Xcite making progress on Bentley block
North Sea-focused oil group Xcite Energy said that good progress is being made in drilling its Bentley field.
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
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?
Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
By Kalpana Fitzpatrick Published
-
What does Rachel Reeves’s plan for growth mean for UK investors?
Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
By Katie Williams Published