It looks like GOOD NEWS could be on the way here. The latest whispers circulating are that DECC approval will be forth-coming. As I understand it DECC Inspectors have been crawling all over Xcite and will shortly give Xcite a clean bill of health for their FDP.
Xcite are currently mustering their resources for a big push once official approval comes. The next three months, are seen as crucial to the Bentley field production plan following which the shuttle tanker agreement will be signed. (This is the offtake facility for Bentley crude oil from the Phase 1A production.)
Based upon positive, on-going dialogue with DECC, the Company is expecting to receive the necessary response shortly. This will allow them to move forward with the reconfigured development plan and to deliver Phase 1A on Bentley, which includes an expected First Oil date in the first half of 2012.
Once the resources are 2p (115mmbl) then investors can expect significant movement here. It’s really a foregone conclusion given what’s at stake. Increased recovery techniques for heavy oil should increase the recovery factor which could mean a bonus for the company re’ their revenues.