North Sea Bentley field reserves get upgrade

Xcite Energy has upgraded reserves from the Bentley heavy oil field in the UK northern North Sea.

Offshore staff

BANCHORY, UK – Xcite Energy has upgraded reserves from the Bentley heavy oil field in the UK northern North Sea. This follows results from a pre-production well test on the field last September, a new 3D seismic survey, and an update assessment from consultants TRACS.

Potential oil in place now stands at 909 MMbbl compared with the 550 MMbbl reported in February 2012.

Xcite now estimates a peak production rate of about 45,000 b/d during the field’s first development phase, rising to 57,000 b/d in the second phase.

CEO Rupert Cole said: “Our next goal is to fund the future development of our assets... Based on this reserves update, it is also the right time to evaluate suitable farm-in partners for Bentley. We have demonstrated the value of the field, materially de-risked it ahead of development, and we would expect potential partners to recognize these achievements.

“Finally, an updated field development plan will be submitted to DECC [UK Department of Energy and Climate Change] in the coming months, which will reflect the results of the successful well test last year and the greater capacity of the first phase of development.

4/11/2013

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