EnQuest has announced the completion of its acquisition of the Bentley field, one of the North Sea’s largest untapped discoveries, from Whalsay Energy.
A boss of the collapsed firm Xcite Energy, which used to own the Bentley discovery, has wished new operator EnQuest well on the project.
Whalsay Energy booked an impairment charge of £52.7 million ($69m) on its Bentley field based on offers it received as part of a Covid-hit sale and farm-out process.
More than a dozen UK North Sea projects are facing deferral in light of the oil price drop, an analyst has predicted.
Whalsay Energy is seeking partners to help it develop the Bentley field in the UK North Sea.
Equinor will look to develop its Rosebank and Bressay projects in the North Sea once production levels have been ramped up at the new Mariner field.
Xcite Energy said Liberum Capital has agreed to resign as nominated adviser and broker to the firm with immediate effect.
Norwegian oil and gas giant Statoil has been touted as a potential bidder for troubled Xcite Energy’s Bentley field in the North Sea.
Xcite Energy is facing liquidation after bondholders rejected a debt for equity swap.
A shareholder in Xcite Energy has described himself as "one of the luckier ones" after losing an estimated £25,000.
Xcite Energy shares dived yesterday after the company said bondholders would pursue enforcement action over their loans unless a restructuring of the financial terms hands them near-100% ownership.
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.
Xcite Energy has had a shake-up to its staff as it looks to review its overhead costs.
Xcite Energy has won a further stay of execution in its battle to keep funding requirements manageable amid continuing low oil prices.
Xcite Energy today confirmed a raft of changes to its Bentley field development plan in a bid to improve efficiency, cost effectiveness and deliverability.
Xcite Energy said yesterday it had won some breathing space to sort out financial arrangements for its Bentley project in the UK North Sea.
Xcite Energy said its licence containing the Bentley field has been extended until June next year after approval from the OGA (Oil and Gas Authority) and DECC (The Department of Energy and Climate Change).
Oil and gas explorer Xcite Energy said it is still seeking out additional partners to help fund its Bentley Field project amid an industry-wide slowdown in project financing. The Aberdeen-headquartered firm yesterday posted losses of £5million for 2014, against profits of more than £9million a year earlier. Xcite had no revenues to report, as the 300million-barrel Bentley Field, which lies south-east of Shetland, has yet to start producing. In August the firm described the field as one of the North Sea’s largest untapped resources with the potential to produce more than 700million barrels of oil over 35 years.
Xcite Energy has signed a Memorandum of Understanding (MOU) with China Oilfield Services Limited (COSL) to provide a harsh environment jack-up drilling rig for its Bentley Field. The company said COSL will work in a collaborative manner in a bid to maximise recovery from the field. The work will also include equipment and personnel to work on the field in the UK North Sea.