Xcite Energy Share News (XEL)

Xcite Energy's 9/03b-7 well in the Bentley field, North Sea, is now producing at a stabilised rate of around 3,200 barrels per day with no associated basic sediments or water, well within the operational performance of the reservoir, the firm said.Bentley crude oil collected so far in the Scott Spirit tanker is in excess of 47,000 barrels of dry oil, achieving another major technical objective of the flow test. Early data gathered from down hole pressure and temperature responses demonstrates that the underlying aquifer support is strong and consistent, which the company says is a good indicator for longer term productivity of the reservoir.The pre-production flow test will be continued in order to determine the reservoir fluid behaviour and to gather data to assist in the optimisation of ultimate life-of-field performance. Steve Kew, who on Friday officially took on the role of Chief Operating Officer, said: "With the Phase 1A work programme thus far having once again demonstrated the expertise and delivery capabilities of the Xcite team, we look forward to completing the programme and moving forward with the important next stages in the development of the Bentley field."It was also announced on Friday that Chief Executive Officer Richard Smith has decided to retire from the company, and Rupert Cole has been announced as his replacement. Cole is a founding member of Xcite Energy and previously held the role of Chief Financial Officer. He will continue to maintain overall responsibility for the strategic financing of the company and the associated external relationships.