Xcite energy reported that the Bentley field extended well test (EWT) well is flowing at a stabilised rate of 2900 barrels a day, exactly in line with the December 2010 well test (at which point the shares rose to over £4 albeit with almost half the number of shares in circulation!).

They also confirmed that 10,000 barrels had been collected in the Scott Spirit (worth over $1 million without the impact of dilutive purchases to help mobility of the heavy oil) and that the well was operating well within operational specifications. This implies that they will be cranking up the flow rate over coming days to measure the maximum output.

Xcite's intention was to collect at least 45,000 barrels of oil over a 3 month period and, given the performance to date, this figure will be easily breached. Either the company will make a lot more money out of the well test or give up the Rowan Norway rig early.

Tags: Xcite Energy