Sector News

Xcite Energy still on the hunt for North Sea partner for Bentley

August 3, 2016

Xcite said it has received an extension to the maturity of senior secured bonds granted until the end of September this year as it revealed its results for the first six months of 2016.

Extension to the maturity of the senior secured Bonds granted until 30 September 2016, to continue negotiations with respect to a potential restructuring of the Bonds.

The company said it was continuing negotiations with respect to a potential restructuring of the bonds.

The North Sea focused firm is still on the look-out for a partner to join the development group to either guarantee the full funding package, or to provide any balance of funding required.

It comes after Xcite was given an extension on its Bentley licence until June next year.

In a statement, the company said it had increased it 1P, 2P and 3P heavy oil reserves for the Bentley field to 236 MMstb, 267 MMstb and 298 MMstb.

Xcite made a net loss for the six months ending June 2016 of $0.9million while its cash balance was $7.4million as of June.

By Niamh Burns

Source: Energy Voice

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