Two RNS's this morning, one confirming that Xcite are still in negotiations with British American Offshore on Rowan Norway rig and deadline has been extended to February 11th and other saying that the company has had a further £5 million drawdown on the SEDA (Standby Equity Drawdown agreement) where shares are issued in exchange for cash. Groan.... more waiting!!
The 11th February date could well tie in with the Competent Persons Report (CPR) which is due late February or March. Apart from this, I cannot see a valid reason for a delay apart from takeover talks.
01 February 2011
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES
TSX-V, LSE-AIM: XEL
1 February 2011
Xcite Energy Limited
("Xcite Energy" or the "Company")
Extension of Letter of Intent for "Rowan Norway" N-Class Jack-up Rig
Xcite Energy announces that its 100% subsidiary, Xcite Energy Resources Limited ("XER"), has entered into an extension to the binding letter of intent ("LOI") with British American Offshore Limited("BAOL"), part of Rowan Companies, Inc. for the N-Class "Rowan Norway" jack-up rig.
The LOI has been extended by mutual consent to 11 February 2011 with no amendment to the existing termination fee payable by XER in the event it does not enter into a definitive agreement by this date.
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