£4.2m move Xcites City

SHARES in Xcite Energy jumped 10 per cent after the Aberdeen-based oil and gas explorer drew down a further £4.2 million from US investment manager Yorkville Advisors to help fund its Bentley field in the North Sea.

Yorkville - which pumped 12.5m into Xcite at the end of last month - was issued with 2,680,451 shares at 156.7p each.

Xcite closed up 15.5p at 165.5p, having hit 174.75p earlier in the session.