LONDON (Thomson Financial) - Xcite Energy Ltd. said its second-quarter pre
tax loss widened after being hit by administrative expenses, but its programme to effectively and efficiently commercialise the Bentley Field remains on track.
For three months to June 30, the heavy oil company posted a pretax loss of 249,801 pounds compared with 95 pounds the year earlier and its administrative expenses for the period rose to 530,552 pounds from 213 pounds.
The company said its cash balance at end-June, was 4.83 million pounds and in line with budget, adding that it has sufficient funds to enable it to move forward with the planning of the next stage of the programme.
However, Future field development will depend upon the group's ability to secure financing, whether this is by joint venture projects, farm down arrangements or public financing, it added.
Xcite Energy said preparation for Full Field Development Plan and early production system continues and will be announced in conjunction with the updated report in the second-half of 2008.
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