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Xcite Energy Share Forum

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Creator leedskier Created 16 Oct 2013 Posts 7207 Last Post 11 hours ago
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Xcite Energy Limited (XEL) holds and operates 100% of the Bentley field located in Block 9/3b (Licence P1078), one of the largest undeveloped fields in the North Sea, containing some 909MMstb in-place of 10°-12° API heavy oil. It has licenses to explore other blocks within the Bentley field.

The Bentley field is located on the East Shetland Platform in the UK Northern North Sea, 8 km southeast of the Bressay Field (operator: Statoil), 15 km east of the Kraken Field (operator: EnQuest) and 20 km north-northeast of the Bruce Field (operator: BP).

Xcite Energy has existing 2P (i.e. proven and probable) reserves of 250 million barrels of heavy oil.

Xcite Energy has successfully developed technology to enable 'Enhanced Oil Recovery'.

A better understanding of location and nature of the Company's oil assets is found on this page of the Company's website.

Xcite Energy's primary listing is on Aim. It is also listed on the Toronto Venture Market (TSXV). There are 291.81 million shares in issue.

Xcite Energy has reserves based lending agreements in place with a consortium of Banks. It has submitted a field development plan to the Department of Energy (DECC).

Concurrently with its formal application to develop the oil field submitted on 1 July 2013, it is believed that the Company is exploring additional funding arrangements which may include partnership(s) with large oil companies.

There is speculation that a bid may emerge for the Company.

Recent valuations of Oil exploration companies have been dependent on a number of factors including current economic and geopolitical risk. Nautical Petroleum (a North Sea heavy oil explorer) was bought by Cairn in June 2012, on a P2 valuation of US$7.70 a barrel. Nautical had 2C contingent resources of 86 million barrels, a balance sheet of £70 million in cash and interests in Catcher, Kraken and Mariner North Sea oil fields.

XEL's projected P50 peak production rate is approximately 45,000 stb/d in the first phase development expected in 2015, increasing to approximately 57,000 stb/d in the second phase development. The NPV10 (after tax) value of oil reserves for the Bentley field is approximately $1.5 billion, $2.2 billion and $2.8 billion on a 1P, 2P and 3P basis, respectively. At a share price of 110p the proved and probable oil resources are valued at about $2 a barrel.
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