Recommendations » UK
Xcite Energy (LON:XEL.L) report:Fund Raising
August 20, 2010, Friday, 16:47 GMT | 11:47 EST | 21:17 IST | 23:47 SGT
By Daniel Stewart & Co
- Xcite has engaged Arbuthnot and FirstEnergy who have received indicative commitments in excess of CAD$8.5m
- The funds will be used for an enhanced work programme which should provide greater certainty on the planned horizontal flow test, significant additional data and acceleration of the planned first stage production
- The enhanced scope of work on the previously announced 9/3b-R well is now intended to include a slant pilot well section, which will additional data to be collected to enhance understanding of the field and, in particular, the upside reservoir parameters
- The changes could allow for early oil sales reducing the funding requirement for first stage production
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