Dec. 21 (Bloomberg) -- Xcite Energy Ltd. jumped the most in almost two months in London after a successful oil-well test at Bentley field.
Xcite surged 20 percent to 381.5 pence, its biggest gain since Oct. 25. The shares have risen seven-fold in a year.
The 9/3b-6z horizontal well flowed at a rate of about 2,900 barrels of oil a day, the Banchory, Scotland-based company said today in a statement. “We now move on to the first stage production planned for 2011 with an excellent platform,” Chief Executive Officer Richard Smith said in the statement.
“This is a cracking result which we believe should see the recovery factors and recoverable resources move towards the top end of the range,” Keith Morris, a London-based analyst at Evolution Securities Ltd., wrote in an e-mailed report. The test results are also “positive” for Nautical Petroleum Plc’s Kraken field in the adjacent block to the west, he said.
Nautical rose 3.1 percent to 385 pence in London.
Bentley crude is heavy with an oil gravity of 10-12 degree on the American Petroleum Institute scale, according to Xcite’s website.
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