Xcite Energy Raises Funds for Bentley Development

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."

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Genel can 'Plan with Confidence' in 20... (Jan 24)
 -  Savannah: Niger R3 License Area 3D Sei... (Jan 24)
 -  Petronas: LNG Train 9 in Sarawak Moves... (Jan 23)
 -  Xodus Wins Apache North Sea Well Contr... (Jan 23)
 -  FAR: SNE 5 Appraisal Well Spuds Offsho... (Jan 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
US Duncan, OK: Senior Accountant
Expertise: Accounting|Financial Analyst
Location: Duncan, OK
 
CFO/ Senior Financial Manager
Expertise: Accounting|Financial Analyst
Location: Carrizo Springs, TX
 
Sr. Accounting Specialist- Revenue, Severance Tax
Expertise: Accounting
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $55.23/BBL 0.46%
Light Crude Oil : $52.75/BBL 0.62%
Natural Gas : $3.24/MMBtu 1.25%
Updated in last 24 hours