LONDON (Alliance News) - Xcite Energy Ltd Wednesday updated its reserves data for its undeveloped Bentley Field in the UK North Sea following an independent study by AGR TRACS International Ltd.
The oil appraisal and development company said its proven oil reserves based on a 35 year production period increased slightly to 203 million stock barrels from 198 million in the company's reserves report at the start of 2013. Its probable oil reserves increased to 257 million stock barrels from 250 million and its possible oil reserves increased to 317 million stock barrels from 312 million.
Xcite Energy also posted proven natural gas reserves of 26 billion cubic feet, probable gas reserves at 32 billion cubic feet and possible gas reserves at 41 billion cubic feet.
The company said its Petroleum Initially-In-Place for the Bentley field remains at 909 million stock barrels and its NPV10 for proven reserves remain at roughly USD1.5 billion.
However, the company said its NPV10 for probable reserves fell to USD2.1 billion from USD2.2 billion and its NPV10 for possible reserves fell to USD2.7 billion from USD2.8 billion after the company reduced its forward looking initial Brent oil price by 2% to roughly USD92 per barrel.
The company said it continues to work on improvements to its development plan and is conducting work on reservoir modelling and reservoir drainage mechanisms to facilitate optimisation and enhanced oil recovery modelling.
Xcite Energy shares were up 0.1% to 91.57 pence Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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