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XCITE ENERGY LIMITED : London, 19 April 2012 Xcite Energy provides Bentley Phase 1A update

04/19/2012 | 02:28pm US/Eastern

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

19 April 2012

Xcite Energy Limited ("Xcite Energy" or the "Company") Operations Update and Bentley Phase 1A Work Programme

The Company is pleased to provide an update to the market in respect of the current drilling operations and the Bentley Phase 1A work programme.

Current Operations Update

As previously announced, the well was spudded on 18 March 2012, with 20 inch casing now having been set down to approximately 2000ft below the rotary table. Preparations are being made to set the blow out preventer and to continue the drilling of the 17.5 inch hole.

Summary of Bentley Phase 1A Work Programme

Following the successful completion of the 9/03b-6 and 6Z wells (as announced in December 2010), the Company has invested significant resources designing and engineering the next phases in the development of the Bentley field, the Phase 1A and Phase 1B work programmes.
The Bentley Phase 1A Work Programme has two principal objectives:

1. The 9/03b-7 and 7Z wells are planned to demonstrate the mechanical and operational aspects of the drilling, completion and flowing of the proposed well design for Phase 1B. The 9/03b-7Z well is planned to be used in Phase

1B as the first full production wellbore.

2. To collect additional reservoir and production data to improve the calibration of the reservoir model, including data with respect to enhanced oil recovery techniques. This data with be used to further increase the certainty with respect to the longer term oil, gas and water production profiles and recoverable reserves from the Bentley field.

The Phase 1A work programme on the Bentley field has been planned to achieve the two principal objectives set out above and comprises the following key operations:

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