Xcite Energy, an oil exploration and development company, has increased its standby equity distribution agreement (SEDA) with YA Global Master SPV (Yorkville) by £20m to £40m.

In connection with this SEDA increase, the company will pay Yorkville a fee of £200,000, of which £100,000 will be payable when any part of this increase is accessed by Xcite Energy and £100,000 will be paid on 27 September 2011.

Funding under the SEDA will be used as future working capital for Xcite Energy and to progress towards the first stage production of the Bentley field.

Xcite Energy is focused on the exploration and development of heavy oil resources in the North Sea on the UK Continental Shelf.