Xcite Energy secures Fugro services for Bentley field pre-development work

Xcite Energy Ltd (TSX-V, AIM: XEL) said its unit Xcite Energy Resources Ltd (XER) has entered into an agreement with Fugro Well Services Ltd for the drilling of a geotechnical test well as part of the preparation for the 9/3b-R pre-development well on the Bentley field, together with a seabed survey, both planned for later in 2009.

XER has also entered into a memorandum of understanding with Fugro providing XER with an option to drill and test the planned 9/3b-R pre-development well on the Bentley field for up to 45 days, with a target date of between July and September 2010.

Xcite CEO Richard Smith said: “We are very pleased to have been able to conclude discussions with Fugro to provide the Synergy drilling vessel for a geotechnical well that will take the place of a borehole, together with an option for a drilling slot for the 9/3b-R pre-development well planned for 2010.”

“The use of this vessel is likely to materially reduce the costs of the 9/3b-R well, which will assist Xcite Energy to continue to progress the work program on the Bentley field, one of the largest undev

Xcite Energy Ltd (TSX-V, AIM: XEL) said its unit Xcite Energy Resources Ltd (XER) has entered into an agreement with Fugro Well Services Ltd for the drilling of a geotechnical test well as part of the preparation for the 9/3b-R pre-development well on the Bentley field, together with a seabed survey, both planned for later in 2009.

XER has also entered into a memorandum of understanding with Fugro providing XER with an option to drill and test the planned 9/3b-R pre-development well on the Bentley field for up to 45 days, with a target date of between July and September 2010.

Xcite CEO Richard Smith said: “We are very pleased to have been able to conclude discussions with Fugro to provide the Synergy drilling vessel for a geotechnical well that will take the place of a borehole, together with an option for a drilling slot for the 9/3b-R pre-development well planned for 2010.”

“The use of this vessel is likely to materially reduce the costs of the 9/3b-R well, which will assist Xcite Energy to continue to progress the work program on the Bentley field, one of the largest undeveloped fields in the UK sector of the North Sea,” he added.

www.proactiveinvestors.co.uk