
</tr>
<tr>
<td class="cs" style="width: 39%;" valign="top">
<p class="fc"><span class="da">Cash Flow Information</span></p>
</td>
<td class="cg" style="width: 16%;" valign="top">
<p class="fg"><span class="da">2014</span></p>
</td>
<td class="cf" style="width: 14%;" valign="top">
<p class="fa"><span class="da">2014</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fb"><span class="da">2013</span></p>
</td>
<td class="ce" style="width: 14%;" valign="top">
<p class="fb"><span class="da">2013</span></p>
</td>
</tr>
<tr>
<td class="cs" style="width: 39%;" valign="top">
<p class="fc"><span class="da"><br>
</span></p>
</td>
<td class="cg" style="width: 16%;" valign="top">
<p class="fg"><span class="da">£m</span></p>
</td>
<td class="cf" style="width: 14%;" valign="top">
<p class="fa"><span class="da">£m</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fb"><span class="da">£m</span></p>
</td>
<td class="ce" style="width: 14%;" valign="top">
<p class="fb"><span class="da">£m</span></p>
</td>
</tr>
<tr>
<td class="cs" style="width: 39%;" valign="top">
<p class="fh"><span class="cd">Net cash flow from
operations</span></p>
</td>
<td class="cg" style="width: 16%;" valign="top">
<p class="fg"><span class="da">9.6</span></p>
</td>
<td class="cf" style="width: 14%;" valign="top">
<p class="fa"><span class="da">5.1</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fb"><span class="da">14.0</span></p>
</td>
<td class="ce" style="width: 14%;" valign="top">
<p class="fb"><span class="da">0.5</span></p>
</td>
</tr>
<tr>
<td class="cs" style="width: 39%;" valign="top">
<p class="fh"><span class="cd">Net cash flow from
investing activities</span></p>
</td>
<td class="cg" style="width: 16%;" valign="top">
<p class="fg"><span class="da">(20.6)</span></p>
</td>
<td class="cf" style="width: 14%;" valign="top">
<p class="fa"><span class="da">(8.2)</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fb"><span class="da">(18.0)</span></p>
</td>
<td class="ce" style="width: 14%;" valign="top">
<p class="fb"><span class="da">(3.4)</span></p>
</td>
</tr>
<tr>
<td class="cs" style="width: 39%;" valign="top">
<p class="fh"><span class="cd">Net cash flow from
financing activities</span></p>
</td>
<td class="cg" style="width: 16%;" valign="top">
<p class="fg"><span class="da">27.7</span></p>
</td>
<td class="cf" style="width: 14%;" valign="top">
<p class="fa"><span class="da">0.2</span></p>
</td>
<td class="cq" style="width: 14%;" valign="top">
<p class="fb"><span class="da">0.4</span></p>
</td>
<td class="ce" style="width: 14%;" valign="top">
<p class="fb"><span class="da">-</span></p>
</td>
</tr>
</tbody>
</table>
<p class="ff"><span class="k"><span class="dk"> </span></span></p>
<table class="ey" style="width: 554px;" cellpadding="0"
cellspacing="0">
<tbody>
<tr>
<td class="cb" style="width: 41%;" valign="top">
<p class="ez"><span class="da"><br>
</span></p>
</td>
<td class="bz" style="width: 20%;" valign="top">
<p class="fi"><span class="da">As at</span></p>
<p class="fi"><span class="da">30 September</span></p>
</td>
<td class="bx" style="width: 19%;" valign="top">
<p class="fj"><span class="da">As at</span></p>
<p class="fj"><span class="da">31 December</span></p>
</td>
<td class="bx" style="width: 19%;" valign="top">
<p class="fj"><span class="da">As at</span></p>
<p class="fj"><span class="da">30 September</span></p>
</td>
</tr>
<tr>
<td class="bv" style="width: 41%;" valign="top">
<p class="fk"><span class="da">Balance Sheet
Information</span></p>
</td>
<td class="bu" style="width: 20%;" valign="top">
<p class="fi"><span class="da">2014</span></p>
</td>
