Xcite demonstrates potential of Bentley field

21st Dec 2010 11:04

Xcite Energy, the developer of heavy oil assets in the North Sea, has rallied on news the flow test of the 9/3b-6z horizontal well on the Bentley field has been successfully completed.The firm's value soared over 20% Tuesday morning after the flow rates demonstrated the commerciality of the field and the reservoir properties to be "above the upper end of modelled expectations," the statement said. The final stabilised flow rate was 2,900 stock tank barrels of oil per day. "This flow test fully demonstrates the commercial potential of the Bentley field and the long-held belief that Xcite has maintained in this major North Sea asset," said CEO Richard Smith. "We now move on to the first stage production planned for 2011 with an excellent platform."