Xcite seeks alternate rig for North Sea Bentley field

Xcite Energy Energy Resources has cancelled its option to contract a jackup drilling rig from Rowan subsidiary British American Offshore.

Offshore staff

BANCHORY, UK -- Xcite Energy Energy Resources has cancelled its option to contract a jackup drilling rig from Rowan subsidiary British American Offshore.

The companies agreed the initial rig contract in February 2011 and this was amended in February 2012 ahead of a pre-productionextended well test on the heavy oil Bentley field in the UK northern North Sea, which concluded last September.

That program led to anupgrade in Bentley’s reserves and altered the field development plan. Xcite says the terms and structure of the rig option no longer suit its commercial objectives.

The company has therefore held talks with other rig providers to develop an alternative optimized, longer-term drilling solution for the development.

5/31/2013

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