North Sea focused oil company, Xcite Energy, says it has secured funding for the first phase of development of its wholly-owned Bentley field.
The group said it is seeking external sources for second phase work. Xcite is also talking to banks about securing lending facilities against proved reserves.
In February, Xcite said proved and probable reserves of the field amount to around 116m barrels of oil. The reserves data suggests the value of the field over its lifetime is around $1.46bn.
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The group's stock had risen 1% by 12:00.
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