Xcite Energy Resources Limited, the BVI company engaged in oil exploration and development of heavy oil resources in the North Sea, announced its financial results for the 3 month period ended 31 March 2014. The company reported net loss of £0.04 million, which includes unrealised net foreign exchange gains of £0.3 million on a weakening US dollar over the 3 month period. As at 31 March 2014, company’s cash balance was £17.4 million.
Among the company’s highlights in these three months, there is Material Licence extension granted by the Department of Energy and Climate Change for the Bentley field until 31 December 2016, as well as Memoranda of Understanding signed with AMEC, Arup and Teekay, marking the first, important stage in the industry service provider partnership solution for the development of the Bentley field.
Also, Xcite Energy signed Collaboration Agreement with Statoil (U.K.) Ltd. and Shell U.K. Ltd., for the sharing of technical and operational information to evaluate potential synergies and collaboration in the development of the Bentley and Bressay oil fields.