Xcite's History

Xcite Energy Limited (“XEL” or the “Company”) was incorporated in January 2007 and is listed on AIM (London) and TSX-V (Canada) exchanges.

The Company is a heavy oil development company currently focused on the development of discovered resources in the North Sea.  Through Xcite Energy Resources plc (“XER”), its wholly-owned UK subsidiary, the Company has a 100% working interest in Block 9/3b (containing the Bentley oil field),  9/4a, 9/8b and 9/9h situated in the UK North Sea.

XER was incorporated in 2002 and is registered in the UK under Company Number 04560068. It is a wholly-owned subsidiary of XEL. XER currently has 17 full time members of staff working from offices in Guildford and Aberdeen in addition to a comprehensive contractor team.

Block	Interest	Licence
9/3b	100%	P1078
9/4a	100%	P1979
9/8b	100%	P1979
9/9h	100%	P1979

Key Milestones

 

Year	Milestone
2003	P1078 Licence awarded during the 21st Promote Licensing Round
2007	Competent Persons Report (“CPR”) prepared by RPS Energy based on well data from AMOCO and Conoco appraisal programmes XER raises $20 million in private equity raise Initial Public Offering raises $30 million
2008	Successful flow test of 9/03b-5 well
2009	Updated CPR prepared by RPS Energy based on results of 9/3b-5 well test
2010	XER entered into an agreement with BP to market and sell Bentley crude oil in return for an incentive-based fee per barrel Successful commercial flow test on 9/03b-6z well
2011	Reserves Assessment Report by AGR TRACS – Bentley upgraded to Reserves Status with 28 MMstb of 2P and 87 MMstb Contingent Resources
2012	Reserves upgrade by TRACS to 116MMstb of 2P reserves for Bentley core-area Successful conclusion of Phase 1A - production of over 149,000 bbls of Bentley crude oil from the EWT with the 9/03b-7 and 7Z wells
2013	Reserves Assessment Report by AGR TRACS - Bentley Reserves increased to 250 MMstb of 2P and 46 MMstb of Contingent Resources
2014	Reserves Assessment Report by AGR TRACS - Bentley Reserves increased to 257 MMstb of 2P and 48 MMstb of Contingent Resources Signing of a Collaboration Agreements with Shell, Statoil and EnQuest Signing of MOUs with AMEC, Arup,Teekay, Aibel, Baker Hughes and COSL Successful issuance of $135 million Senior Secured Bond by XER
Q2 2015	Reserves Assessment Report by AGR TRACS - Bentley Reserves increased to 265 MMstb of 2P, with 21 MMstb of Contingent Resources