What you have to remember is XER and Statoil have been working on Bentley and Bressay for exactly 7 years now.
Xcite Energy Limited ("Xcite Energy" or the "Company"), a heavy oil company focused on the development of discovered resources in the UK North Sea, is pleased to announce that it has concluded an agreement to trade key well data (the "Agreement") with Statoil (U.K.) Limited, the UK arm of StatoilHydro, the Norwegian oil major with a significant international position in heavy oil and responsible for around half of the proven, but not yet developed, heavy oil deposits on the UK continental shelf. This Agreement follows from ongoing dialogue with StatoilHydro that commenced in 2007 and is another step forward in the progression of the heavy oil sector in the UK North Sea.
The Agreement 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 the data from the 3/28a-F(6) appraisal well on the StatoilHydro operated Bressay field, which is anticipated to be completed by mid November 2008. The Bressay field is located principally in Blocks 3/27 and 3/28, adjacent and to the north-west of Block 9/3b. http://www.xcite-energy.com/investors/regulatory-news/rns-news/1847461
Richard Smith, Chief Executive Officer of Xcite Energy, commented:
"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"
Financial Calendar 2015 Event March 2015 Financial Results for the Year Ended 31 December 2014 May 2015 Annual Report May 2015 Annual General Meeting (see AGM Section for further details) May 2015 Q1 Results announced August 2015 Q2 Results announced November 2015 Q3 Results announced
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