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Xcite Enters into MOU with AMEC & ARUP for Bentley Field Development

Source: www.gulfoilandgas.com 4/9/2014, Location: Europe

Xcite Energy announces that its 100% subsidiary, Xcite Energy Resources Limited ("XER"), has entered into a Memorandum of Understanding ("MOU") with AMEC Group Limited ("AMEC") and Ove Arup & Partners Limited ("Arup"), which sets out the principles of co-operation for the design and development of Arup's self-installing, steel ACE platform for the Bentley field.

XER, AMEC and Arup intend to work together to optimise the existing ACE platform design for the Bentley field, covering all aspects of assurance, engineering, procurement, construction and installation. This should enable XER, prior to contract award, to confirm the final platform design and capital requirement for one of the key Bentley field development assets.

XER believes that there are a number of benefits from using this existing, proven, self-elevating design, including the ability to build and integrate the platform at a wide range of construction yards. This should enable a direct wet tow to be undertaken to the Bentley field, at which time the platform can be installed with minimal offshore support. This, together with the application of an inherent "design for decommissioning" principle, should result in a capital efficient and environmentally compliant development infrastructure solution.

Rupert Cole, CEO of Xcite Energy, commented:
"We are pleased to be able to announce AMEC and Arup as partners in our development group to progress Bentley towards production. Following on from the $250 million extended well test, this next phase of engineering will allow us to optimise Arup's existing ACE platform design for the Bentley field and enable us to refine the costs and related schedule ahead of submitting the Field Development Plan."

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