Xcite Energy Ltd.’s (XEL) assets could have a new owner by month’s end, according to the firm handling XEL’s liquidation.
In a 7 June letter, FTI Consulting said talks with one potential buyer to dispose of shares that XEL holds in Xcite Energy Resources are now in an advanced stage. FTI is continuing discussions with all requisite stakeholders to complete talks prior to 30 June. FTI reiterated that the transaction will not create any return for shareholders.
Previously, the UK-based heavy oil explorer said it hoped to submit before year-end 2016 a fully funded first phase development plan for its Bentley heavy oil field. The company was given an extension on the license containing Bentley through this month.
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