UK North Sea-focused Xcite Energy announced Monday that it has successfully raised $140 million. The firm said that the proceeds will be used to refinance existing debt, to fund general corporate expenses and to fund the work program for the Bentley field development.
The funds were raised via a placing of senior secured bonds as well as a private equity placing to new investors.
Xcite CEO Rupert Cole commented in a company statement:
"This new financing package comes at an important time for the company as we focus on delivering a technically and financially compliant field development plan for Bentley. It provides us with a stable platform to continue our planned activities this year, allowing us to further optimise the development plan and work towards completing contract negotiations with our partners.
"The planned work program will also provide a greater level of cost and schedule definition, enabling us to develop the longer term financing needed for the first phase development of the field, for which we shall continue to evaluate a number of options including asset financing, reserves based lending and additional development partners."
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