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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.

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