Xcite confirms increased oil volume

Shares in Xcite Energy rose sharply after drilling from the pilot well at its North Sea Bentley field confirmed a significantly higher volume of oil in place. The existence of oil at Bentley has never really been in doubt although Xcite's challenge has been to prove that the field's heavy, viscous oil can be made to flow in a stable manner at sufficiently commercial rates. This requires drilling a horizontal extension, the testing of which should be completed by the end of November. The company also secured new blocks in the latest offshore licence round that will enhance the development potential of the Bentley block.