The LOI has been extended by mutual consent to 11 February 2011 with no amendment to the existing termination fee payable by Xcite Energy Resources in the event it does not enter into a definitive agreement by this date.
The company said that the N-class drilling rig is a harsh environment, deep water jack-up unit, designed and built for simultaneous drilling and production.
Xcite Energy Resources Limited is an oil exploration and development company focused on the exploration and development of heavy oil resources in the North Sea on the UK Continental Shelf.
