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Xcite and COSL enter MOU for Bentley field jackup

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17 November 2014

Xcite Energy announces that its 100% subsidiary, Xcite Energy Resources plc ("XER"), has entered into a Memorandum of Understanding ("MOU") with China Oilfield Services Limited ("COSL"), which sets out the principles for the provision of a new-build Keppel FELS N Class Plus, harsh environment jack-up drilling rig, together with equipment and personnel for the Bentley field. Final specifications of the rig are currently being agreed in order for construction to begin at the Keppel FELS yard in Singapore. COSL will work in a collaborative manner with all the key stakeholders to develop innovative, field specific rig and drilling services for Bentley, to maximise the economic recovery from the field and the economic return for all stakeholders. Rupert Cole, CEO of Xcite Energy, commented: "We are very pleased that COSL has joined the Bentley development team and this marks the last of the key development group roles to be filled. COSL has considerable experience in drilling operations and we believe they possess the skills and expertise to work alongside our other partners in our collaborative and innovative model. Selecting this ultra-high specification drilling rig, and constructing it at the Keppel FELS yard in Singapore, is an important part of securing both the future schedule and drilling efficiency of the Bentley project."

Source: http://www.xcite-energy.com/investors/regulatory-news/rns-news/12151954

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