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Xcite loss less than last year

XCITE Energy, which hopes to develop the Bentley heavy oil field off Shetland, made a net loss of £40,000 in the first quarter, to March 31, compared with a loss of £1.7m in the same period last year.

Chief executive Rupert Cole said the company had made progress and hoped to be in a position to complete a Field Development Plan for Bentley this year.

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