logo-loader

Xcite Energy shares lifted on rig deal for Bentley field

Last updated: 18:45 17 Nov 2014 AEDT, First published: 19:45 17 Nov 2014 AEDT

north_sea_platform_350_5469b682765ae

Xcite Energy (LON:XEL) shares rose in early deals as it struck a deal with China Oilfield Services over a rig for the Bentley field in the North Sea.

The high-spec jack-up rig will be built at China's Keppel FELS yard in Singapore.

Chief executive Rupert Cole said: "We are very pleased that COSL has joined the Bentley development team and this marks the last of the key development group roles to be filled."

"COSL has considerable experience in drilling operations and we believe they possess the skills and expertise to work alongside our other partners in our collaborative and innovative model.

"Selecting this ultra-high specification drilling rig, and constructing it at the Keppel FELS yard in Singapore, is an important part of securing both the future schedule and drilling efficiency of the Bentley project."

Shares rose 7.33% to 51.25p each.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

4 hours, 31 minutes ago