North Sea-focused oil group Xcite Energy said that good progress is being made in drilling its Bentley field.
The Bentley 9/3b-7 well, which was spudded on March 18th, is currently being drilled for a 36" hole and to set the 30" conductor pipe. "The 26" hole has been directionally drilled and the 20" surface casing has been set and cemented satisfactorily," the group said.
The Bentley block was awarded to Xcite in 2003 is located 160km east of the Shetland Isles. The company owns 100% of the field and is the operator.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Completion of these upper hole sections, safely and as planned, gives a firm foundation for the rest of the Phase 1A work programme planned to be undertaken within the 240 days initial term under the rig contract, which commenced in early March," Xcite said.
The company said it will make further updates in due course.
Shares rose 0.34% to 26.47p in early trading on Monday.
BC
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