<td class="bt" style="width: 19%;" valign="top">
<p class="fj"><span class="da">2013</span></p>
</td>
<td class="bt" style="width: 19%;" valign="top">
<p class="fj"><span class="da">2013</span></p>
</td>
</tr>
<tr>
<td class="bv" style="width: 41%;" valign="top">
<p class="fk"><span class="da"><br>
</span></p>
</td>
<td class="bu" style="width: 20%;" valign="top">
<p class="fi"><span class="da">£m</span></p>
</td>
<td class="bt" style="width: 19%;" valign="top">
<p class="fj"><span class="da">£m</span></p>
</td>
<td class="bt" style="width: 19%;" valign="top">
<p class="fj"><span class="da">£m</span></p>
</td>
</tr>
<tr>
<td class="bv" style="width: 41%;" valign="top">
<p class="ez"><span class="da">Total assets</span></p>
</td>
<td class="bu" style="width: 20%;" valign="top">
<p class="fl"><span class="cd">307.1</span></p>
</td>
<td class="bt" style="width: 19%;" valign="top">
<p class="fj"><span class="da">269.5</span></p>
</td>
<td class="bt" style="width: 19%;" valign="top">
<p class="fm"><span class="cd">263.9</span></p>
</td>
</tr>
<tr>
<td class="bv" style="width: 41%;" valign="top">
<p class="ez"><span class="da">Cash and cash
equivalents</span></p>
</td>
<td class="bu" style="width: 20%;" valign="top">
<p class="fl"><span class="cd">38.7</span></p>
</td>
<td class="bt" style="width: 19%;" valign="top">
<p class="fj"><span class="da">21.9</span></p>
</td>
<td class="bt" style="width: 19%;" valign="top">
<p class="fm"><span class="cd">22.0</span></p>
</td>
</tr>
<tr>
<td class="bv" style="width: 41%;" valign="top">
<p class="ez"><span class="da">Current liabilities</span></p>
</td>
<td class="bu" style="width: 20%;" valign="top">
<p class="fl"><span class="cd">2.5</span></p>
</td>
<td class="bt" style="width: 19%;" valign="top">
<p class="fj"><span class="da">49.0</span></p>
</td>
<td class="bt" style="width: 19%;" valign="top">
<p class="fm"><span class="cd">44.4</span></p>
</td>
</tr>
<tr>
<td class="bv" style="width: 41%;" valign="top">
<p class="ez"><span class="da">Long term liabilities </span></p>
</td>
<td class="bu" style="width: 20%;" valign="top">
<p class="fl"><span class="cd">77.8</span></p>
</td>
<td class="bt" style="width: 19%;" valign="top">
<p class="fj"><span class="da">3.5</span></p>
</td>
<td class="bt" style="width: 19%;" valign="top">
<p class="fm"><span class="cd">0.9</span></p>
</td>
</tr>
<tr>
<td class="bv" style="width: 41%;" valign="top">
<p class="ez"><span class="da">Total net assets</span></p>
</td>
<td class="bu" style="width: 20%;" valign="top">
<p class="fl"><span class="cd">226.9</span></p>
</td>
<td class="bt" style="width: 19%;" valign="top">
<p class="fj"><span class="da">217.0</span></p>
</td>
<td class="bt" style="width: 19%;" valign="top">
<p class="fm"><span class="cd">218.7</span></p>
</td>
</tr>
</tbody>
</table>
<p class="eo"><span class="fn"><span class="ee"> </span></span></p>
<p class="ev"><span class="ef">The Company's unaudited
Financial Results for the 3 and 9 Month Periods Ended 30
September 2014 can be found at the following link:</span></p>
<p class="fo"><span class="ef"> </span></p>
<p class="fp"><span class="bn"><a
href="http://www.rns-pdf.londonstockexchange.com/rns/6069X_-2014-11-20.pdf">http://www.rns-pdf.londonstockexchange.com
--->/rns/6069X_-2014-11-20.pdf</a></span></p>
<p class="fo"><span class="ef"> </span></p>
<p class="fo"><span class="ef">Forward-Looking
Statements </span></p>
<p class="ev"><span class="ef"> </span></p>
<p class="ev"><span class="ef">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 <span class="bm"><a class="moz-txt-link-abbreviated" href="http://www.sedar.com">www.sedar.
