Xcite Energy closes second stage of private placing

Oil and gas producer Xcite Energy has closed the second stage of its private placing with Global Resource Funding Partners, with which it has placed 12.5m units rather than the orginally planned 10m.

The overall number of units placed is now 32.5m, prividing the company with gross proceeds of around £8.3m. The placing will occur in three stages.

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The firm also said the the pre-production flow test is progressing well, with a gradually increasing flow rate having been undertaken during optimisation of process equipment, to the current stabilised rate of around 2,900 barrels per day. Bentley crude oil collected so far in the Scott Spirit tanker is in excess of 10,000 barrels.

The share price fell 0.32% to 77.50p by 11:05.

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