XCITE Energy, the Banchory-based oil explorer focused on the development of heavy-oil resources in the UK North Sea, said yesterday that likely reserves in its 100%-owned Bentley field east of Shetland had been upgraded significantly.
The company, which is listed in London and Toronto, said that consultant RPS Energy had independently assessed the field following the successful drilling and testing of the 9/3b-5 well by Xcite a year ago.
It said the RPS report supported its own view that the Bentley field should be commercial and the probability of commercial success had been increased from 50% to 70%.
Xcite said the volume of recoverable resources had almost doubled to 72million barrels for the low case and 122million barrels for the base case, and further potential upside had been identified.
It said more work was still required and financing and commercial options were being discussed with potential business partners.
The north-east company also noted that StatoilHydro, as operator of the heavy-oil Bressay field – just 3.7 miles away – had announced its intention to develop the field.
It added that Bressay had similar crude oil and geological properties to Bentley.