Xcite Energy Ltd reports financial results for the first quarter of 2015

BVI-registered AIM-listed mining company Xcite Energy Limited announced financial results for the first quarter of 2015. In the 3 month period ended 31 March 2015, company’s net loss made US$0.45mln. Also, the company reported cash balance of US$41.06mln as at 31 March 2015. Total assets of the company were US$482.6mln, net cash flow from operations was US$0.6mln in the three months ended 31 March 2015.

In the first quarter of the year, Xcite Energy changed its functional and presentation currency to USD, which is in accordance with the primary economic environment of the company.

Xcite Energy remains focused on developing Bentley field project, and proving its economic value. In April 2015, the results of an updated Reserves and Resources Assessment Report were announced; also, the after-tax net present value of the Bentley field cash flows (discounted at 10 per cent) was confirmed to be about US$2.3 billion. The company has successfully completed a number of technical, engineering, optimization and value assurance programmes, for the Bentley development group.

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