Re: Hit 1.90 today ..
in response to
by
posted on
Sep 22, 2010 07:38PM
Edit this title from the Fast Facts Section
A duster?
Highly unlikely.
The following was posted by Justice back on Dec 22, 2009. He states its from OPL, but I don't know who that is:
XCITE ENERGY – BENTLEY, ONE OF THE LARGEST
UNDEVELOPED FIELDS IN THE UK NORTH SEA
Xcite Energy Limited, operating out of Aberdeenshire, is engaged in the appraisal and
development of heavy oil resources. The Company has a 100% working interest in the
Bentley oil field in Block 9/3b. Recent 3D seismic interpretation has shown that the
Bentley field is one of the largest undeveloped fields in the U.K. sector of the North
Sea, with significant value uplift potential.
Bentley oil field - large undeveloped resource.
The Company holds a 100% ownership of the Bentley oil field, a large undeveloped
resource in the UK sector of the North Sea. Having successfully tested an appraisal
well in 2008, we believe that a pre-development well will upgrade resources into
reserves. Though the North Sea is considered a mature region, a recent estimate puts
its untapped oil reserves at around 30 billion barrels, a fifth higher than previous
projections. Additionally, the region has a strategic appeal, in the form of its close
proximity to the major European end markets.
Recent tests validate the potential reserves…
The 2009 Competent Person’s Report (“CPR”) has verified that the reservoir structure of
the core area field gives Contingent Resources of between 72 MMbbls and 166
MMbbls. The report confirms that the field has 70% probability of achieving commercial
success, a significant reduction in risk following the drilling of the 9/3b-5 well. The
Company’s recent evaluation of 3D seismic data has confirmed the potential of the
Bentley field, with the Stock Tank Oil Initially in Place (STOIIP) for the Bentley field
ranging between 521 MMbbls and 886 MMbbls, and the most-likely volumetric
measurement being 689 MMbbls. The recent 3D also verified that the upside reservoir
structure for the entire field gives Contingent Resources and Prospective Resources
of between 165 MMbbls and 324 MMbbls, including the CPR resources.
…and commercial viability of the Bentley oil field
Bentley crude oil characteristics closely match with heavy oil extracted from Alba and
Doba regions. Bentley crude has highly favourable qualities for refining to high grade
diesel, together with being highly aromatic and naphthenic in content, which favours the
production of naphthenic lube and high grade needle-coke. These traits increase Bentley
crude’s marketability to specialist manufacturers in the Northwest Europe, and create
potential for lower discount to crude prices.
Nearby fields reinforce Bentley’s oil producability
A number of heavy oil discoveries in the nearby region support the estimated commercial
flow rates from the Bentley oil field. Some (such as Bressay in the north-west and Mariner
in the south-west) of the fields in its vicinity have successfully conducted extensive
field tests, which reinforce the significant potential of resources in the area.
Cheers,
PW