Ashurst has advised Xcite Energy Limited ("Xcite Energy") on its US$135 million senior secured bond issue issued by its 100% UK subsidiary Xcite Energy Resources Limited ("XER") and a placement of shares in Xcite Energy.

The Ashurst team on the bond was led by structured oil and gas financing partner Huw Thomas, supported by consultant Stephen Edlmann and aassociates Alex Bartho, Hugh Nolan and Letitia Bryan

On the equity element, the Ashurst team was led by partner Nicholas Williamson, supported by associate Deena McCabe.

The company was advised on Norwegian law by Thommessen, on Canadian law by Stikeman Elliott and on BVI law by Conyers, Dill & Pearman. The bond manager, Pareto Securities, was advised on Norwegian and English law by Wikborg Rein and on BVI law by Appleby.

Partner Huw Thomas commented: "We are delighted to have acted for Xcite Energy on this important fund raising, which is clearly very positive for Xcite Energy as it works towards submission of a field development plan for the Bentley Field.  This is the latest in a series of Norwegian bonds for oil and gas E&P companies on which we have advised, including Salamander Energy, Iona Energy and IGas Energy. It is good to see that the Norwegian bond market maintains a healthy appetite for the debt of E&P companies and we are very pleased to be heavily involved in this market."