--->com</a></span>. 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.</span></p>
<p class="fo"><span class="ef"> </span></p>
<p class="ev"><span class="fq">Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture
Exchange) accepts</span><span style="font-style: italic;"><span
class="ef"> responsibility for the adequacy or accuracy
of this release.</span></span></p>
<p class="ev"><span class="ef"> </span></p>
<p class="es"><span class="aj"> </span></p>
<table class="fr" style="width: 607px;" cellpadding="0"
cellspacing="0">
<tbody>
<tr class="bg">
<td class="bj" style="width: 257px;" valign="top">
<p class="fs"><span class="ef">ENQUIRIES:</span></p>
<p class="a"> </p>
<p class="fs"><span class="ef">Xcite Energy Limited</span></p>
</td>
<td class="bi" style="width: 162px;" valign="top">
<p class="a"> </p>
</td>
<td class="bh" style="width: 145px;" valign="top">
<p class="a"> </p>
<p class="a"> </p>
<p class="a"><span class="ef">+44 (0) 1483 549 063</span></p>
</td>
</tr>
<tr>
<td class="bf" style="width: 257px;" valign="top">
<p class="a"><span class="ef">Rupert Cole / Andrew
Fairclough </span></p>
</td>
<td class="be" style="width: 162px;" valign="top">
<p class="a"> </p>
</td>
<td class="bd" style="width: 145px;" valign="top">
<p class="a"> </p>
</td>
</tr>
<tr class="az">
<td class="bc" style="width: 257px;" valign="top">
<p class="fs"><span class="ef"><br>
</span></p>
</td>
<td class="bb" style="width: 162px;" valign="top">
<p class="a"> </p>
</td>
<td class="ba" style="width: 145px;" valign="top">
<p class="a"> </p>
</td>
</tr>
<tr class="az">
<td class="ay" style="width: 433px;" colspan="2"
valign="top">
<p class="a"><span style="font-weight: bold;"><span
class="ef">Liberum </span></span><span
class="ef">(Joint Broker and Nominated Adviser)</span></p>
</td>
<td class="ba" style="width: 145px;" valign="top">
<p class="a"><span class="ef">+44 (0) 203 100 2222</span></p>
</td>
</tr>
<tr class="az">
<td class="bc" style="width: 257px;" valign="top">
<p class="a"><span class="ef">Clayton Bush </span></p>
</td>
<td class="bb" style="width: 162px;" valign="top">
<p class="a"> </p>
</td>
<td class="ba" style="width: 145px;" valign="top">
<p class="a"> </p>
</td>
</tr>
<tr class="az">
<td class="bc" style="width: 257px;" valign="top">
<p class="fs"><span class="ef"><br>
</span></p>
</td>
<td class="bb" style="width: 162px;" valign="top">
<p class="a"> </p>
</td>
<td class="ba" style="width: 145px;" valign="top">
<p class="a"> </p>
</td>
</tr>
<tr class="az">
<td class="bc" style="width: 257px;" valign="top">
<p class="a"><span style="font-weight: bold;"><span
class="ef">Morgan Stanley </span></span><span
class="ef">(Joint Broker)</span></p>
</td>
<td class="bb" style="width: 162px;" valign="top">
<p class="a"> </p>
</td>
<td class="ba" style="width: 145px;" valign="top">
<p class="a"><span class="ef">+44 (0) 207 425 8000</span></p>
</td>
</tr>
<tr class="az">
<td class="bc" style="width: 257px;" valign="top">
<p class="a"><span class="ef">Andrew Foster</span></p>
</td>
<td class="bb" style="width: 162px;" valign="top">
<p class="a"> </p>
</td>
<td class="ba" style="width: 145px;" valign="top">
<p class="a"> </p>
</td>
</tr>
<tr class="az">
<td class="bc" style="width: 257px;" valign="top">
<p class="fs"><span class="ef"><br>
</span></p>
</td>
<td class="bb" style="width: 162px;" valign="top">
<p class="a"> </p>
</td>
<td class="ba" style="width: 145px;" valign="top">
<p class="a"> </p>
</td>
</tr>
<tr class="az">
<td class="bc" style="width: 257px;" valign="top">
<p class="fs"><span class="ef">Bell Pottinger</span></p>
</td>
<td class="bb" style="width: 162px;" valign="top">
<p class="a"> </p>
</td>
<td class="ba" style="width: 145px;" valign="top">
<p class="a"><span class="ef">+44 (0) 203 772 2500 </span></p>
</td>
</tr>
<tr class="az">
<td class="bc" style="width: 257px;" valign="top">
<p class="a"><span class="ef">Henry Lerwill</span></p>
</td>
<td class="bb" style="width: 162px;" valign="top">
<p class="a"> </p>
</td>
<td class="ba" style="width: 145px;" valign="top">
<p class="a"> </p>
</td>
</tr>
<tr class="az">
<td class="bc" style="width: 257px;" valign="top">
<p class="a"><span class="ef"><br>
</span></p>
</td>
<td class="bb" style="width: 162px;" valign="top">
<p class="a"><span class="ef"><br>
</span></p>
</td>
<td class="ba" style="width: 145px;" valign="top">
