Xcite Energy to trade key well data with StatoilHydro

Offshore staff

LONDON -- Xcite Energy has agreed to trade key well data with Statoil (UK).

The agreement allows for the pre-exchange of data from the 9/3b-5 appraisal well on the Bentley field, which will be reciprocated with the data from the 3/28a-F(6) appraisal well on the StatoilHydro-operated Bressay field.

"This agreement to trade well data is an important step forward towards a wider data sharing environment for heavy oil in the UK North Sea, which in turn will potentially accelerate development of the heavy oil sector in the region," says Richard Smith, CEO of Xcite Energy. "It is also another step forward for Xcite Energy as we focus on maximizing the value of the company's resources and move towards a development solution for the Bentley field, one of the largest undeveloped heavy oil fields in the North Sea."

05/21/2008