Xcite Energy Limited ("Xcite Energy" or the "Company") Results for the 3 Month Period Ended 31 March 2014
20 Mai 2014 - 8:00AM
Marketwired
Xcite Energy Limited ("Xcite Energy" or the "Company") Results for
the 3 Month Period Ended 31 March 2014
ABERDEENSHIRE, UNITED KINGDOM--(Marketwired - May 20, 2014) -
Xcite Energy Ltd (TSX-VENTURE: XEL) (LSE: XEL) (AIM: XEL)
TSX-V: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, LSE-AIM: XEL
Xcite Energy announces its results for the 3 month period
ended 31 March 2014.
Highlights for the year
to date
- 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 ("DECC") for the Bentley field until 31 December
2016.
- Memoranda of Understanding signed with AMEC, Arup and Teekay,
marking the first, important stage in the industry service provider
partnership solution for the development of the Bentley field.
- Collaboration Agreement signed with Statoil (U.K.) Ltd.
("Statoil") and Shell U.K. Ltd. ("Shell"), for the sharing of
technical and operational information to evaluate potential
synergies and collaboration in the development of the Bentley and
Bressay oil fields.
- Enhanced Board constitution, with Tim Jones appointed as
Chairman and Harry Wilson joining as a non-executive director of
Xcite Energy.
- Net loss in the current period of £0.04 million, which includes
unrealised net foreign exchange gains of £0.3 million on a
weakening US dollar over the 3 month period.
- Cash balance of £17.4 million as at 31 March 2014.
Rupert Cole, Chief Executive Officer of Xcite Energy,
commented:
"We have worked very effectively this year to keep momentum
in the development of Bentley, resulting in the signing of the MOUs
with the first of our development partners and the successful
extension of the Bentley licence until the end of 2016. We shall
continue to apply this approach for the balance of the year to
complete the engineering programmes, progress towards formal
contracts with our development partners and be in a position to
complete the Field Development Plan. To support this phase of the
development we have further strengthened our Board of Directors.
The recent collaboration with Statoil and Shell highlights how much
the Company can bring to an area development strategy and this is a
good example of what the Wood Review is seeking to
achieve."
The following tables summarise the Group's financial performance
in the 3 months ended 31 March 2014 and the comparatives for the 3
months ended 31 March 2013.
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3 months ended 31 March |
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3 months ended 31 March |
Income Statement Information |
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2014 |
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2013 |
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£m |
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£m |
Net loss |
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(0.04) |
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(1.70) |
Loss per share (basic and diluted) in pence |
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(0.0p) |
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(0.6p) |
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3 months ended 31 March |
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3 months ended 31 March |
Cash Flow Information |
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2014 |
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2013 |
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£m |
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£m |
Net cash flow from operations |
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(1.00) |
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(1.33) |
Net cash flow from investing activities |
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(3.56) |
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(4.23) |
Net cash flow from financing activities |
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- |
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0.41 |
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As at 31 March |
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As at 31 December |
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As at 31 March |
Balance Sheet Information |
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2014 |
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2013 |
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2013 |
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£m |
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£m |
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£m |
Total assets |
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268.8 |
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269.5 |
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250.4 |
Cash |
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17.4 |
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21.9 |
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20.4 |
Current liabilities |
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48.4 |
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49.0 |
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45.4 |
Long term liabilities (deferred tax) |
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3.5 |
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3.5 |
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0.5 |
Total net assets |
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217.0 |
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217.0 |
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204.5 |
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The Company's unaudited Financial Results for the 3 Month Period
Ended 31 March 2014 can be found at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/3466H_-2014-5-16.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.
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ENQUIRIES: Xcite Energy Limited |
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+44
(0) 1483 549 063 |
Rupert Cole / Andrew Fairclough |
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Liberum (Joint Broker and Nominated Adviser) |
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+44
(0) 203 100 2222 |
Clayton Bush / Tim Graham |
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Morgan Stanley (Joint Broker) |
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+44
(0) 207 425 8000 |
Andrew Foster |
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Bell
Pottinger |
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+44
(0) 207 861 3232 |
Mark
Antelme / Henry Lerwill |
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Contacts: RNS Customer Services 0044-207797-4400
rns@londonstockexchange.com http://www.rns.com
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