Exillon Energy Plc Acquisition of LLC VenlockNeft (8485L)
September 10 2012 - 2:00AM
UK Regulatory
TIDMEXI
RNS Number : 8485L
Exillon Energy Plc
10 September 2012
Exillon Energy plc
Acquisition of LLC VenlockNeft
10 September 2012
10 September 2012 - Exillon Energy plc, a London Premium listed
independent oil producer with assets in two oil-rich regions of
Russia, Timan-Pechora ("Exillon TP") and West Siberia ("Exillon
WS"), is pleased to announce it has secured a 100% interest in LLC
VenlockNeft ("Venlock") for a total consideration of approximately
US$2.5 million.
Venlock owns four Exploration, Appraisal and Production licenses
in Timan-Pechora. Two of these licences lie immediately to the
south of our existing ETP II, ETP IV and ETP V fields, adjacent to
our existing oil production infrastructure. These two contiguous
licences cover an area of 432 km(2), and expire in 2031 and
2032.
Another two licences have a total area of 643 km(2). These also
expire in 2031 and 2032, and are located approximately 600 km to
the south of Exillon TP.
All four licences are covered with 2D seismic, and have been
audited according to the Russian classification of reserves. The
initial assessment of cumulative recoverable reserves and resources
across nine prospective structures was 160 mm bbl (mostly in the
Russian "C3" category). One of these structures was tested by
Venlock in 2009 with a well that flowed 260 bbl/day naturally to
surface.
Our existing seven Exillon TP fields cover an area of
approximately 344 km(2). The new licences add a further 1,075 km(2)
of prospective areas, more than quadrupling the total area of
Exillon TP to 1,419 km(2).
A map illustrating the location of the Venlock licences is
attached to this link.
http://www.rns-pdf.londonstockexchange.com/rns/8485L_1-2012-9-10.pdf
Media details:
Tom Blackwell
blackwell@mcomgroup.com +44 207 920 2330
This information is provided by RNS
The company news service from the London Stock Exchange
END
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