CORRECTION - Results for the Periods Ended 30 Sep

CORRECTION - Results for the Periods Ended 30 Sep 
ABERDEENSHIRE, UNITED KINGDOM -- (Marketwire) -- 11/09/12 --  


 
TSXV: IEA
 
As previously released the announcement contained a link to a PDF
document which did not include 'Management's Discussion and Analysis'.
 
The full PDF can now be found by clicking the link below.
 
All other details remain unchanged
 
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
 
9 November 2012
 
                           Xcite Energy Limited
                     ("Xcite Energy" or the "Company")
 
        Results for the 3 and 9 Month Periods Ended 30 September 2012
 
Xcite Energy announces its results for the 3 and 9 month periods ended
30 September 2012.
 
Operational Highlights
 
 - Bentley pre-production well test successfully and safely
   concluded in September 2012, with initial well test results exceeding
   management expectations:
 
     - Water breakthrough better than expected (i.e. less water
       produced)
     - Extensive data gathered for reservoir model calibration and
       production facilities design, enabling optimisation of field
       development plan
     - Significantly improved understanding of oil, gas and water
       movement behaviour
     - Produced approximately 149,000 barrels of Bentley crude, which
       was combined with approximately 58,000 barrels of diluent.
 
 - 9/3b-7 and 7Z wells suspended for future use as production wells
   during Phase 1B and the Rowan Norway demobilised from the field, with
   all associated equipment off hire.
 
Financial Highlights
 
 - Revenue generated of GBP13.3 million from the sale of the blended
   crude oil and diluent.
 
 - Net loss in the three month period of GBP0.57 million. Further
   increase in net assets through continued investment in the Bentley
   field development programme.
 
 - Cash of GBP54.6 million as at 30 September 2012, following net new
   equity capital and debt financing of GBP21.2 million in the three
   month period.Included in cash balances are amounts held in escrow of
   GBP44.0 million relating to the
 Bentley Phase 1A work programme, a
   significant amount of which is expected to be returned to the
   Company in due course.
 
 - Issue of an additional US$10 million of unsecured 14% loan notes
   to West Face Capital Inc. in the three month period, giving a total
   of US$60 million in the nine month period.
 
 - Signing of a US$155 million reserves based lending facility in
   June with a leading syndicate of lending institutions to provide a
   substantial part of the Phase 1B work programme funding requirement.
 
Post Period Event
 
UK Department of Energy and Climate Change has offered the Company
licenses over Blocks 9/4 (part), 9/8b and 9/9f (split) as applied for
in the UK 27th Offshore Licensing Round. These licences could add
significant additional value to a Bentley hub development concept.
 
Significant Work Ahead
 
The Phase 1A programme was a highly successful, extensive and thorough
pre-production well test, which has provided substantial quantities of
valuable data.The Company's immediate priority is to continue to
analyse this information in order to update the reservoir model and
production profiles, which, together with the inclusion of recently
acquired new 3D seismic data over the Bentley field and its surrounding
prospects (including 27th Round licences), will form part of the
updated reserves report (a Competent Person's Report) and the RBL banks
review process, expected early in 2013.
 
This data and analysis thereof will also be utilised in a data room in
due course for the intended farm-out discussions, with the intention of
commencing the initial engagement process by the end of the year.
 
2013 is therefore expected to be an important year for Xcite Energy,
with an updated Competent Persons Report, discussions with potential
farm-in partners, the re-submission of the updated Field Development
Plan to DECC and the initiation of the Phase 1B work programme, the
planning for which is well underway. The Company looks forward to
updating investors on these important events.
 
The following tables summarise the Group's financial performance in the
3 and 9 months ended 30 September 2012 and the comparatives for the 3
and 9 months ended 30 September 2011.
 
                                  9 months  3 months  9 months  3 months
                                  ended     ended     ended     ended
                                  30 Sept   30 Sept   30 Sept   30 Sept
Income Statement Information      2012      2012      2011      2011
                                  GBPm      GBPm      GBPm      GBPm
Revenue                           13.3      13.3      -         -
Net profit/(loss)                 (0.8)     (0.6)     (1.0)    (0.7)
Earnings/(loss) per share (basic  (0.3p)    (0.2p)    (0.6p)   (0.4p)
and diluted) in pence
 
                             9 months   3 months   9 months   3 months
                             ended      ended      ended      ended
                             30 Sept    30 Sept    30 Sept    30 Sept
Cash Flow Information        2012       2012       2011       2011
                             GBPm       GBPm       GBPm       GBPm
Net cash flow from          (8.2)      (13.0)     (16.8)      0.7
operations
Net cash flow from          (100.8)    (35.4)     (12.2)      (4.9)
investing activities
Net cash flow from           99.5       21.3       43.8       10.6
financing activities
 
                                     As at   As at       As at
                                     30 Sept 31 December 30 Sept
Balance Sheet Information            2012    2011        2011
                                     GBPm    GBPm        GBPm
Total assets                         260.7   152.8       130.2
Cash and cash equivalents            54.6    64.1        50.8
Current liabilities                  53.7    9.5         7.0
Long term liabilities (deferred tax) 0.5     0.5         0.5
Total net assets                     206.5   142.7       122.7
 
http://www.rns-pdf.londonstockexchange.com/rns/7492Q_-2012-11-9.pdf
 
ENQUIRIES:
Xcite Energy Limited                        +44 (0) 1483 549 063
Rupert Cole / Andrew Fairclough
Oriel Securities (Joint Broker and Nomad)  +44 (0) 207 710 7600
Michael Shaw / Ashton Clanfield
Morgan Stanley (Joint Broker)              +44 (0) 207 425 8000
Andrew Foster
Pelham Bell Pottinger                      +44 (0) 207 861 3232
Mark Antelme / Henry Lerwill
Paradox Public Relations                   +1 514 341 0408
Jean-Francois Meilleur
 
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 26 October
2010 and in the Management's Discussion and Analysis for Xcite Energy
dated 24 July 2012 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.
 
                    This information is provided by RNS
          The company news service from the London Stock Exchange
 
END

  
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