Xcite Energy Limited - MOU With Teekay Shipping
07 April 2014 - 9:26AM
Marketwired
Xcite Energy Limited - MOU With Teekay Shipping
ABERDEENSHIRE, UNITED KINGDOM--(Marketwired - Apr 7, 2014) -
Xcite Energy Limited (TSX-VENTURE: XEL) (LSE: XEL) (AIM: XEL)
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: XEL, LSE-AIM: XEL
7 April 2014
Xcite Energy Limited ("Xcite Energy" or the "Company")
MOU with Teekay Shipping
Xcite Energy announces that its 100% subsidiary, Xcite Energy
Resources Limited ("XER"), has entered into a Memorandum of
Understanding ("MOU") with Teekay Shipping Norway AS ("Teekay"),
which sets out the principles of co-operation for the supply of a
bridge linked Sevan floating storage and offloading ("FSO")
facility for the life of the Bentley field.
XER and Teekay intend to work together on an exclusive basis
during the project, from front end engineering through fabrication,
hook up and onwards into production operations and maintenance.
XER believes that the bridge linked Sevan FSO offers a number of
significant benefits to the overall Bentley field development
concept, including available deck space to locate utilities on
either the platform or FSO. In addition, XER believes that there
would be reduced flow assurance risk, due to the removal of subsea
pipelines and minimised motion characteristics to aid reservoir
fluid dehydration.
Rupert Cole, CEO of Xcite Energy, commented:"We are very pleased
to be joined by Teekay as a partner in the development group,
following on from their important role in the successful Bentley
extended well test. Building on this relationship as we progress
Bentley towards production, we believe will deliver the Sevan FSO
as a vital component of the Bentley field development plan."
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 / Tim Graham
Morgan Stanley (Joint Broker) +44 (0) 207 425 8000
Andrew Foster
Bell Pottinger +44 (0) 207 861 3232
Mark Antelme / Henry Lerwill
Notes to Editors
Teekay Offshore Partners L.P. is an international provider of
marine transportation, oil production and storage services to the
offshore oil industry focusing on the fast-growing, deepwater
offshore oil regions of the North Sea and Brazil. Teekay Offshore
is structured as a publicly-traded master limited partnership (MLP)
and currently owns interests in 34 shuttle tankers (including two
chartered-in vessels), five floating production, storage and
offloading (FPSO) units, six floating storage and offtake (FSO)
units (including one committed FSO conversion unit), four
conventional oil tankers and one HiLoad Dynamic Positioning (DP)
unit. The majority of Teekay Offshore's fleet is employed on
long-term, stable contracts. In addition, Teekay Offshore has
rights to participate in certain other FPSO, shuttle tanker and
HiLoad DP opportunities provided by Teekay Corporation (NYSE: TK),
Sevan Marine ASA (Oslo Bors: SEVAN) and Remora AS.
Teekay Offshore's common units trade on the New York Stock
Exchange under the symbol "TOO"
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 securefinancing. The Company disclaims any intention or
obligation to updateor 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.
This information is provided by RNS The company news service
from the London Stock Exchange
END
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