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(XEL.L) Xcite Energy Ltd Buy/Sell
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| Date/Time | Headline | Source |
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| 18-03-10 | RNS |
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RNS Number : 7921I Xcite Energy Limited 18 March 2010 THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES TSX-V, LSE-AIM: XEL 18 March 2010 Xcite Energy Limited ("Xcite Energy" or the "Company") Xcite Energy Limited Closes C$38.4 million (£24.9 million) Placing Xcite Energy, a developer of heavy oil assets in the UK North Sea, is pleased to announce that it has successfully raised gross proceeds of C$38.4 million (approximately £24.9 million) through its previously reported placing of new ordinary shares, principally to institutional investors. As a result of the placing 61,972,394 new Ordinary Shares have been issued at a price of C$0.62 (£0.40) per Ordinary Share. The net proceeds of the offering, together with US$4 million in funds committed to the Company by Challenger Minerals (North Sea) Limited, are anticipated to be used primarily to fund the drilling and flow testing of the 9/3b-R pre-development well on the Company's Bentley oil field. The balance of the net proceeds of the offering will be used for general working capital purposes. Richard Smith, Chief Executive of Xcite Energy, commented: "This fund raising represents a significant step forward for the Company in the overall achievement of the development plan for the Bentley field. We have successfully obtained commitment from our Bentley partners, BP, Transocean/ADTI/ChallengerMinerals, AMEC and Fugro in the last few months and, now that we have the finance in place, we have the resources to drill the 9/3b-R well expected to commence during the summer of 2010." The offering was completed by Octagon Capital Corporation and CIBC World Markets Inc. as agents in Canada, and Arbuthnot Securities Limited as special selling agent in the United Kingdom. The TSX Venture Exchange has conditionally approved the listing of the new Ordinary Shares, and the Company has applied to London Stock Exchange Plc for admission of such Ordinary Shares to trading on AIM, which is expected to occur at 14:30 (UK time) on 18 March 2010. Following Admission, the Company expects to have 133,528,192 Ordinary Shares in issue. The Ordinary Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and, may not be offered, sold or delivered, directly or indirectly, in the United States or to or for the account or benefit of any U.S. person unless the securities are registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available. This press release does not constitute an offer to sell or solicitation of an offer to buy any securities, nor shall there by any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. ENQUIRIES:
(Broker)
Andrew Fairclough
Ed Burbidge
James Harris Rory Murphy
Mark Antelme Henry Lerwill
H. Richard Smith Sylvia Lai
Jean-Francois Meilleur Karl Mansour Neither 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. 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 Company's annual information form dated December 8, 2009 and in the annual Management's Discussion and Analysis for Xcite Energy dated March 26, 2009 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. This information is provided by RNS The company news service from the London Stock Exchange END
STRMMGMFMRNGGZM More |
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| 10-03-10 | RNS |
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RNS Number : 3496I Xcite Energy Limited 10 March 2010 THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES TSX-V, LSE-AIM: XEL March 10, 2010 Xcite Energy Limited ("Xcite Energy" or the "Company") Pricing of Offering of Ordinary Shares Xcite Energy, a developer of heavy oil assets in the UK North Sea, announced today that it has priced the equity financing described in the Company's preliminary short form prospectus dated February 5, 2010. The Company has entered into an agency agreement dated March 9, 2010 with Octagon Capital Corporation and CIBC World Markets Inc. as agents, and Arbuthnot Securities Limited as special selling agent, in respect of the offering of ordinary shares in the capital of the Company (each an "Ordinary Share") contemplated by the Company's preliminary short form prospectus dated February 5, 2010. Under the terms of the agency agreement, the Company will offer Ordinary Shares for sale pursuant to the short form prospectus at prices of: (i) C$0.62 per Ordinary Share to subscribers in North America; and (ii) £0.40 per Ordinary Share to subscribers in the United Kingdom, to raise aggregate gross proceeds of approximately C$38,422,884 (£24,982,559 based on an exchange rate of C$1.00:£0.6502). The Company anticipates filing a final short form prospectus on March 10, 2010 and anticipates closing the offering on or about March 18, 2010. Closing of the offering is subject to customary conditions, including the approval of the TSX Venture Exchange. The net proceeds of the offering, together with US$4 million in funds committed to the Company by Challenger Minerals (North Sea) Limited, are anticipated to be used primarily to fund the drilling and flow testing of the 9/3b-R pre-development well on the Company's Bentley oil field. The balance of the net proceeds of the offering will be used for general working capital purposes. The Ordinary Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and, may not be offered, sold or delivered, directly or indirectly, in the United States or to or for the account or benefit of any U.S. person unless the securities are registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available. This press release does not constitute an offer to sell or solicitation of an offer to buy any securities, nor shall there by any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. ENQUIRIES:
James Harris
Rory Murphy
Limited(Broker)Andrew
FaircloughEd Burbidge
