Oil company Xcite Energy Ltd. (XEL.LN) Friday said it has agreed to raise C$8.5 million to fund extra work at a well in the Bentley field in the North Sea.

The company said it wants to drill a slanted well into the reservoir to collect data needed to better plan first production. The oil from the test will be shipped to shore, where BP PLC (BP.LN), which has agreed to buy oil from the Bentley field, will be able to conduct refinery tests.

Xcite said it expects to start drilling in September.

Brokers Arbuthnot Securities and FirstEnergy Capital have received indicative commitments for C$8.5 million of funding, Xcite said. Further details about the placing weren't provided.

-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com
Xcite Energy (LSE:XEL)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Xcite Energy Charts.
Xcite Energy (LSE:XEL)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Xcite Energy Charts.