Xcite Energy has finally started drilling at its Bentley Field in the North Sea.
The oil company announced on Monday morning that it has "spudded" the 9/3b-7 well.
This is a big step for Xcite, which had faced concerns that it didn't have the finance to bring the site to production, despite there being established oil resources within its licence area.
Subscribe to 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
The UK government appeared to be dragging its heels in granting permission for the dig, possibly over financing fears, but that permission was received on March 8th.
The stock has risen 47.5% in 2012.
BS
-
What the Employment Rights Bill means for your workplace rightsNew workplace reforms are set to give employees new rights to benefits and flexible working
-
GSK share price surges after $2.2bn Zantac drug settlementGSK has settled lawsuits in the US that alleged the drugmaker’s now-discontinued heartburn drug Zantac triggered cancer
