Xcite Confirms $35-per-Barrel Costs for Bentley Field

UK North Sea-focused junior oil field Xcite Energy reported its first quarter results Friday, confirming that full-field costs for its Bentley field development work out at $35 per barrel.

Xcite made a net loss of $0.5 million during the three months to March 31, 2015, compared to a loss of $0.1 million in 1Q 2014.

The company previously announced on April 30 the results of a reserves and resources assessment report (RAR) that showed 2P reserves for the Bentley field of 265 million barrels of oil – which was an increase of some eight million barrels on the RAR reported on February 25. A further 21 million barrels of P50 contingent resources were also assigned to the Bentley field.

In a statement Friday, Xcite CEO Rupert Cole commented:

"The reserves report is significant for us, as it incorporates much of the work we have completed over the past year with the development group, providing external validation to the recovery of the field, the development plan and execution strategy. Full field unescalated costs are expected to be approximately $35 per barrel have been underpinned by third-party quotes and estimates in order to increase the visibility of the robust economics of this development plan for the Bentley project.

"We remain focused on developing the funding required to crystallize value from this asset."

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