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, UK – 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.

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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