Xcite Energy (LON:XEL) - Well test opens way for farm-out
Oct 17th 2012 - Edison Investment Research today published a report on Xcite Energy (XEL.L, LSE:XEL, LON:XEL) entitled "Well Test Opens Way For Farm-out". In summary, the report says:
Xcite has completed its test programme on the Bentley pre-production well and gained valuable data that will be used to optimise field reservoir and economic models. The test results significantly de-risk the field development plan and should unlock a $155m reserve base lending (RBL) facility that was contingent on satisfying certain test conditions, all of which appear to have been achieved with aplomb. The results also increase the likelihood of Xcite now securing a farm-in partner and avoid further equity dilution, although Phase 1B may move out in time as a result.
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