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 31st January 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.
The Company, through its wholly owned subsidiary, Xcite Energy Resources Limited (“XER”), is an oil exploration and development company, which is focused on the exploration and development of heavy oil resources in the North Sea on the United Kingdom Continental Shelf.
The Company is incorporated and domiciled in the BVI under the BVI Business Companies Act, 2004 with its registered office in Tortola, BVI. As such, the rights of shareholders may be different from the rights of shareholders in a UK incorporated company. The Company is listed on AIM in London and the Toronto Stock Exchange – Venture Division in Canada.
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Source:Xcite, January 14, 2011; Image: Skeiedrilling