Xcite Energy said yesterday it had sold well data from its Bentley field for £9.9million to an un-named buyer.
Testing of the two wells at Bentley was completed last September, with more than 149,000 barrels of heavy oil produced during the 68 days of tests.
On the announcement of well results last month, chief executive Rupert Cole said Xcite planned to increase its reserve-based lending significantly and also start looking for a farm-out partner. It is understood the Bentley well data could be used by owners of adjacent reservoirs.
Mr Cole said of the information sale: “We are very pleased to have completed this agreement, which . . . further validates the quality of the information collected from our two well programmes. This has been done without compromising the company’s intellectual property and is a good commercial outcome that provides additional working capital.”
An additional payment of £650,000 for the Bentley data will be made to Xcite following certain regulatory milestones being achieved by the buyer.
Xcite said last month it had found more than double the oil expected at Bentley. After extensive well tests last year and a seismic survey, it is now expected to produce up to 250million barrels of proven and probable oil by 2050.
The Aberdeen-based firm, which calculated daily production would rise from an initial 45,000 barrels of oil per day to 57,000, said the project was a major asset for the UK North Sea.
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