Bentley adds class to Xcite shares

By PETER RANSCOMBE
Published on 30/05/2012 00:00

Xcite Energy yesterday revealed that it had struck 2,200 feet of oil during the first stage of appraisal work at its Bentley field in the North Sea.

The Aberdeen-based explorer, a favourite among private investors, was one of the most hotly-traded stocks on the market, according to share dealing website Interactive Investor.

Xcite said it would carry out a production test after the drilling of a second well had been completed. The firm said that the Polar Prince installation vessel had successfully fitted a pair of six-inch export pipes to the Rowan Norway drilling rig.

Dougie Youngson, an analyst at Seymour Pierce, said: “Whilst we see the shares performing well, we look forward to data recorded from production testing to verify the commerciality of the asset.”