Xcite Energy's shares slumped more than 17% yesterday despite the Aberdeen-based heavy-oil explorer celebrating better-than-expected well-test results from its Bentley field.
The ongoing rollercoaster that is Xcite Energy certainly continued its exciting tale yesterday.
North-east oil explorer Eland Oil and Gas made its debut on the stock market yesterday, with first day trading valuing it at about £135million.
Irish oil explorer Providence Resources said today it had been offered an "option licence" in the Irish Sea close to its Barryroe discovery.
Heavy oil explorer Xcite Energy said yesterday drilling on its Bentley field had found an additional oil column.
Aberdeen-based oil and gas company Fairfield Energy confirmed yesterday it had postponed its stock-market listing after weak markets spooked potential investors.
NORWEGIAN company Electromagnetic Geoservices (EMGS) has been awarded a contract by Total E&P Norge to provide 3D electromagnetic (EM) data acquisition and processing over the Frigg field, which is at an advanced stage of decommissioning.
XCITE Energy has secured Fugro Well Services for the drilling of a geotechnical test well as part of the preparation for the 9/3b-R pre-development well on the Bentley field in UK sector block 9/3b, together with a seabed survey, both planned for later this year. Xcite has also signed a memorandum of understanding with Fugro providing an option to drill and test the planned 9/3b-R pre-development well on Bentley for up to 45 days, with a target date of between July and September 2010.
Faroe Petroleum said yesterday it had been awarded three new exploration licences under the latest Norwegian government licensing round.