Proactive investors

Xcite Energy Resources Limited is an oil appraisal and development company, which is focused on the appraisal and development of heavy oil resources in the North Sea on the United Kingdom Continental Shelf. Xcite Energy was formed in 2003 by experienced industry professionals, applying for the Bentley field (Block 9/3b, heavy oil) in the 21st UK Licence Round.  Following $50 million funding in 2007, Xcite successfully drilled and flow tested the fifth well on Bentley (well 9/3b-5) at the start of 2008. This was the first time that oil had been brought to surface since field discovery in 1977. Xcite believes that Bentley is one of the largest undeveloped fields in the North Sea and is now focused on drilling a pre-development well on the field in summer 2010, for which it has recently closed a fund raising.