Relations Jean-Francois MeilleurKarl Mansour Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release. 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 Company's annual information form dated December 8, 2009 and in the annual Management's Discussion and Analysis for Xcite Energy dated March 26, 2009 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 This information is provided by RNS The company news service from the London Stock Exchange END
STRGGUCCWUPUUAU More |
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| 05-03-10 | RNS |
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RNS Number : 1306I Xcite Energy Limited 04 March 2010 THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES TSX-V, LSE-AIM: XEL Xcite Energy Limited ("Xcite Energy" or the "Company") 4 March 2010
CHALLENGER MINERALS FARM-IN TO BENTLEY FIELD Xcite Energy, a developer of heavy oil assets in the UK North Sea, is pleased to announce that Xcite Energy Resources Limited ("XER"), its 100% owned subsidiary, has signed a legally binding letter of agreement with Challenger Minerals (North Sea) Limited ("CMNS") for CMNS to farm in to the Bentley field, commencing with the forthcoming 9/3b-R well intended to be drilled this summer. CMNS, a subsidiary of Transocean Drilling U.K. Limited, will provide US$4 million as its share of the 9/3b-R well costs in exchange for 4% working interest in the Bentley field through an earn-in mechanism, which allows CMNS to join the Bentley field licence at any time prior to the commencement of the first phase development of the field. ENQUIRIES:
Andrew Fairclough
Ed Burbidge
Neither 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. 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 Company's annual information form dated December 8, 2009 and in the annual Management's Discussion and Analysis for Xcite Energy dated March 26, 2009 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 This information is provided by RNS The company news service from the London Stock Exchange END
MSCLFFIIVVISIII More |
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| 10-02-10 | RNS |
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RNS Number : 9213G Xcite Energy Limited 10 February 2010 THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES TSX-V, LSE-AIM: XEL Xcite Energy Limited ("Xcite Energy" or the "Company") 10 February 2010
XCITE ENERGY SIGNS LETTER OF INTENT FOR HEAVY DUTY, DEEP WATER JACK-UP RIG Xcite Energy, a developer of heavy oil assets in the UK North Sea, is pleased to announce that it has exchanged a letter of intent with Applied Drilling Technology International ("ADTI"), the well management arm of Transocean Drilling U.K. Limited, for the provision of a heavy duty, deep water jack-up drilling unit to undertake the drilling and testing of the 9/3b-R well on the Company's Bentley field. Further details are expected to be announced after the contract is completed, which is subject to various approvals, including Xcite Energy board approval, available funding and regulatory approvals. ADTI has also joined the Bentley Alliance, the management and operational structure created by Xcite Energy as the vehicle to direct the Bentley field to full field development. The addition of the ADTI technical expertise and project management skills is expected to greatly assist Xcite Energy in moving the Bentley field towards production.
ENQUIRIES:
Andrew Fairclough Ed Burbidge
Paradox Public Relations
Neither 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. 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 Company's annual information form dated December 8, 2009 and in the annual Management's Discussion and Analysis for Xcite Energy dated March 26, 2009 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 This information is provided by RNS The company news service from the London Stock Exchange END
MSCSSLEFUFSSEIE More |
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| 01:44 | ||||
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Recent OB Presentation : http://www.oilbarrel.com/fileadmin/content/pdfs/oilbarrel/presentations/Xcite%20E.pdf . |
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JAK108,
I bought in yesterday after seeing the Oilbarrel presentation last week and reading the RPS report. I worked with Steve Kew the Development Director on an appraisal/development project in the 90s and when I saw his name on the BOD I knew the company was in good hands from a technical standpoint. I spoke to the Ops Director Richard West yesterday pointing out that the presentation was not available on the Oilbarrel site and they were lagging most of the other companies that presented . Have not checked today but he said it would be on Xcite site in the next day or two. He was able to explain one of the problems they had with the 9/3b-5 well that concerned me (pay zone hole wash out) so my concern of a repetition in this year's well was alleviated. The share price currently translates to about 55c/bbl using Xcite's new base case potential resources of 160 MM bbl. This seems incredibly cheap but much will depend on dilution going forwards. This project will be all about flawless execution of this summer's well, value addition by the alliance contractors and creative fund raising in the next 18 months. If they get that right this will turn out to be an excellent investment. Regards and GLA Gramacho |
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Do you or any one else have a link to the recent Oilbarrel powerpoint presentation? I tried the company website but without luck. TIA.
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| Fri 08:09 |
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From another BB :
Jimarilo - 19 Mar'10 - 07:46 Using the Arbuthnot note and adjusting the price targets set by them adding the new placing shares and the £25m the new price targets must be around Low end 90p, base case 346p and high end 663p http://www.xcite-energy.com/docs/FINAL%20XciteEnergy271109.pdf In addition to that there is the ADTI $4m and the $20m credit facility that BP have agreed to guarantee |
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They have not been approved or issued by Interactive Investor Trading Limited.
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