So no farm in, no takeover talks, no Rowan Stavanger for Xcite Energy (XEL). An RNS this morning confirms that the deal with British American Offshore for the Rowan Norway is in the bag with delivery Q4 2011. So Xcite will have oil flowing by the end of this year and with Brent Crude at around $100 a barrel things are looking mightily good. Now the key news is the CPR document which hopefully will upgrade resources significantly.
4 February 2011
Drilling Contract for "Rowan Norway" N-Class Jack-up Rig
Xcite Energy is pleased to announce that its 100% subsidiary, Xcite Energy Resources Limited ("XER"), has entered into a binding drilling contract with British American Offshore Limited("BAOL"), part of Rowan Companies, Inc. for the N-Class "Rowan Norway", a harsh environment, deep water jack-up unit, designed and built for simultaneous drilling and production, which is currently under construction.
The Rowan Norway is expected to be used to commence the first stage production of the Bentley field, the planning for which is currently being undertaken. XER expects the Rowan Norway to be made available in the fourth quarter of 2011.
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