Oil workers

Xcite Energy CEO to retire as CFO prepares to take over

Xcite Energy’s chief executive Richard Smith has announced his retirement, and the British oil company’s chief financial officer Rupert Cole is set to take over.

Xcite’s announcement on the change was part of a number of other management changes announced on Friday by the company.

Cole will continue to maintain overall responsibility for the strategic financing of the company and the associated external relationships, North Sea-focused Xcite said in a statement.

Stephen Kew, currently exploration and development director, will be the new chief operating officer.

Jon Dale has been appointed as finance director of Xcite Energy Resources Ltd, the company's operating subsidiary through which it holds interests in three licence blocks in the UK North Sea.

Separately, the company said the 9/03b-7 well at its Bentley oil field in the North Sea had been producing at a stabilised rate of about 3,200 barrels per day with no associated basic sediments or water.

The Bentley field is estimated to be holding 116 million barrels of oil, according to Xcite’s latest annual report.

Shares in the company, which have fallen about 15 per cent since the beginning of this year, closed at 75.25 pence on Thursday on the London Stock Exchange.

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