Xcite Energy upgrades reserves at Bentley Field
Oil reserves of the type 1P (proved reserves), 2P (proved and probable reserves) and 3P (proved, probable and possible reserves) for the core area on the field now stood at approximately 96 million stock tank barrels (mmstb), 116 mmstb and 140 mmstb respectively.
"The upgrade to 116 mmstb of 2P reserves for the core area on the Bentley Field is independent confirmation that Bentley is a major North Sea asset," boasted chief executive Richard Smith.
He added that the Bentley Field was expected to contain "significant" upside potential from future appraisal of the non-core area prospects, as well as the application of enhanced oil recovery techniques.
Xcite holds a 100% working interest in Block 9/3b, which contains the Bentley field and a 100% working interest in Blocks 9/3c and 9/3d, both adjacent to the field. These blocks are located in the North Sea.
The company confirmed that prospective resources for seven prospects on the blocks remained unchanged at approximately 18 million barrels of oil equivalent (mmboe) on a risked "best estimate" basis.
Shares in the company have soared more than 75% over the past month in anticipation for the initial phase of development for the Bentley oilfield.
In addition, at its analyst and media day, the company confirmed that its newly built Rowan Norway rig was currently moored ahead of a development drilling programme where two wells will be drilled and a 90 day production test will be completed.
However, broker FoxDavies cautioned investors: "Even with the reserve upgrade and the recent amendment of its rig (Rowan rig) contract, the complexity of the fields formation and the prominent dialogues with Department of Energy and Climate Change (DECC) means that the jury is still out on Xcite Energy," it stated.
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