Xcite Energy announces its results for the year ended 31 December 2011 and progress in 2012 to date. The key highlights are as follows:
- Achievement of oil reserves of the type 1P, 2P and 3P for the core area of the Bentley field of approximately 96 MMstb, 116 MMstb and 140 MMstb, respectively, with NPV10 (after tax) for the core area of $1.076 billion, $1.464 billion and $1.921 billion on a 1P, 2P and 3P basis, respectively (see "Cautionary Language" below for a general explanation of the method and assumptions used in these calculations).
- Strengthened balance sheet, with net new equity capital financing of £62.7 million in 2011. Cash balance at year end of £64.1 million, with an additional net £26.4 million raised since the year end. Included in cash balances at the year ended 31 December 2011 are amounts held in escrow of £47.1 million relating to the Bentley Phase 1A work programme.
- Department of Energy and Climate Change approvals to drill and produce the planned Bentley field 9/3b-7 and 7Z wells under the Well Operations Notification System, the Petroleum Operations Notice and the Oil Pollution Emergency Planning.
- Rowan Norway jack-up rig commenced Phase 1A of the work programme on the Bentley field, with 9/3b-7 well spudded on 18 March 2012