North Sea oilfields operator Xcite Energy has reported continued progress in its technical and operational plans during and beyond the three months ended 30 September.
The firm is currently undergoing the first phase development of the Bentley field in Dundee, where the Rowan Norway jack-up rig has arrived and is currently undergoing final equipment testing, crew training and regulatory certification for operations.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In a statement, the company said it continues its good progress with the approval process by the Department of Energy and Climate Change (DECC) of a field development plan for the Bentley field, to be consistent with the rig deployment timing.
A final Environmental Statement for the plan has now been submitted in line with usual practice.
"Financing discussions continue to progress satisfactorily and the company's objective is to conclude these in a consistent timeframe with approval by DECC of a field development plan for the Bentley field and the rig deployment," the firm added.
The share price rose before falling 1.22% to 121.75p at 13:00.
NR
-
The new 4% rule – how much should retirees really draw from their pension in 2026?Brits retiring in 2026 could be withdrawing too much from their pension pots if they stick to an old rule about ‘safe’ limits – with the risk of running out of money in retirement
-
Leaving it too late to gift inheritances costs some of Britain’s wealthiest families £3m eachEven average Brits are being landed with huge and unexpected inheritance tax bills because of a little understood rule around gifting, new figures show
