Xcite raises $10m for Bentley field
OIL driller Xcite Energy raised a further $10 million (£6.4m) on Wednesday to develop its giant Bentley field in the North Sea.
The Aberdeen-based firm, one of the most highly-traded among private shareholders, has issued loan notes to Canadian investment firm West Face Capital.
The funding deal follows on from $50m-worth of loan notes that were issued to West Face Capital in April.
News of the latest funding deal comes just days after Xcite chief executive Richard Smith announced his retirement from the company after unveiling a positive drilling update from its Bentley test well.
Smith, one of the entrepreneurs who founded Aim-quoted Xcite to develop the Bentley field, will be replaced by chief financial officer Rupert Cole,
another founder.
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Wednesday 19 June 2013
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