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Share Price: 1.575Bid: 1.51Ask: 1.90Change: 0.00 (0.00%)No Movement on Xcite Energy
Spread: 0.39Spread as %: 25.83%Open: 1.56High: 0.00Low: 0.00Yesterday’s Close: 1.575

Xcite Energy says trades well data with StatoilHydro

Wed, 21st May 2008 13:23

LONDON (Thomson Financial) - Appraisal and development company Xcite Energ
y Ltd said it has agreed to trade key well data with Statoil (UK) Ltd, the UK arm of Norwegian oil major StatoilHydro.

The deal allows for the pre-exchange of data from the 9/3b-5 appraisal well on the Bentley field, successfully drilled by Xcite Energy, which will be reciprocated with data from the 3/28a-F(6) appraisal well on the StatoilHydro operated Bressay field, expected to be completed by mid-November 2008.

The Bressay field is principally in Blocks 3/27 and 3/28, adjacent and to the north-west of Block 9/3b.

Xcite Energy CEO Richard Smith said: 'This agreement to trade well data is an important step forward towards a wider data sharing environment for heavy oil in the UK North Sea, which in turn will potentially accelerate development of the heavy oil sector in the region.

'It is also another step forward for Xcite Energy as we focus on maximising the value of the company's resources and move towards a development solution for the Bentley field, one of the largest undeveloped heavy oil fields in the North Sea.'


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