The oil group behind plans to develop the Bentley field says it is continuing to hunt for partners for the giant North Sea project.
The field, around 85 miles south east of Shetland, is thought to contain up to 250million barrels of oil.
Xcite Energy, which submitted the environmental statement for developing the field earlier this year, said it was continuing work on the project while the hunt for a farm-out partner was continuing.
“We are now engaging, through data sharing and a collaborative approach, in the process of finding a suitable and robust partner for the Bentley development,” said chief executive Rupert Cole.
“We have an understanding of the key investment drivers for Bentley and will continue to work diligently towards delivering a result to create value for all parties.”
However, the company said it would not submit a formal development plan for the field until a partner has been secured and funding for Bentley is finalised.
Talks over a refinancing of Xcite’s $60million unsecured loan notes have been completed, with a final announcement due in the near future, the company said, as it continued to discuss lending options with banks over the Bentley project.
Earlier this year Xcite agreed a deal with Amec to provide support for the field development, which is expected to begin in 2015.
Xcite posted a £900,000 profit for the third quarter, bringing its nine-month figures to a £9.6million profit compared to a £800,000 loss the previous year.