Xcite Energy achieves first annual revenue

Xcite Energy's Chief Executive Officer Rupert Cole said 2012 was an 'excellent year' for the oil and gas company following the completion of a 250m-dollar project in the UK's North Sea.

Xcite Energy's Chief Executive Officer Rupert Cole said 2012 was an 'excellent year' for the oil and gas company following the completion of a 250m-dollar project in the UK's North Sea.

The group achieved its first annual revenue after the conclusion of the of pre-production extended well test on the Bentley field.

It produced more than 149,000 barrels of Bentley crude which was sold to a major refiner in Europe, contributing to revenues for the year of £13.3m. The oil field developer made a £1.7m net loss, compared to a profit of £0.1m in 2011.

Xcite has signed a $155m reserves based lending facility with a group of lending institutions to develop the Bentley field further.

The prospect helped strengthen the company's balance sheet with cash at year end of £25.6m.

"2012 has been an excellent year for Xcite, with the successful, and, most importantly, safe, conclusion of a $250m project in the North Sea, on time and on budget, which is a testament to the skill and experience of our team," said Cole.

"The entire team has worked tirelessly during the well test and in the time since its conclusion in September last year, to re-engineer the reservoir model in order to deliver an updated field development plan based on the excellent data and results from the test."

He said the company remains on track to deliver the new competent persons report for the Bentley heavy oil field in the early part of this year.

Shares rose 0.67% to 112.50p at 08:30 on Tuesday.

RD

Recommended

Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Three hidden gems from Japan’s overlooked stockmarket
Share tips

Three hidden gems from Japan’s overlooked stockmarket

Professional investor Eiji Saito of JPMorgan’s Japan Small Cap Growth & Income fund picks three promising stocks from Japan's vibrant but under-resear…
13 Sep 2021

Most Popular

Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021
How you can profit from the power of the grey pound
Share tips

How you can profit from the power of the grey pound

Higher life expectancy and surging asset prices have proved a boon for the baby-boomer generation, which has accumulated vast wealth. Younger generati…
10 Sep 2021