About XEL

Xcite Energy Limited (XEL) is a heavy oil appraisal and development company, with current interests in four blocks in the UK North Sea, all of which are held with 100% working interests through its wholly-owned UK subsidiary, Xcite Energy Resources plc (XER).

Its primary focus is in bringing the Bentley oil field on Block 9/3b into production and in doing so becoming a significant independent oil producer in the North Sea.

Business Strategy

• Bring the Bentley field into commercial production
• Grow its reserves base from the existing 265 million barrels of 2P reserves through the conversion of its contingent resources base
• Grow its resources base further through drilling activity on Blocks 9/3b, 9/4a, 9/8b and 9/9h.
• Employ enhanced oil recovery processes (EOR) to further increase its resource base
• Increase its asset portfolio through licence rounds and asset transactions whilst utilising its heavy-oil expertise to leverage opportunities