The organisation has appointed Ian Morton and Chad Griffin of FTI Consulting as their liquidators.

FTI Consulting said: “The Group’s attempts to restructure its debt were ultimately unsuccessful resulting in XEL being placed into liquidation. Our role as Liquidators is to maximise the return from XEL’s assets, which include the shares of XER, which holds the Bentley licence. We invite any credible party with an interest in XEL’s assets to contact us immediately at xcite@fticonsulting.com.”

The appointment follows a legal decision by the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands, putting the company into liquidation.

Oil and Gas People previously covered how shareholders had refused a deal and forced Xcite into liquidation.

FTI Consulting will now review all bids previously received by Xcite Energy Limited to ensure no viable bids have been rejected.

FTI Consulting have urged any interested parties to approach them and stated: “For the avoidance of doubt, its wholly owned subsidiary Xcite Energy Resources plc (XER) is not subject to an insolvency process. XEL and XER together are referred to as the Group.”

Xcite Energy has it’s headquarters in Guildford, Surrey and carried out it’s North Sea Operations from it’s Aberdeen office.

The Bentley oil field which cost $780 million is estimated to have over 300 million recoverable barrels of oil using enhanced recovery techniques