Fugro to manage Bentley well test

Offshore staff

ABERDEEN, UK -- Xcite Energy Resources has entered a heads of agreement with Fugro Well Services for a well test on the Bentley field in the UK North Sea.

Fugro will drill and test a horizontal production well, which will form the basis of an early production system to deliver first oil. Fugro will carry a material proportion of the cost of the well: if successful, XCite will undertake to contract the company for future work.

XCite expects drilling to get under way at end-March 2010, subject to regulatory approval and finalization of funding and contractual terms. The company also intends to widen its alliance for Bentley to other industry partners as the field moves closer to development.

10/23/2009