Xcite's North Sea well to exceed expectations

1st Nov 2010 11:34

Xcite Energy, the developer of heavy oil assets in the North Sea, saw net assets increase to £52.9m at 30 September, from £24.1m at 31 December 2009. Cash balances stood at £27.8m, compared to £0.54m at the end of September last year. However, its pre-tax losses increased to £212,716 for the quarter, from £144,111 previously.Through its wholly owned subsidiary XER, it has a 100% working interest in the Bentley field in Block 9/3B in the North Sea. The quarter saw the 9/3b-6 well spud, with management expecting a significant increase in volume of oil in place.CEO of Xcite, Richard Smith, said the results reveal "an excellent few months on all fronts, with the 9/3b-6 pilot well confirming that we have been conservative in our predictions for the Bentley field thus far...the location selection for the horizontal well test is an outstanding piece of planning by the team."