Xcite Energy finally spuds Bentley

19th Mar 2012 07:20

Xcite Energy has finally started drilling at its Bentley Field in the North Sea.The oil company announced on Monday morning that it has "spudded" the 9/3b-7 well.This is a big step for Xcite, which had faced concerns that it didn't have the finance to bring the site to production, despite there being established oil resources within its licence area.The UK government appeared to be dragging its heels in granting permission for the dig, possibly over financing fears, but that permission was received on March 8th. The stock has risen 47.5% in 2012.BS