Xcite Energy is a heavy oil company focused on the development of discovered resources in the United Kingdom North Sea. The Company holds a 100% working interest in Block 9/3b, which contains the Bentley field in its entirety, one of the largest proven, but undeveloped heavy oil fields in the United Kingdom North Sea.
The Company today has announced its financial results for the year ended December 31, 2008 and its outlook for the remainder of 2009.
Richard Smith, Xcite Energy Chief Executive Officer commented, "The progress we have made during 2008 and the early part of 2009 has been outstanding, which has been underpinned and enabled by the work that the Xcite Energy team has completed for the new Competent Person's Report. Taking a 30 year old oil field and clearly demonstrating its commercial potential and value by significant advances in technological understanding under rigorous third party independent review, has been a landmark for Xcite Energy. Bentley remains one of the largest proven, but undeveloped fields in the North Sea and our challenge now is to move forward with the work program as soon as the currently unfavorable market conditions allow."
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