Xcite Energy (XEL) posted a net loss of $830,000 (£530,000) at the half-year mark, against a profit of $830,000 in the corresponding period in 2014. But the driller's focus remains on securing a suitable funding arrangement for its flagship Bentley heavy oil field in the North Sea.
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And though Xcite confirmed due diligence continues with a number of potential development partners, the fall-away in the price of crude has increased financial risk associated with costly offshore projects; a point borne out by the rise in project deferrals and the number of North Sea assets now up for sale.
