Xcite Energy pleased with Bentley results -UPDATE

Xcite Energy said it had safely and successfully concluded the first phase of its offshore programme on wells in the North Sea Bentley Field.

The company said following Phase 1A of the drilling programme its 9/3b-7 and 7Z wells had been suspended for future use as production wells during Phase 1B.

It has also returned the hardware being used, including the Rowan Norway drilling rig.

"On behalf of the Xcite Energy team, I would like to thank everyone involved in Phase 1A for their contribution to the safe and very successful conclusion of the work programme," said Chief Executive Rupert Cole.

"We look forward to progressing towards Phase 1B."

For their part, analysts at Seymour Pierce add that: "In our view, the market's attention will now focus on any potential farm-out negotiations for the field prior to the commencement of Phase 1B. We reiterate our BUY stance and 242p/share price target."

MM