North Sea appraisal firm Xcite Energy says it has started the hunt for partners to help it develop one of the largest untapped oil resources in the North Sea.
The company, which posted an £8.3million profit for the first six months of 2013, submitted its plans to develop the giant Bentley field, 85 miles south east of Shetland.
Production is expected to start on the field, which the company now believes could contain up to 250million barrels of oil, in 2015.
The first phase development plan was submitted to the government last month, while environmental consultations finished earlier this month – leaving the path clear for the London-based firm to begin talks over farming into the project.
“With the updated RAR now complete, corporate attention has turned to the potential farm-out of part of the Bentley asset to other industry participants,” the company said.
“The RAR has provided the Group with a sound platform on which to commence these discussions.”
Xcite said it may also look to increase its credit facilities with banks in order to help fund the development of the field.
The company saw profits rise to £9.9million for the second quarter of 2013, giving them an overall half-year profit of £8.29million – up from a £269,000 loss on the same period last year.
The profits rise was was attributed to the sale of technical well data from Bentley for $15million, along with the disposal of surplus oil equipment.
Xcite agreed a deal with Amec last month to support the development of the field.
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