<p class="a"> </p>
</td>
</tr>
</tbody>
</table>
<p class="es"><span class="aj"> </span></p>
</div>
<div style="text-align: center;"><br>
This information is provided by RNS</div>
<div style="text-align: center;">The company news service from
the London Stock Exchange</div>
<div> </div>
END
<div> </div>
<div> </div>
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BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WI
--->DTH: 20.12%; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP:
--->0cm
}
P.fi {
TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0cm 7pt 0pt 0cm; FONT-FAMILY: "Times New Roman","serif"; FONT-SI
--->ZE: 12pt; FONT-WEIGHT: bold
}
TD.bx {
BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WI
--->DTH: 19.3%; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0
--->cm
}
P.fj {
TEXT-ALIGN: right; LINE-HEIGHT: 115%; MARGIN: 0cm 7pt 0pt 0cm; FONT-FAMILY: "Times New Roman","serif"; FONT-SI
--->ZE: 12pt
}
TD.bv {
BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4
--->pt; WIDTH: 41.28%; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP:
--->0cm
}
P.fk {
TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 7pt 0pt 0cm; FONT-FAMILY: "Times New Roman","serif"; FONT-
--->SIZE: 12pt; FONT-WEIGHT: bold
}
TD.bu {
BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-LEFT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH:
---> 20.12%; PADDING-RIGHT: 5.4pt; BORDER-TOP-STYLE: none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm
}
TD.bt {
BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-LEFT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH:
---> 19.3%; PADDING-RIGHT: 5.4pt; BORDER-TOP-STYLE: none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm
}
P.fl {
TEXT-ALIGN: right; LINE-HEIGHT: 115%; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 7pt 0pt 0cm; FONT-FAMILY: "Times Ne
--->w Roman","serif"; FONT-SIZE: 12pt; FONT-WEIGHT: bold
}
P.fm {
TEXT-ALIGN: right; LINE-HEIGHT: 115%; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 7pt 0pt 0cm; FONT-FAMILY: "Times Ne
--->w Roman","serif"; FONT-SIZE: 12pt
}
SPAN.fn {
FONT-STYLE: italic; FONT-FAMILY: "Courier New"; COLOR: black
}
P.fo {
TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Times New Roman","serif"; FONT-SIZE: 12pt; FONT-WEIGHT
--->: bold
}
P.fp {
TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Times New Roman","serif"; FONT-SIZ
--->E: 12pt
}
SPAN.bn {
COLOR: red; FONT-SIZE: 11pt
}
SPAN.bm {
COLOR: blue; TEXT-DECORATION: underline
}
SPAN.fq {
FONT-STYLE: italic; LETTER-SPACING: 0pt; COLOR: windowtext; FONT-SIZE: 11pt
}
SPAN.aj {
FONT-FAMILY: "Times New Roman","serif"
}
TABLE.fr {
BORDER-COLLAPSE: collapse; MARGIN-LEFT: -5.4pt
}
TR.bg {
HEIGHT: 14.15pt
}
TD.bj {
PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 192.6pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP:
--->0cm
}
P.fs {
MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Times New Roman","serif"; FONT-SIZE: 12pt; FONT-WEIGHT: bold
}
TD.bi {
PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 121.3pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP:
--->0cm
}
TD.bh {
PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 109.1pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP:
--->0cm
}
TD.bf {
PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 192.6pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm
}
TD.be {
PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 121.3pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm
}
TD.bd {
PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 109.1pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm
}
TR.az {
HEIGHT: 15.75pt
}
TD.bc {
PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 192.6pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15.75pt; PADDING-TOP:
--->0cm
}
TD.bb {
PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 121.3pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15.75pt; PADDING-TOP:
--->0cm
}
TD.ba {
PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 109.1pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15.75pt; PADDING-TOP:
--->0cm
}
TD.ay {
PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 324.7pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15.75pt; PADDING-TOP:
--->0cm
}
/**/
//]]></style>
</body>
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