This is a semi-private group. You are free to browse messages, but you must be a member of this group to post messages. Join This Group

Group: $NorthSea   /  Message Board  /  Read Message


Rec'd By
Authored By
Minimum Recs
Previous Message  Next Message   Post Message   Post a Reply return to message boardtop of board
Msg  1451 of 1653  at  3/23/2012 7:08:03 AM  by


Xcite Energy Financial and operations update


UK: Xcite Energy announces Y/E results - updates Bentley field development operations

23 Mar 2012

Photo - see caption

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

     e-mail to a friend      printer-friendly     add to library      
| More
Recs: 0     Views: 112 (updated 24hrs)
Previous Message  Next Message   Post Message   Post a Reply return to message boardtop of board

About Us    Contact Us    Follow Us on Twitter    Members Directory    Help    Advertise
Not a member yet? What are you waiting for? Join Now
Want to contribute? Support InvestorVillage by donating
2003-2013 Investorvillage.com. All rights reserved. User Agreement
Financial Market Data provided by