Xcite suffers after hit by more delays at Bentley field

AIM-listed oil explorer Xcite Energy said work at its Bentley field in the North Sea has been delayed again by poor weather conditions and technical glitches yesterday.

The firm, which had hoped to start oil flow testing in the first week of December, said yesterday work will not begin until weather and operational conditions improve.

Aberdeen-based Xcite said however that plans for an alternative testing procedure were underway. Shares in Xcite, which almost doubled in price when the firm confirmed the presence of oil at the well in October, closed 11.4 per cent down at 226.85p.