The company is looking to convert the entire $149 million value of outstanding bonds into 98.5% of its enlarged share capital following a proposed share issue, and is also in talks with bondholders to secure a working capital facility of up to $10 million.
Xcite said the proposed restructuring would give it a “significantly stronger balance sheet” and working capital to pursue development of the Bentley heavy oil field off the UK that has been stalled by its financial challenges, as well as low oil prices that have hit commerciality.
However,
