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Xcite Energy plans fundraising to meet Bentley field production costs

08 February 2010

Xcite Energy, the group behind plans to develop heavy oil assets in the North Sea, is set to tap investors in the UK and Canada for more cash as it tries to meet the costs of bringing its Bentley field into production.

Proceeds from the fundraising have been earmarked to fund the drilling and flow testing of a pre-development well on the Bentley oil field, which is expected to cost around C$40 million (£24.0 million). That well is scheduled to spud in the first quarter of 2010.

Xcite also wants to spend C$5 million (£3 million) on early production system planning and engineering and secure C$5 million for general working capital purposes.

The group has hired Octagon Capital and CIBC World Markets in Canada and Arbuthnot in the UK to sell the shares. In October 2009 Xcite launched a similar fundraising in the UK and Canada priced at C$0.37 (21p) per share which raised £2.1 million.

Last month, the company signed an off-take agreement that will see BP Oil International provide the services to market and sell the Bentley crude oil in return for an incentive-based fee per barrel.

Industry Sector

Oil & Gas Exploration & Production

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