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Xcite Energy: Challenger Minerals Farm-In to Bentley Field


4 March 2010

Xcite Energy is pleased to announce that Xcite Energy Resources Limited ("XER"), its 100% owned subsidiary, has signed a legally binding letter of agreement with Challenger Minerals (North Sea) Limited ("CMNS") for CMNS to farm in to the Bentley field, commencing with the forthcoming 9/3b-R well intended to be drilled this summer. CMNS, a subsidiary of Transocean Drilling U.K. Limited, will provide US$4 million as its share of the 9/3b-R well costs in exchange for 4% working interest in the Bentley field through an earn-in mechanism, which allows CMNS to join the Bentley field licence at any time prior to the commencement of the first phase development of the field.

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Stellar acted as advisor to Xcite Energy Resources Limited