www.xcite-energy.com
Xcite Energy Limited is a heavy oil appraisal and development company, with current interests in three licence blocks in the UK North Sea, all of which are held with 100% working interests through its wholly-owned UK subsidiary, Xcite Energy Resources Limited.
Its primary focus is in bringing the Bentley oil field on Block 9/3b into production and in doing so becoming a significant independent oil producer in the North Sea by 2014.
Watch Xcite Energy's May 2012 Corporate Video here.
Xcite Energy draws down £3.537 mln on Esousa equity line
Xcite Energy (LON:XEL, CVE:XEL) has drawn down £3.537 million, or C$5.571 million, on its equity line with Esousa Holdings, LLC.
This is the first drawdown using Esousa’s £60 million equity line since Xcite announced new funding arrangements in mid-December 2011 together with the termination of the previous equity line arrangement with Yorkville Advisors.
In all, the group secured access to £85.8 million in new capital. Some £25.8 million of the money is being raised through a share placing while a further £60 million is made available through an equity credit line facility.
The placing has been arranged by a subsidiary of Bermuda based Socius Capital Group, and the first tranche has already been completed. The equity line portion of the financing is provided by Esousa, a co-investor of Socius.
Under the drawdown announced today, Xcite has issued 3,765,060 shares at £0.9395, or C$1.48, per share. This funding will be used as working capital for the company and to progress towards first oil from the Bentley heavy oil field in the North Sea.
Also in December, Xcite secured a storage and offtake/shuttle tanker for the forthcoming Phase 1A of the Bentley development programme, and it hired the Rowan Norway rig, which will be used to develop Bentley.
It is planning to deploy the rig once it is fitted out for the new job, and the Department of Energy and Climate Change (DECC) has given the sign-off for the field development plan, expected to occur in February.
