Xcite Energy pleased with Bentley results -UPDATE

published 15 October 2012

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.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

"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."

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.