Shares in heavy oil developer Xcite Energy plunged nearly 40 per cent as the market expressed disappointment at the maiden reserves report for the Bentley field in the North Sea. TRACS International Consultancy estimates 28m barrels of proven and probable reserves plus 87m barrels of contingent resources. These resources require a commitment to develop the field and government approval to enable them also to be classified as reserves. Importantly, TRACS confirmed that no technical contingencies remain, which leaves Xcite on course to begin development drilling later this year with first production targeted for next spring.
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