The news comes just days after BP agreed, subject to conditions, to provide $5m (£3.2m) of financing for an early phase of the development east of Shetland.

Xcite, whose operational headquarters are in Aberdeen, hopes to bring the field into commercial production next year.

Part-nationalised RBS, Societe Generale, GE Energy Financial Services, South Africa's Nedbank Limited and BP subsidiary Britannic Strategies are providing the facility.

The draw down of the facility is subject to conditions including the achievement of objectives in the earlier work programme.

Finance director Rupert Cole said: "We are pleased to have secured the facility from such a high quality banking consortium with considerable experience in reserves based lending.

"The process to secure the facility has involved a further rigorous, independent technical assessment of the Bentley field, the company's field development plan and the route to market for the crude."

Xcite said the signing of the facility allows it to continue preparations for the later stages of the development, including completing the funding programme and seeking Government approval for its plans.

It is exploring funding routes such as the farm-out of an interest in the field, as well as alternatives such as debt and equity financing.

Xcite has already met some of the conditions for the facility including the drilling of a horizontal motherbore well in the geological formation above the reservoir.

Xcite's shares remained unmoved at 79p.