25 May 2012

Xcite claims North Sea boost

04/02/2008 Robert Tyerman

Drilling results suggest possible ‘commercially viable production’ from the North Sea’s Bentley Field, says Xcite Energy.

The AIM newcomer says results from the 9/3b-5 appraisal well encountered oil-bearing sands at a depth of 3,712 feet. According to Xcite, the final few hours of the flow test showed 100 per cent crude oil production at a rate equivalent to 150 barrels a day from the planned 50 foot section of the oil column that had been successfully perforated.

Chief executive officer Richard Smith enthuses, ‘The outstanding success of the 9/3b-5 appraisal well takes us past another milestone for the Bentley field, one of the largest undeveloped heavy oil fields in the North Sea.' Floated on AIM and in Toronto in November with a £13.2 million placing at 80.5p, Xcite’s shares have now reached 125.5p, up 17p today, valuing the company at £76 million, and could have further to go.

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Sector: Electricity

Companies: Xcite Energy

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