Xcite updates progress on North Sea Bentley planning

Xcite Energy has reached agreement on the main commercial terms for funding proposals for the first phase of the heavy-oil Bentley development in the UK northern North Sea.

Offshore staff

BANCHORY, UKXcite Energy has reached agreement on the main commercial terms for funding proposals for the first phase of the heavy-oil Bentley development in the UK northern North Sea.

The company, which is seeking a partner to join the development group, claims its offer of a funding package is an innovative and attractive measure in light of the currently capital-constrained environment.

Xcite is also progressing tenders for an EPCIC contractor for a mobile offshore production unit andFSO, and is looking to finalize a drilling rig contract.

In March, the company announced AGR TRACS International’s updated reserves and resources assessment report, which confirmed 2P reserves for the field of 267 MM stock tank bbl.

A further 9 MMbbl of P50 contingent resources represents the additional economic production that could be achieved after an initial 35-year facilities life cut-off had been applied to the development plan.

05/24/2016

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