Xcite Energy Share News (XEL)

Xcite Energy on Monday announced an increase in oil reserves at its Bentley field in the North Sea.The company reported an average petroleum initially in place (PIIP) of 909m stock tank barrels (MMstb), up from 550 MMstb in February.Xcite forecasts a peak production rate of 45,000 stock tank barrels per day (stb/d) in the first phase of development, rising to 57,000 stb/d in the second phase.The net present value after tax value of oil reserves for the field is estimated at a total of $6.5bn for all reserves combined."I am very pleased to report this significant increase in both reserves and value attributable to our assets, which supports our long-held belief in the potential of the Bentley field," said Chief Executive Officer Rupert Cole. He said the upgrade will allow the company to expand its borrowing capacity to invest further in the field. An updated field development plan will be submitted to Department of Energy and Climate Change in coming months.RD