Search results for: Xcite

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  • 8 December 2016
    Equipment

    Xcite Energy, a North Sea focused oil company, has been put into liquidation after having been deemed insolvent, as it failed to raise funds for debt payment. The company, working to develop the Bentley field in the UK North Sea, failed to pay $152 million in debt when bonds issued in 2014 matured on Ocober […]

  • 3 February 2014
    Business & Finance

    Xcite Energy announces that Andrew Fairclough has been appointed Chief Financial Officer and a Director of the Company with immediate effect. Andrew Fairclough, aged 44, joined Xcite Energy Resources Limited in August 2012 as Corporate Affairs Director for the Xcite Energy group, following 17 years’ experience in investment banking and corporate finance, including a close […]

  • 8 June 2017

    Xcite Energy’s Bentley field in the UK North Sea could have a new owner by the end of June. This is according to FTI Consulting which has been appointed liquidator of the company after Xcite failed to raise funds for debt payment. The company, the operator of the undeveloped Bentley field in the UK North Sea, […]

  • 10 November 2014
    Business & Finance, Equipment, Operations & Maintenance

    AGR’s well construction planning software, P1, has been selected by Xcite Energy to support development of the Bentley Field, one of the largest fields in the UKCS. P1 software will play a key role in Xcite’s strategic planning for the field, allowing the oil company to maximise the performance of well construction. Chris Ferrier, Director […]

  • 5 July 2017

    After months of talks with various potential buyers, joint liquidators have sold the assets of Xcite Energy Limited, including the company’s Bentley field, one of the largest undeveloped fields in the UK North Sea for $1 (one dollar). As previously reported, the joint liquidators were appointed in late 2016, after Xcite failed to pay $152 […]

  • 12 June 2012
    Business & Finance

    Xcite Energy announces that it has amended its agreement with BP Oil International Limited (“BPOI”), a wholly owned subsidiary of BP plc (“BP”), as announced on 28 January 2010, under which BPOI will provide the offtake services to market and sell the Bentley crude oil in return for an incentive-based fee per barrel. Under the […]

  • 21 March 2012

    Xcite Energy, earler this month, secured all the approvals necessary to drill and produce the wells in Phase 1A of the Bentley field work programme, and began drilling operations this week. The well 9/3b-7 was spudded on the 18 March 2012 using Rowan Norway jack-up drilling rig. Xcite Energy is a 100% owner and operator […]

  • 18 March 2015

    Xcite Media, the company behind Europe’s “first and only oil and gas event focusing solely on topsides operations”, Topsides UK, are anticipating a successful 2016 event after launching to a full house. According to Xcite Media’s press release, the jam packed Trinity Hall on Holburn Street, Aberdeen saw over 150 attendees hear from businesses already […]

  • 14 January 2011
    Business & Finance

    Extension of Letter of Intent for “Rowan Norway” N-Class Jack-up Rig Xcite Energy announces that its 100% subsidiary, Xcite Energy Resources Limited (“XER”), has entered into an extension to the binding letter of intent (“LOI”) with British American Offshore Limited (“BAOL”), part of Rowan Companies, Inc. for the N-Class “Rowan Norway” jack-up rig. The LOI […]

  • 8 August 2012

    Xcite Energy yesterday closed on the issue of US$10 million of unsecured Loan Notes to a fund managed by West Face Capital Inc. The funds will be used to provide contingency funding during the important Phase 1A work programme on the Bentley field. The Loan Notes have an initial term of 236 days and, subject […]

  • 24 August 2015
    Exploration & Production, Project & Tenders

    Xcite Energy Ltd, the operator of an oilfield dubbed one of the largest undeveloped resources in the UK North Sea, the Bentley field, is looking to benefit from the lack of work in shipyards, while also trying to secure funding for the development. The company which operates the Bentley heavy oil field with a 100% […]

  • 11 November 2015
    Business & Finance

    Xcite Energy has entered into a farm-in agreement with Azinor Catalyst Limited (Catalyst) in relation to its Licence P.1979, located on the UK Continental Shelf, near its North Sea Bentley field.  The Licence P.1979 contains Blocks 9/4a, 9/8b and 9/9h. Xcite says that, under the agreement, Catalyst will undertake, at its own cost, a detailed technical […]

  • 4 July 2014
    Business & Finance

    Xcite Energy has entered into a Memorandum of Understanding with Aibel AS, which sets out the principles for executing the Engineering, Procurement and Construction of the Ove Arup & Partners (“Arup”) designed self-installing ACE platform selected for the Bentley field in the UK North Sea. Aibel will work with AMEC, the international engineering and project […]

  • 24 May 2016

    Xcite Energy, a UK-based oil and gas company, is in talks with creditors to try and renegotiate the terms of its $139.05 million bond ahead of debt maturity on June 30, 2016. The company says its current and forecast cash position is insufficient to repay the bond capital in full by the June 30 deadline, […]

  • 18 February 2016

    Xcite Energy Resources, a heavy oil appraisal and development company, has extended the P.1078 licence containing the Bentley field, in the UK North Sea.  The licence was extended until June 30, 2017, following discussions with the UK’s Oil & Gas Authority (OGA), and the Secretary of State for the Department of Energy and Climate Change (DECC). According […]

  • 22 December 2010
    Business & Finance

    Xcite Energy Limited announces that the flow test of the 9/3b-6z horizontal well on the Bentley field has been successfully completed. The flow rates achieved demonstrate both the commerciality of the Bentley field and the reservoir properties to be above the upper end of modelled expectations. Key flow test results were: Total flow test of […]

  • 10 November 2014
    Business & Finance, Equipment

    AGR’s well construction planning software, P1™, has been selected by Xcite Energy to support development of the Bentley Field, located in the North Sea. AGR says that P1™ software will play a key role in Xcite’s strategic planning for the field, allowing the oil company to maximise the performance of well construction. Chris Ferrier, Director […]

  • 15 October 2012

    Xcite Energy has concluded the Phase 1A of the Bentley field development programme in the UK North Sea. The Rowan Norway drilling rig is demobilised and handed back to Rowan Companies Inc. The 9/3b-7 and 7Z wells were successfully suspended for future use as production wells during Phase 1B. The Scott Spirit and shuttle tanker […]

  • 8 May 2012
    Business & Finance

    Xcite Energy announces that drilling of the 9/3b-7 well on the Bentley field is progressing satisfactorily, having reached a total depth of 6684ft.  The 17½” section has been drilled, 13⅜”casing set, cemented and pressure tested. The 12¼” hole has been drilled. After the 10¾” x 9⅝” liner has been set, cemented and pressure tested, drilling […]

  • 2 March 2012

    Xcite Energy (XER) has announced that the Rowan Norway jack-up drilling rig has left Dundee harbour and is being towed to location to commence Phase 1A of the First Phase Development of the Bentley field. XER are 100% owner and operator of Block 9/3b, licence P.1078, containing the Bentley Field in its entirety. The block, […]

  • 7 December 2010

    Operator Xcite Energy has disclosed that bad weather is continuing to hit its plans to test the UK Bentley heavy oil field. Although a shuttle tanker, the Betty Knutsen is ready to offload oil produced during a planned test on the UK Northern North Sea 9/3b-6z sidetrack well, Xcite said today that the tanker is […]

  • 13 March 2012
    Business & Finance

    Ocean Installer, a subsea construction company based in Stavanger, Norway has received a Letter of Intent (LOI) from Xcite Energy Resources Ltd  for the installation of  pipelines from a jack-up rig to a dynamically positioned shuttle tanker at the Bentley field. The potential contract is for the installation of two oil export pipelines of 2.1 […]