Market info

Oil explorer raises £31.5m

Heavy-oil explorer Xcite Energy has raised £31.5million to help fund ongoing work.

The Aberdeen-based company said the cash – raised through the issuing of loan notes to Canadian firm West Face Capital – would be used to strengthen its balance sheet and provide contingency funding during the first phase of development on the Bentley field.

The firm has also drawn down £2.12million on its equity funding agreement with venture-capital firm Esousa Holdings.

Xcite started drilling the Bentley field last month.

It is carrying out an extended well test on the field using the Rowan Norway jackup rig.

Read the latest opinion pieces from our Energy Voice columnists

Comments are closed

Post a comment

You must be to post a comment.

Features & Analysis

Upcoming Events

  1. 2016 Groundwater Week

    December 6 @ 7:00 am - December 8 @ 5:00 pm
  2. Energy Mexico Oil Gas Power Expo & Congress 2017

    31/01/2017 @ 8:00 am - 02/02/2017 @ 8:00 pm
  3. Subsea Expo 2017

    01/02/2017 - 03/02/2017
  4. Alternative & Renewable Energy Quest in Architecture & Urbanism.

    01/02/2017 - 03/02/2017
  5. Subsea UK Awards Dinner

    02/02/2017 @ 6:30 pm - 03/02/2017 @ 12:00 am

Cancel