Xcite Energy, the Aberdeen-based driller, has raised a further $10 million (£6.4m) of funding to develop its giant Bentley field in the North Sea.
The Aim-quoted stock, one of the most highly-traded among private shareholders, has issued loan notes to Canadian investment firm West Face Capital.
The funding deal follows on from $50m-worth of loan notes that were issued to West Face Capital in April.
Xcite said: “The funds will be used to provide contingency funding during the important phase 1A work programme on the Bentley field.”
News of the latest funding deal comes just days after Xcite chief executive Richard Smith {http://www.scotsman.com/the-scotsman/business/drilling-update-sees-smith-leaves-xcite-energy-on-a-high-note-1-2448301|announced his retirement after unveiling a positive drilling update from its Bentley test well|announced his retirement after unveiling a positive drilling update from its Bentley test well}.
Smith, one of the entrepreneurs who founded Xcite to develop the Bentley field, will be replaced by chief financial officer Rupert Cole, another founder.