Xcite Energy
| Public | |
| Traded as | LSE: XEL |
| Industry | Oil and gas |
| Founded | 2004 |
| Headquarters | Guildford, United Kingdom |
Number of locations | 2 offices (2014) |
Area served | Europe |
Key people | |
| Products | Petroleum |
| Total equity | £225.89 million |
Number of employees | 18 |
| Subsidiaries | Xcite Energy Resources plc |
| Website |
www |
Xcite Energy is an oil company based in the United Kingdom. Its registered office is located in the British Virgin Islands, its corporate office is located in Guildford, Surrey and its operations office is located in Aberdeen, Scotland. The company is currently listed on the London Stock Exchange Alternative Investment Market but was previously listed on the TSX Venture Exchange. It operates through Xcite Energy Resources PLC. The company's main asset is the Bentley Heavy Oil Field in the North Sea.
History
Xcite Energy was created as Xcite Energy Resources Limited in 2002 with the goal of developing the Bentley Heavy Oil Field. It became a subsidiary of a new British Virgin Islands corporation, Xcite Energy Limited, in 2007 and was subsequently listed on the AIM and TSX stock exchanges. The subsidiary changed from a private limited company to a public limited company in June 2014.
The company was awarded UKCS Block 9/3b containing the Bentley Heavy Oil Field in 2003. Additional licenses were awarded over Blocks 9/3c and 9/3d in the UK 26th Offshore Licensing Round in 2010 but were relinquished in January 2015, in accordance with their terms. A final set of licenses was awarded over Blocks 9/4 (part), 9/8b and 9/9f (split) in the UK 27th Offshore Licensing Round in 2012.[1]
Richard Smith retired as CEO in August 2012, and was replaced by then-CFO Rupert Cole. Andrew Fairclough was promoted to the role of CFO in February 2014, having previously worked for the company since August 2012, as Corporate Affairs Director. Richard Smith went on to create Wood Smith Asset Management in 2014 with two other ex-employees of Xcite, Richard West and Thomas Blystad. Wood Smith Asset Management is engaged in the extraction of crude petroleum and management consultancy. Roger Ramshaw resigned as Chairman in May 2014, and was replaced by Timothy S. Jones.
In May 2013, the company sold the extended, well-test data to Statoil for $15 million.[2] In May 2014, Xcite Energy signed a collaboration agreement with Statoil and Royal Dutch Shell. As of April 2015, Xcite Energy had a market cap of 84 (GBP m) representing 309.93 million shares.[2]
In 2016, Xcite Energy continues to grow up shares.
Operations
The company owns a 100% stake in the Bentley Heavy Oil Field (blocks 9/4 (part), 9/8b and 9/9f (split)). These blocks contain four significant prospects (Chadwick, Cartwright, Camm and Clement) that will be the subject of evaluation within the four year initial license term on a drill or drop basis.[1]
A reserves assessment report evaluated the amount of oil recoverable (1P, 2P, 3P) in the first and second stage production areas and its net asset value. The most recent statement of reserves data, dated 25 February 2014, confirms mean petroleum initially-in-place for the Bentley field of 909 million barrels (144,500,000 m3), with 1P, 2P, and 3P oil reserves for the Bentley field of 203 million barrels (32,300,000 m3), 257 million barrels (40,900,000 m3), and 317 million barrels (50,400,000 m3) respectively, based on an initial 35 year production period. The NPV10 valuation (after tax) was stated as approximately $1.5 billion, $2.1 billion and $2.7 billion on a 1P, 2P, and 3P basis respectively.
A $155 million US dollar reserve-based lending facility was agreed in June 2012 to further develop the field into full production. This facility was never used and cancelled in June 2014 when a placing of $140 million of senior secured bonds were issued by the company.
References
- 1 2 "Xcite Energy Assests". Xcite Energy - Assets - Bentley Oil Field.
- 1 2 "Xcite Energy (XEL)". Interactive Investor. Retrieved 2015-12-23.