Xcite continues progress in Dundee

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.

After this has been completed, the rig can be handed over to the company and equipped for its deployment onto the Bentley field.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues 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

Sign up

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