Xcite Energy teams up with Statoil and Shell in North Sea

6th May 2014 12:08

Oil explorer Xcite Energy has done a deal to work with Royal Dutch Shell and Norway's Statoil on North Sea oil fields.Xcite's 100% owned subsidiary, Xcite Energy Resources, has agreed to share technical and operational information with Shell and Statoil to allow co-operation between the trio on their Bentley and Bressay fields.Xcite runs the Bentley field and owns the Bentley licence. Statoil operates Bressay with an 81.625% working interest and Shell owns the rest.Shares in Xcite rose 9.75p or 15.3% to 73.5p by 12:24 in London.PW

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