Ashurst advised Whalsay Energy Limited (formerly Xcite Energy Resources plc) (the 'company') and the liquidators of its parent company, Xcite Energy Limited ('XEL'), on the balance sheet restructuring of the company and the sale of the company by XEL, which completed on 30 June 2017.

The company is the holder of the licence for the Bentley oil field in the North Sea. The buyer, Whalsay Energy Holdings Limited, is a company owned by the holders of senior secured bonds issued by the company in June 2014, in the aggregate amount of approximately $155 million.

The Ashurst team was led by restructuring partner Giles Boothman, working with partners Callum McPherson, Ruth Buchanan and Nick Gardner, senior associates Julia Abouaf and Victoria Charlesworth and associates Jack Isaacs, Harry Thimont, Nick Lever and Rebecca Kell.