Funds running out for North Sea Bentley development

Offshore staff

BANCHORY, UK – Ian Morton of FTI and Chad Griffin of FTI Consulting have been appointed as joint liquidators of Xcite Energy Ltd. (XEL), after the company failed to repay outstanding debts.

XEL’s main assets are UK northern North Sea block 9/3b, containing the Bentley heavy-oil field;  9/4a, containing the Clement, Chadwick, and Cartwright prospects; and 9/8b and 9/9h, containing the Camm accumulation.

XEL subsidiary Xcite Energy Resources (XER) stressed that it is not subject to an insolvency process and remains under the control of its board of directors.

However, funding available to XER will likely be exhausted in January, in which case the company will cease to operate and the licenses will likely be revoked.

The directors have therefore started a marketing process for the sale of the shares XEL holds in XER. Both liquidators will review bids received and determine the most appropriate course of action.

12/20/2016

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