Xcite Energy may take on Bentley partner

Test ready: Xcite Energy to flow test Bentley well 'within weeks'

Xcite Energy

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Bill Lehane

 22 June 2012 08:19 GMT

Xcite Energy has hinted it is on the hunt for a partner for the production phase of its Bentley field after securing a $155 million loan facility to part-fund the North Sea heavy oil development.

The London- and Toronto-listed outfit said on Friday it had signed a five-year secured reserves based loan facility to help pay for the Phase 1B production start-up with a consortium of international lenders.

Chief financial officer Rupert Cole said the Bentley development had been “further substantially de-risked” by the fact that Xcite Energy had obtained the loan from high-quality lenders in a tough banking market.

“The process to secure the facility involved a further rigorous, independent technical assessment of the Bentley field, the company's field development plan for the Bentley field and the route to market for the Bentley crude,”…

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