Xcite sells Bentley crude for better-than-expected price

Xcite Energy, the AIM-listed North Sea oil and gas group, said on Friday that it had sold in excess of 135,000 barrels of crude from its Bentley field for a better-than-expected price.

Through the marketing and offtake agreement with BP Oil International, Xcite sold the oil to an unnamed "major refining participant in the European market".

The firm said that the pricing of the Bentley crude was better than its assumption of anticipated discount to Brent (modelled at 12%).

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"We are extremely pleased with the progress of the flow test and the substantial amounts of data and information that is being gathered," said Chief Executive Rupert Cole.

"We have also had a great outcome with the sale of this first cargo of Bentley crude, which has been priced at a comparable value to the expected full field production.BPOI has again provided us with excellent support in its role as marketing and offtake partner for the Bentley field."

Pre-production flow tests continue to be made in line with the company's expectations. The planned programme will be coming to an end within the next two weeks with additional crude oil production in this period included as part of the sold cargo.