Xcite Energy said yesterday that its northern North Sea Bentley field was now substantially derisked and development ready.
The company said that the pre-production extended well test had exceeded management expectations, successfully demonstrating drilling, completion, production and export techniques.
Xcite added that this allowed development of a cost-effective full field-development solution, which would maximise the recovery of crude oil.
Chief executive Rupert Cole said: “2012 has been an excellent year for Xcite. The entire team has worked tirelessly during the well test and, in the time since its conclusion in September last year, to re-engineer the reservoir model in order to deliver an updated field-development plan based on the excellent data and results from the test.
“The success of last year’s project has provided us not only the information but also the confidence needed to be able to deliver our plans to commence the first phase development on Bentley, which will be largely based on scaling up the 2012 pre-production work programme.”
But he did not give any projected date for when Bentley could come into production. A new reserves report is expected shortly. Shares in the firm closed up 1.75p at 113.5p.