TIDMXEL
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 GBP2.7
million, arising from unrealised foreign exchange losses from a
strengthening US dollar.
-- Cash balance of GBP38.7 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 3 months ended 30 9 months ended 30 3 months ended 30
September September September September
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Income Statement 2014 2014 2013 2013
Information
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
GBPm GBPm GBPm GBPm
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
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 3 months ended 30 9 months ended 30 3 months ended 30
September September September September
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Cash Flow Information 2014 2014 2013 2013
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
GBPm GBPm GBPm GBPm
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
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 As at As at
30 September 31 December 30 September
--------------------------- -------------- ------------- --------------
Balance Sheet Information 2014 2013 2013
--------------------------- -------------- ------------- --------------
GBPm GBPm GBPm
--------------------------- -------------- ------------- --------------
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) accepts responsibility for the adequacy or
accuracy of this release.
ENQUIRIES: +44 (0) 1483 549
Xcite Energy Limited 063
Rupert Cole / Andrew Fairclough
+44 (0) 203 100
Liberum (Joint Broker and Nominated Adviser) 2222
Clayton Bush
+44 (0) 207 425
Morgan Stanley (Joint Broker) 8000
Andrew Foster
+44 (0) 203 772
Bell Pottinger 2500
Henry Lerwill
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRTEAKFEAEELFFF
Xcite Energy (LSE:XEL)
Historical Stock Chart
Von Dez 2024 bis Jan 2025
Xcite Energy (LSE:XEL)
Historical Stock Chart
Von Jan 2024 bis Jan 2025
