Xcite Reviews 3D Seismic Data over Bentley Field in UK North Sea

Xcite Energy

Xcite Energy reported the results, effective June 22, 2009, of its interpretation of re-processed 3D seismic data ("2009 Evaluation") over the Bentley field in Block 9/3b. The 2009 Evaluation represents the advancement of the Company's view on potential recoverable resources reported in the Competent Person's Report of RPS Energy, dated February 20, 2009 (the "CPR").

The 2009 Evaluation is based on 1998 3D seismic data re-processed in 2008 using latest techniques. Xcite Energy considers the re-processed 3D seismic data used in the 2009 Evaluation to be better than the data available to RPS at the time of the CPR and, therefore, also considers the updated interpretation of the Field structure to be a marked improvement over that described in the CPR.

All potential recoverable resources now being reported for the Field assume the use of conventional, cold-flow recovery techniques.

Highlights of the 2009 Evaluation

  • STOIIP for the Most-Likely structure of 689 MMbbls, with a range of 521 to 886 MMbbls for Down-Side and Up-Side structures, respectively.
  • Most-Likely structure confirms potential recoverable resources, from a single platform in the core area of the Field, of between 80 and 166 MMbbls, materially unchanged from the Contingent Resources range of 72 to 166 MMbbls reported in the CPR.
  • Addition of southern drill centre gives potential recoverable resources range of 29 to 54 MMbbls, with 40 MMbbls Base Case.
  • Full Field evaluation gives potential recoverable resources range of 109 to 235 MMbbls, with 160 MMbbls Base Case.

Richard Smith, Xcite Energy Chief Executive Officer, commented, "We are very pleased with the outcome of this new 3D interpretation, which confirms our belief in the potential of the Bentley field as a world class asset and is expected to provide confidence to potential partners that Bentley is indeed one of the largest undeveloped fields in the UK sector of the North Sea, with substantial capacity to deliver value."