Xcite says lower oil price will not derail Bentley

OREANDA-NEWS. UK independent Xcite Energy is yet to find a farm-in partner for its UK North Sea Bentley heavy oil field, but is confident the process will not be derailed by lower oil prices.

Xcite began looking for a farm-in partner for Bentley after upgrading its reserves estimate in April 2013. Its proven and probable reserve estimates for the field now stand at 257mn bl.

While the development financing landscape has remained difficult, Xcite said "the anticipated development timeline for the Bentley field should mitigate short-term oil price volatility".

"We continue to actively pursue our process to deliver a co-venturer partner," said chief executive Rupert Cole today. Xcite currently has a 100pc stake in Bentley.

Xcite posted a loss of 3.2mn pounds (\$4.8mn) for 2014 compared with a profit of 6.6mn pounds in 2013.