Xcite Energy shares plummet

Xcit

Xcite Energy yesterday closed 18.39 per cent down at 106.5p despite the AIM-listed firm announcing the successful completion of a flow test on its Bentley field in the North Sea. Pre-production well test results exceeded expectations, and the well produced around 147,000 barrels of oil. Mike van Dulken, head of research at Accendo Markets, said yesterday that the shares were weak as the market had already priced in a positive conclusion.