Xcite prepares for Bentley first-stage production

Xcite Energy has issued an updated on its heavy oil development program in the UK northern North Sea.

Offshore staff

BANCHORY, UK -- Xcite Energy has issued an update on its heavy oil development program in the UK northern North Sea.

The company, via its subsidiary Xcite Energy Resources (XER), holds a 100% working interest in block 9/3b containing the Bentley field, an 100% of adjacent blocks 9/3c and 9/3d.

Recently XER drilled and tested the 9/3b-6 and 6Z wells in the northern part of Bentley, both demonstrating commercial flow. On this basis, the company commissioned TRACS International Consultancy to prepare an independent audit of reserves and resources, ahead of the planned first-stage production (FSP) scheme.

XER intends to submit a field development plan shortly for this program to the UK’s Department of Energy and Climate Change.

Among the highlights of the reserves audit were: 

Oil reserves for the FSP in the range 22-35 MMbbl

Contingent resources for the remaining core area in the second-stage production in the range 73-101 MMbbl

Prospective resources for seven prospects of around 17.7 MMboe.

XER management will continue to incorporate updated modeling and the latest technologies through the life of the Bentley field.

Analysis of long-term well performance during the FSP should help determine design of the wells for the second stage. During the FSP, pilot tests will likely be conducted to assess potential enhanced oil recovery techniques.

05/10/2011

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