LONDON (Thomson Financial) - Heavy oil company Xcite Energy Ltd. swung to
a net loss of 730,289 pounds in the fourteen months to end-December 2007, but said the year saw the company pass a number of key milestones, both operational and financial, towards the development of the Bentley Field.
'We are confident that we will continue the momentum through 2008 and beyond,' chief executive Richard Smith said.
The company said it intends to submit a field development plan to the UK authorities by the end of 2008, and is targeting early phased development to commence in 2009.
Xcite also said it continues to assess further opportunities to farm-in or swap into production, and added that it plans to participate in the 25th UK licensing round.
The company's cash balance as at December 31, 2007 was 21.07 million pounds, compared with 0.14 million as at October 31, 2006.
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