North sea oil developer Xcite Energy (XEL) has announced positive results from the pre-production well test on its Bentley heavy oil field. Indeed, tests exceeded management’s expectations as the test well produced 147,000 barrels of oil.
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The results significantly de-risk the development of the field having provided extensive data on flow rates, water ingress and the reservoir’s characteristics. Xcite has now demobilised the drilling equipment and the onus is now on the company to establish its full field development plan and finalise how the field may be funded, having said in July that a $155m loan offered by a consortium of banks was contingent on successful well testing.
