Welcome To the Xcite Energy Limited HUB On AGORACOM

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Xcite Energy Limited Profile

Business of the Group

The Company, through its wholly owned subsidiary, Xcite Energy Resources Limited (“XER”), is an oil exploration and development company, which is focused on the exploration and development of heavy oil resources in the North Sea on the United Kingdom Continental Shelf.

The Company is incorporated and domiciled in the BVI under the BVI Business Companies Act, 2004 with its registered office in Tortola, BVI. As such, the rights of shareholders may be different from the rights of shareholders in a UK incorporated company. The Company is listed on AIM in London and the Toronto Stock Exchange – Venture Division in Canada.

In 2003, XER was awarded its 100% working interest in the Bentley field in Block 9/3b in the UK North Sea. All of the Company’s current material assets are held through XER.

XER’s head office is located at Banchory Business Centre, Hill of Banchory Business Park, Burn O’Bennie Road, Banchory, AB31 5ZU, United Kingdom.

The executive management team of the Company includes experienced oil professionals with over 100 years of combined industry experience.

Group Strategy

The Group intends initially to evaluate and develop the identified heavy oil discoveries in the Bentley field, to be complemented by appraising and exploring the identified prospects and leads on the block. The Group will also pursue potential acquisition opportunities and participate in future UK offshore licensing rounds to become a significant independent heavy oil producer in the North Sea by 2014

Last changed at 15-May-2010 12:46PM by Justice