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Xcite Energy Announces Amendment to Rig Contract with British American Offshore

Xcite Energy, a fully owned subsidiary of Xcite Energy Resources, has announced that its existing rig contract with British American Offshore, a subsidiary of Rowan Companies has been amended.

The amendment is with respect to the modification in the timing allowed to provide a jack up drilling unit for extreme environments, which would be more suitable for the Phase 1B of the development of Bentley field.

The initial contract provided for a fixed time period of 240 days for the development of Phase 1A beginning starting from the day at which the rig arrived at the Bentley field location. After this start date the contract provided for six options to extend the period by one year consecutively. The first one year extension however has to be implemented within 120 days of the start of the 240 day period. The amendment that has been applied now allows the shortening of the 240 day period for the development of Phase 1A so that the company incurs lesser financial commitment if the development is completed earlier.

According to the amendment an appropriate rig from the fleet owned by Rowan Companies can be recalled within 240 days after the development of Phase 1A is completed. The rig, which has been called should be delivered between a period of 14 to 20 months from the time the call option was implemented so that it matches the development and installation at Phase 1B at Bentley field.

Source: http://www.rns.com

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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