Exillon Energy Plc Reserve Update (0894A)
March 15 2013 - 3:00AM
UK Regulatory
TIDMEXI
RNS Number : 0894A
Exillon Energy Plc
15 March 2013
Exillon Energy Plc
Reserves Update
15 March 2013
15 March 2013 - Exillon Energy plc ("Exillon") (EXI.LN), a
London Premium listed independent oil producer with assets in two
oil-rich regions of northern Russia, Timan-Pechora ("Exillon TP")
and West Siberia ("Exillon WS"), today issues its updated reserves
report prepared by Miller & Lents, Houston.
-- Total proved ("1P") reserves increased by 56% to 196 million barrels
-- Total proved plus probable ("2P") reserves increased by 96% to 520 million barrels
-- Total proved plus probable plus possible ("3P") reserves
increased by 121% to 882 million barrels
Reserves at 31/12/11 Reserves at 31/12/12 % Increase
(mbbls) (mbbls)
--- --------------------- --------------------- -----------
Total
--------------------------------------------------------------
1P 125,289 195,942 56%
--- --------------------- --------------------- -----------
2P 265,202 520,470 96%
--- --------------------- --------------------- -----------
3P 399,647 881,539 121%
--- --------------------- --------------------- -----------
Exillon TP
--------------------------------------------------------------
1P 60,178 93,124 55%
--- --------------------- --------------------- -----------
2P 105,416 175,764 67%
--- --------------------- --------------------- -----------
3P 132,476 296,078 123%
--- --------------------- --------------------- -----------
Exillon WS
--------------------------------------------------------------
1P 65,111 102,818 58%
--- --------------------- --------------------- -----------
2P 159,786 344,706 116%
--- --------------------- --------------------- -----------
3P 267,171 585,461 119%
--- --------------------- --------------------- -----------
Mark Martin, Exillon's CEO said:
"The three components of our growth strategy are to increase our
production, EBITDA and reserves. Our production during 2012 grew by
45%, our EBITDA by 137% and our 2P reserves by 96%.
Our target was to double our 2P reserves within three years. We
have done this in one year.
Our reserves grew dramatically in both our assets - in Western
Siberia (2P up by 116%) and in Timan Pechora (2P up by 67%).
Reserve growth was also spread across all reserves categories. Our
"Proven Developed Producing" reserves, the highest category, rose
by 124% to 44m barrels, which underlines the quality of our
reserves. Our 3P rose by 121% which demonstrates the potential for
further growth in future years.
In Western Siberia the biggest increase was from EWS I's highly
productive "P" reservoir, where 2P increased by 103m barrels to a
new total of 180m barrels. This is the field where our most
prolific wells are located, including those on Pad 5 which we
announced during 2012.
In Timan Pechora the biggest increase was from ETP II-III
field's Silurian reservoir. This field was originally designated as
two separate fields, which have since merged, and is located right
in the centre of our licence area. Our 2P in this field increased
by 51m barrels to a new total of 107m barrels.
Our recent acquisitions in Timan Pechora contributed modestly to
our 2P, adding 7m barrels. However they also added 95m barrels of
3P reserves.
The growth in our reserves follows an active drilling campaign
by Exillon in 2012. As production increases it generates strong
cashflows which we reinvest in further drilling. Reserves growth is
a result of this ongoing drilling programme applied to our large
asset base. We plan to drill 24 wells this year, a 50% increase on
2012."
The updated reserves report for Exillon Energy plc was completed
by Miller & Lents, Houston with an effective date of 31
December 2012, according to international SPE-PRMS standards.
Media contact:
Tom Blackwell
Email: Blackwell@mcomgroup.com
Tel: +44 207 920 2330
This information is provided by RNS
The company news service from the London Stock Exchange
END
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