Bentley field plans Xcite the markets

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Xcite Energy spelled out its plans for developing the Bentley field of the North Sea yesterday as its share price continued to surge in anticipation of further news.

The Aberdeenshire-based oil explorer said its rig, the Rowan Norway, will spend 90 days producing oil from the site this year.

However, exploration and development director Steve Kew said the primary purpose was not to produce but to learn how the field’s heavy oil interacted with the water table in the deposit.

That will help the company get a firm idea about how much of the oil can be extracted, and it will wait until it has the results before submitting a full field development plan. Shares in Xcite closed 27 per cent higher at 165p, adding to gains earlier in the week.