|By Marketwired .||
|April 9, 2014 02:00 AM EDT||
ABERDEENSHIRE, UNITED KINGDOM -- (Marketwired) -- 04/09/14 -- Xcite Energy (TSX VENTURE: XEL) (LSE: XEL)
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Xcite Energy announces that its 100% subsidiary, Xcite Energy Resources Limited ("XER"), has entered into a Memorandum of Understanding ("MOU") with AMEC Group Limited ("AMEC") and Ove Arup & Partners Limited ("Arup"), which sets out the principles of co-operation for the design and development of Arup's self-installing, steel ACE platform for the Bentley field.
XER, AMEC and Arup intend to work together to optimise the existing ACE platform design for the Bentley field, covering all aspects of assurance, engineering, procurement, construction and installation. This should enable XER, prior to contract award, to confirm the final platform design and capital requirement for one of the key Bentley field development assets.
XER believes that there are a number of benefits from using this existing, proven, self-elevating design, including the ability to build and integrate the platform at a wide range of construction yards. This should enable a direct wet tow to be undertaken to the Bentley field, at which time the platform can be installed with minimal offshore support. This, together with the application of an inherent "design for decommissioning" principle, should result in a capital efficient and environmentally compliant development infrastructure solution.
Rupert Cole, CEO of Xcite Energy, commented:
"We are pleased to be able to announce AMEC and Arup as partners in our development group to progress Bentley towards production. Following on from the $250 million extended well test, this next phase of engineering will allow us to optimise Arup's existing ACE platform design for the Bentley field and enable us to refine the costs and related schedule ahead of submitting the Field Development Plan."
Notes to Editors
AMEC (LSE: AMEC) is a leading supplier of consultancy, engineering and project management services to its customers in the world's oil and gas, mining, clean energy, environment and infrastructure markets. Our 29,000 people design, deliver and maintain strategic and complex assets in around 40 countries worldwide. See amec.com.
Arup is the creative force at the heart of many of the world's most prominent projects in the built environment and across industry. From 90 offices in 38 countries our 11,000 planners, designers, engineers and consultants deliver innovative projects across the world with creativity and passion.
For further information about the ACE platform and related services, please visit: http://www.arup.com/Services/Oil_and_Gas_Engineering.aspx
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. 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.
Xcite Energy Limited
+44 (0) 1483 549 063
Rupert Cole / Andrew Fairclough
Liberum (Joint Broker and Nomad)
+44 (0) 203 100 2222
Clayton Bush / Tim Graham
Morgan Stanley (Joint Broker)
+44 (0) 207 425 8000
+44 (0) 207 861 3232
Mark Antelme / Henry Lerwill