Xcite Energy
| Public | |
| Traded as | LSE: XEL |
| Industry | Oil and gas |
| Founded | 2004 |
| Headquarters | Guildford, United Kingdom |
Number of locations | 2 offices (2016) |
Area served | Europe |
Key people | |
| Products | Petroleum |
| Total equity | $350.83 million |
Number of employees | 17 |
| Subsidiaries | Xcite Energy Resources plc |
| Website |
www |
Xcite Energy is an oil company based in the United Kingdom. The company's main asset is the Bentley Heavy Oil Field in the North Sea, although it also has a number of smaller assets included in License P.1979, located near to the Bentley Oil Field.[1]
Organisation
Its registered office is 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 listed on the London Stock Exchange Alternative Investment Market. It operates through a wholly owned subsidiary company Xcite Energy Resources PLC.
History
Xcite Energy was created as Xcite Energy Resources Limited in 2002 with the goal of developing the Bentley Heavy Oil Field which had been discovered some 25 years earlier by Amoco. 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.[2]
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 license was awarded over Blocks 9/4 (part), 9/8b and 9/9f (split) in the UK 27th Offshore Licensing Round in 2012.[1] This latter license is due to be farmed out to Azinor Catalyst Limited pending the result of a technical evaluation of the license area.[3]
Richard Smith retired as CEO in August 2012 and was replaced by then-CFO Rupert Cole. Andrew Fairclough was promoted to CFO in February 2014, having worked for the company since August 2012, as Corporate Affairs Director. The current Board Chair is Timothy S. Jones, who replaced the previous chairman, Roger Ramshaw, in April 2014.[4]
In May 2013, the company sold data to Statoil for $15 million.[5] In May 2014, Xcite Energy signed a collaboration agreement with Statoil and Royal Dutch Shell,[6] and a further collaboration agreement with Statoil and EnQuest in October 2014 to evaluate the potential utilisation of common gas import infrastructure between the companies oil fields.[7] As of 31 March 2016, Xcite Energy had a market cap of 45.7 (GBP m) representing 309.93 million shares and unrestricted cash reserves of 9.96 (USD m).
The company is due to repay 139.05 (USD m) of bonds which fall due for repayment on 30 June 2016. As noted in their most recent quarterly filing, the current cash balance is insufficient to meet the capital repayment. The company has not yet announced how they will repaying the bonds.[8][9]
Reserves
The company owns a 100% stake in the Bentley Heavy Oil Field, License P.1078 (block 9/3b) and a 100% stake in License P.1979 (blocks 9/4a, 9/8b and 9/9h). These latter blocks contain four prospects, Chadwick, Cartwright, Camm and Clement, that are currently the subject of a detailed technical evaluation being carried out by Azinor Catalyst. Under the terms of the license agreement license P.1979 is due to be relinquished at the end of 2016 unless the license requirements for drill-or-drop have been fulfilled prior to that date.[10][11]
An reserves assessment report evaluates the amount of recoverable oil (1P, 2P, 3P) in the first and second stage production areas and its net asset value. The most recent statement of reserves data, dated 17 March 2016, shows the probabilistic forecast of mean petroleum initially-in-place for the Bentley field of 880.9 million barrels (140,050,000 m3), with 1P, 2P, and 3P oil reserves for the Bentley field of 235.9 million barrels (37,510,000 m3), 267.3 million barrels (42,500,000 m3), and 298.0 million barrels (47,380,000 m3) respectively, based on an initial 35 year production period. The NPV10 valuation (after tax) was stated as approximately $2.1 billion, $2.5 billion and $2.9 billion on a 1P, 2P, and 3P basis respectively.[12]
References
- 1 2 "EDU Desk Booker". itportal.decc.gov.uk. Retrieved 2016-06-05.
- ↑ RR01 - Application by a private company for re-registration as a public company. Document filed with Companies House on 2014-07-30.
- ↑ "Azinor Catalyst signs farm-in agreement with Xcite Energy on Licence P.1979 in the UKCS - Azinor Catalyst". Azinor Catalyst. 2015-11-11. Retrieved 2016-06-05.
- ↑ "Replacement: Board Appointments - Xcite Energy Regulatory News (RNS) - London South East". www.lse.co.uk. Retrieved 2016-06-05.
- ↑ "Xcite Energy (XEL)". Interactive Investor. Retrieved 2015-12-23.
- ↑ "Collaboration Agreement with Statoil and Shell - Xcite Energy Regulatory News (RNS) - London South East". www.lse.co.uk. Retrieved 2016-06-05.
- ↑ "Collaboration Agreement with Statoil and EnQuest - Xcite Energy Regulatory News (RNS) - London South East". www.lse.co.uk. Retrieved 2016-06-05.
- ↑ "Xcite Energy Limited - Interim unaudited consolidated financial statements for the 3 month period ended 31 March 2016" (PDF). London Stock Exchange. Xcite Energy Limited. 2016-05-24. Retrieved 2016-06-05.
- ↑ "Xcite running out of energy". www.thetimes.co.uk. Retrieved 2016-06-05.
- ↑ "EDU Desk Booker". itportal.decc.gov.uk. Retrieved 2016-06-05.
- ↑ "Seaward Production License P1979" (PDF). Department of Energy & Climate Change. UK Government. 2013-05-08. Retrieved 2016-06-05.
- ↑ "Reserves and Resource Assessment of the Bentley Field and Adjacent Acreage". Google Drive. AGR Petroleum / Xcite Energy Resources. 2016-03-17. Retrieved 2016-06-05.