Statoil, Shell To Collaborate With Xcite On UK Fields

Statoil and Shell have formed a joint venture with Xcite Energy to evaluate potential synergies between the Bentley and the Bressay fields in the UK Northern North Sea.

Under the agreement, the JV will work together to analyze the current available information and develop a number of proposals for assessment, during the phased development of the Bentley field and the future development of the Bressay field.

Xcite CEO Rupert Cole commented: "We are pleased to continue to work with Statoil and Shell in this important initiative and, following their purchase of the Bentley EWT data in 2013, believe that it demonstrates the value that independent oil companies can bring to the North Sea to unlock major energy assets."

Bentley field ownership: Xcite Energy (100%, operator).

Bressay field ownership: Statoil (82%, operator) and Shell (18%).

In Apr-2013, Xcite Energy said that the reserve estimates for the Bentley field (Quad 9) had risen, with mean Petroleum in Place at 909 MMbbls.

In Sept-2012, Xcite Energy announced that it successfully completed pre-production well tests in its wholly-owned and operated Bentley field in the North Sea.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.