Xcite Energy Sells Bentley Well Data for $15 Mln (UK)

Xcite Energy has entered into a non-exclusive, confidential, binding sale and purchase agreement for certain technical data in respect of the Bentley 9/03b-6, 6Z well, and the recently concluded 9/03b-7 and 7Z extended pre-production well test.

Under the terms of the Agreement, XER will receive $15 million in respect of the well data and associated interpretation work. An additional payment of $1 million will be made to XER following certain regulatory milestones being achieved by the purchaser.

Rupert Cole, CEO of Xcite Energy, commented:

“We are very pleased to have completed this agreement, which is complementary to the recently commenced farm-out process, and 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.”