gas explorer

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Xcite draws on new cash

Aberdeen-based Xcite Energy said yesterday it had drawn down £2.12million on its equity funding agreement with venture-capital firm Esousa Holdings. Esousa has taken nearly 1.9million shares in Xcite as a result of the funding, which the oil and gas explorer said it would use as future working capital and to progress towards first oil from its Bentley North Sea field.