The company, which is seeking a partner to join the development group, claims its offer of a funding package is an innovative and attractive measure in light of the currently capital-constrained environment.
Xcite is also progressing tenders for an EPCIC contractor for a mobile offshore production unit and FSO, and is looking to finalize a drilling rig contract.
In March, the company announced AGR TRACS International’s updated reserves and resources assessment report, which confirmed 2P reserves for the field of 267 MM stock tank bbl.
A further 9 MMbbl of P50 contingent resources represents the additional economic production that could be achieved after an initial 35-year facilities life cut-off had been applied to the development plan.
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