Xcite Posts 2008 Results, Focuses on Bentley Field Devt in UK North Sea


XCite Energy's North Sea Oil and Gas Fie
(Click to Enlarge)

Xcite Energy is a heavy oil company focused on the development of discovered resources in the United Kingdom North Sea. The Company holds a 100% working interest in Block 9/3b, which contains the Bentley field in its entirety, one of the largest proven, but undeveloped heavy oil fields in the United Kingdom North Sea.

The Company today has announced its financial results for the year ended December 31, 2008 and its outlook for the remainder of 2009.

KEY HIGHLIGHTS

  • Successful drilling and flow testing of the 9/3b-5 appraisal well on the Bentley field, to bring first oil to surface more than 30 years after field discovery.
  • Completion of the new Competent Person's Report from RPS Energy on the Bentley field, that has confirmed a higher resources categorization, increased recoverable volumes of oil, significantly increased economic value and a greatly improved probability of commercial success.
  • Planning and definition of the next Bentley reservoir intervention under way, the Early Production System that, if successful, will categorize the field as "Reserves".

2009 OUTLOOK

  • The Company intends to complete its production operatorship qualification with the Department of the Energy and Climate Change, to enable the Early Production System to be undertaken as soon as practicable.
  • Planning for the next phase in the development of the Bentley field will continue in the context of the current economic and market conditions.

Richard Smith, Xcite Energy Chief Executive Officer commented, "The progress we have made during 2008 and the early part of 2009 has been outstanding, which has been underpinned and enabled by the work that the Xcite Energy team has completed for the new Competent Person's Report. Taking a 30 year old oil field and clearly demonstrating its commercial potential and value by significant advances in technological understanding under rigorous third party independent review, has been a landmark for Xcite Energy. Bentley remains one of the largest proven, but undeveloped fields in the North Sea and our challenge now is to move forward with the work program as soon as the currently unfavorable market conditions allow."
 

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