Join our community of smart investors

Excitement grows in Xcite

TIP UPDATE: Xcite Energy is preparing to drill its watershed Bentley well
May 25, 2010

Xcite Energy continues to progress towards the potentially transformational drilling of the Bentley heavy oil field in the North Sea, which is estimated could hold 160m barrels of recoverable oil.

IC TIP: Buy at 75p

The Bentley resource is currently contingent because the field hasn't yet been proven to flow at commercial rates, and Xcite's objective for its forthcoming well is to test the flow rate. Analysts estimate that a flow rate of around 1,200 barrels per day would confirm commerciality, thereby allowing resources to be booked as reserves. Drilling and testing should take around two months, with a result expected in early autumn.

What we said:

When: 30/04/10

Price: 57p

Tip performance to date: 31%

More share tips and updates...