Xcite Energy, Statoil, Enquest Team Up on North Sea Gas Import

Xcite Energy has announced that its 100% owned subsidiary, Xcite Energy Resources plc (XER), has entered into a Collaboration Agreement with Statoil (U.K.) Ltd. (Statoil) and EnQuest Heather Limited (EnQuest), in order to share field-specific technical and operational information to evaluate the potential utilisation of common gas import infrastructure between the Kraken, Bentley and Bressay fields.

A joint XER, Statoil and EnQuest team will work together to analyse the current available information and develop a number of proposals to assess the potential benefits of installing a shared gas import pipeline in conjunction with the development of the Kraken, Bentley and Bressay fields.

Rupert Cole, CEO of Xcite Energy, commented: “We are pleased to continue to work with Statoil and extend this to include EnQuest in the assessment of this shared infrastructure. This new collaboration with Statoil and EnQuest to assess this shared infrastructure is an important initiative, which highlights the scope of potential opportunities available to our respective projects.I believe that today’s announcement further demonstrates that additional value can be created by companies collaborating in key development activities and it reinforces our commitment to “Maximising Economic Recovery” from the area immediately surrounding the Bentley field.”

Press Release, September 10, 2014