Xcite Energy, a developer of heavy oil assets in the UK North Sea, has signed a legally binding letter of agreement with Challenger Minerals (North Sea) Limited ("CMNS") for CMNS to farm in to the Bentley field, commencing with the forthcoming 9/3b-R well intended to be drilled this summer.
CMNS, a subsidiary of Transocean Drilling U.K. Limited, will provide US $4 million as its share of the 9/3b-R well costs in exchange for 4% working interest in the Bentley field through an earn-in mechanism, which allows CMNS to join the Bentley field license at any time prior to the commencement of the first phase development of the field.
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