Heavy oil explorer Xcite Energy said yesterday that 2013 was shaping up to be an important year as it looks to find a partner for its northern North Sea Bentley field.
New licences which it has been awarded in the latest UK licensing round could “add significant additional value” to plans for a production hub, it added.
Aberdeen-based Xcite is drawing up development plans for the discovery, the firm’s core asset, which underwent an extended well test earlier this year as part of a deal to secure funds to cover development costs.
Some 149,000 barrels of oil were extracted during the process, securing revenue of £13.3million, Xcite, said yesterday.
It added: “2013 is expected to be an important year for Xcite Energy, with an updated competent persons report, discussions with potential farm-in partners, the re-submission of the updated field development plan to the Department of Energy and Climate Change and the initiation of the phase 1B work (development) programme, the planning for which is well under way.”
Xcite still made net losses of £570,000 in the three months to the end of September, according to its results.
The firm said it had cash of £54.6million at the end of September after securing new equity capital and loans amounting to £21.2million in the third quarter.