LONDON (Alliance News) - Xcite Energy Ltd Wednesday said its subsidiary Xcite Energy Resources Ltd has entered into a Memorandum of Understanding with AMEC Group Ltd and Ove Arup & Partners Ltd, which sets out the principles of co-operation for the design and development of Arup's self-installing, steel concept elevating platform for the Bentley field.
Bentley oil field is located on the East Shetland Platform in the UK Northern North Sea.
The companies intend to work together to optimise the existing concept elevating platform design for the Bentley field, covering all aspects of assurance, engineering, procurement, construction and installation.
Xcite said this should enable it confirm the final platform design and capital requirement for one of the key Bentley field development assets, prior to contract award.
The company also said it believes that there are a number of benefits from using this self-elevating design, including the ability to build and integrate the platform at a wide range of construction yards.
"We are pleased to be able to announce AMEC and Arup as partners in our development group to progress Bentley towards production," Chief Executive Rupert Cole said in a statement.
"Following on from the USD250 million extended well test, this next phase of engineering will allow us to optimise Arup's existing ACE platform design for the Bentley field and enable us to refine the costs and related schedule ahead of submitting the field development plan," he added.
The stock was trading at 67.00 pence Wednesday morning, up 1.00 pence or 1.5%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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