Caza secures funding 24/05/2013
US-focused Caza Oil & Gas (LON: CAZA) has secured funding from investment fund the Apollo Investment Corporation.
Xcited about BP
The North Sea is a popular area for drilling
Aberdeen-based oil and gas concern Xcite Energy (LON:XEL) has announced a funding deal with oil giant BP.
The deal will see BP provide market services to sell the crude produce in exchange for an incentive fee.
The collaboration will mean that the smaller company benefits from the technical expertise and a reduction in capital requirements to maximise the crude oil’s latent value.
The oil major has previously signed a deal to sell oil that Xcite extracts from the Bentley field, where it is currently drilling an appraisal well. The partnership means that Xcite will have a £3m funding boost. while it should receive between $20- $40 million by way of working capital support.
The company is nearing the end of the drilling phase in the short term, which should culminate in an extended flow test at Bentley. Currently trading at 87p we rate the shares as a buy.
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