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.

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.

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"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