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UK-focused junior Xcite Energy reported Tuesday results for an "excellent year", in which it successfully completed the pre-production well test on the Bentley field in the North Sea, producing and selling more than 149,000 barrels of oil (the firm's first revenue).
Xcite said that the Bentley field is now substantially de-risked and development-ready. Meanwhile, the firm confirmed that it had signed a $155 million reserves-based lending facility that will form the substantial part of the funding requirement for its Phase 1B development of the Bentley field.
Xcite also successfully completed a new equity capital financing for GBP 63.4 million ($96.4 million) as well as new debt financing of $60 million during 2012. The firm's cash balance at year end was GBP 25.4 million ($38.6 million).
The company highlighted its success in the UK's 27th Licence Round, which provided new acreage to its portfolio. Blocks 9/4a, 9/8b and 9/9h add four identified prospects to future exploration and appraisal programs in the wider Bentley area, it said.
Xcite CEO Rupert Cole commented in a company statement:
"2012 has been an excellent year for Xcite, with the successful, and, most importantly, safe, conclusion of a US$250 million project in the North Sea, on time and on budget, which is a testament to the skill and experience of our team. This is an immense achievement by any standards.
"The entire team has worked tirelessly during the well test and in the time since its conclusion in September last year, to re-engineer the reservoir model in order to deliver an updated field development plan based on the excellent data and results from the test.
"The success of last year's project has provided us not only the information but also the confidence needed to be able to deliver our plans to commence the first phase development on Bentley, which will be largely based on scaling up the 2012 pre-production work programme."
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