Excelsior and Xcite agreed to release $US 500,000 of the Performance Deposit under the Farm-in Agreement to Xcite in payment of all past costs and accounts payable incurred by Xcite and attributable to License P. 1078 up to and including September 30, 2006. The Performance Deposit of $US 1,000,000 was placed in escrow on execution of the Farm-in Agreement by the amalgamation predecessors of Excelsior. The remaining $US 500,000 will continue to be held as a performance deposit under the Farm-in Agreement.
To ensure that we are ready to take advantage of available rig slots the parties also agreed to commence to well planning, site survey and other critical appraisal well planning activities in advance of completion of financing.
As a result of the current financial market conditions we are adapting our previously announced financing plans. Excelsior continues to vigorously pursue financing options that will enable us to finance our Farm-in obligations by the end of November 2006.
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