News Flash On The Aim Market Message Board

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Gold/Mining/Energy : News Flash On The Aim Market

LSE 5.290

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Oct 31 3:01 PM EST

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From: miningoz	5/6/2014 9:25:01 AM
	of 161

Is Xcite set for a bidding war? A collaboration agreement between a subsidiary of Xcite Energy (XEL), Royal Dutch Shell (RDSB) and Statoil (STO) has prompted rumours of a takeover. The market reacted positively to the news and Xcite's share price rose by over 16% in morning trading to 74.25p with a spread of 0.75p. The group has a market capitalisation of £185 million and was the best performer in the AIM 100 index, which was down in morning trading. Xcite Energy Resources (XER) and the two leading oil and gas companies will share field-specific information for the evaluation of collaborations between the Bentley and Bressay fields. The trio will work towards using common infrastructure, assets and operational solutions in the fields' development. The Bentley field is 100% owned by XER. Statoil has a 81.625% working interest in the Bressay field and Shell holds the remaining stake. Chief executive Rupert Cole said: "We are pleased to continue to work with Statoil and Shell in this important initiative and, following their purchase of the Bentley EWT data in 2013, believe that it demonstrates the value that independent oil companies can bring to the North Sea to unlock major energy assets. "We also believe that the principles contained in this Collaboration Agreement complement the recent UK Government commissioned report, 'UKCS Maximising Recovery Review' by Sir Ian Wood, and will provide an important early framework through which additional value can be captured in area development scenarios."

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