Bentley adds class to Xcite shares

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.”