North Sea-focused Xcite Energy reported Monday that it will receive $15 million in return for technical data relating to its Bentley 9/03b-6, 6Z well and the recently-concluded 9/03b-7 and 7Z extended pre-production well test.
Xcite CEO Rupert Cole commented in a company statement:
"We are very pleased to have completed this agreement, which is complementary to the recently commenced farm-out process, and further validates the quality of the information collected from our two well programs. This has been done without compromising the company's intellectual property and is a good commercial outcome that provides additional working capital."
Xcite also reported its first quarter results Monday. These showed that it made a net loss of $2.6 million in the three months to March 31, 2013, while the firm's cash balance stood at $31 million at the end of March.
Meanwhile, Xcite confirmed an upgrade to its 1P (proved), 2P (proved and probable) and 3P (proved, probable and possible) oil reserves for the Bentley field to 198 million barrels, 250 million barrels and 312 million barrels respectively.
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