Xcite Drills Ahead at Bentley Field

Xcite Energy announces that drilling of the 9/3b-7 well on the Bentley field is progressing satisfactorily, having reached a total depth of
6,684 feet.

The 17 1/2" section has been drilled, 13" casing set, cemented and pressure tested. The 121/4" hole has been drilled. After the 10 3/4" x
9 5/8" liner has been set, cemented and pressure tested, drilling to the reservoir section will follow.

Following the announcement on December 14, 2011, the Company's 100 percent subsidiary, Xcite Energy Resources Limited, has now signed a time charter contract with Teekay Navion Offshore Loading Pte. Ltd., for the provision of the dynamically positioned Scott Spirit shuttle tanker vessel. The Scott Spirit is planned to be used as the in-field storage and offtake facility for Bentley crude oil during the Phase 1A of the Bentley field development program now being undertaken.

XER has also now concluded a contract with Ocean Installer AS for the installation of the oil export pipeline of 1.1 miles (1.8 kilometers) between the Rowan Norway jackup rig and the Scott Spirit.The load out on the installation vessel Polar Prince is currently taking place in Peterhead in preparation for the work program.


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