Xcite secures loan for North Sea development
Xcite Energy, the oil company looking to develop the Bentley field in the North Sea, says it has agreed a loan facility with a group of lenders that ought to pay for much of the project.
Xcite Energy, the oil company looking to develop the Bentley field in the North Sea, says it has agreed a loan facility with a group of lenders that ought to pay for much of the project.
The $155m facility has a five year term and is dependent on a series of project milestones - all but one of which Xcite claims to have completed.
The one outstanding condition is for a flow test, which will give a good guide on how quickly the oil can be extracted from under the sea bed. Xcite says this test will start "in the coming weeks".
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
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
Now the loan is in place Xcite must complete its funding plan for Bentley and win the all important approval from the Department for Energy and Climate Change.
The firm makes clear it is considering a possible farm out for an interest in Bentley, or other debt instruments to make sure it has the necessary financial firepower.
At 9:59 the stock had gained 0.6%.
BS
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
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published