TIDMEXI
RNS Number : 3338W
Exillon Energy Plc
07 November 2014
Exillon Energy plc
Interim Management Statement and Drilling Update
7 November 2014
Exillon Energy plc (EXI.LN), a London Premium listed oil
producer with assets in two oil-rich regions of northern Russia,
Timan-Pechora ("Exillon TP") and West Siberia ("Exillon WS"), today
issues an interim management statement and drilling update.
Highlights
-- Our average daily production(1) was 16,678 bbl/day in July,
16,927 bbl/day in August and 17,470 bbl/day in September.
-- Results from ten wells (Wells 10, 100, 101, 102, 103, 400,
401, 402, 403 404) announced today.
Production
Production for the period from July to September 2014 was as
follows:
Jul Aug Sept
------------------------------ ------- ------- -------
Exillon WS Avg. Production
(bbl/day) 12,926 13,249 13,865
------------------------------ ------- ------- -------
Exillon TP Avg. Production
(bbl/day) 3,752 3,678 3,605
------------------------------ ------- ------- -------
Avg. Production(1) (bbl/day) 16,678 16,927 17,470
------------------------------ ------- ------- -------
Peak Production(2) (bbl/day) 17,440 17,466 18,360
Source: Average production data is based on monthly production
reports submitted to tax authorities for MET payment purposes. Peak
production is based on internal operations reports.
(1) The Company records production in metric tonnes.
Barrelization ratios are used for illustrative purposes only and
are calculated based on the Company's estimate of the typical API
of oil produced from specific fields. The barrelization ratios used
are 7.8037 bbl / tonne for Exillon WS and 7.44 bbl / tonne for
Exillon TP.
(2) "Peak daily production" represents the Company's estimate of
aggregate production on the day on which aggregate production
reached its maximum during the period. It does not represent the
combined peak production of each separate field on different days,
which may be higher.
Financials
During Q3 2014 (the "period"), we sold 1,558,967 barrels within
Russia at an average realised price of US$ 42.2 per barrel. There
were no export sales during the specified period.
We ended Q3 with a cash balance of US$ 98.7 million. We had US$
77.1 million of debt, so our net cash position as at that date was
US$ 21.6 million. US dollars accounted for approximately 25% of our
liquid assets, with the remaining 75% held in Russian Rubles. Our
current cash balance is US$ 98.8 million.
Capital expenditure during the period was approximately US$ 4.3
million (Q3 2013: US$ 16.1 million). Of this total expenditure, US$
3.5 million was attributable to drilling and US$ 0.8 million to
infrastructure.
Drilling update
Exploratory well East EWSI - 10 was drilled on the southern part
of the East EWS I field - on the Pad 10. The well was design to
test the southern of the East EWSI field. The well was spudded on
15 May 2014 and commented in 62 days.
The first hole was drilled till 2771 meters. During wiper trip
for core sampling the drill stem was slacking off and failed to
reach this depth. Due to this reason part of the hole was plugged
and abandoned at the 2682-2250 meters.
The second sidetracked hole was drilled till 2905 meters and
encountered the Jurassic P at 1892.3 meters (vertical depth). The
core samples collected at the interval 1892.3 - 1918.4 (vertical
depth). The core had no signs of oil saturation. Due to absent of
productive reservoir the part of the hole at the 2905-1450 meters
was plugged and abandoned.
The third sidetracked hole was drilled till 2654. Due to absent
of productive reservoir the part of the hole at the 2654-1400
meters was plugged and abandoned. The well planned to be used as a
water supply well.
Well East EWSI - 100 was drilled on the northern part of the
East EWS I field - on the pad 10. The well was spudded on 3
September 2014 and commented in 18 days. The well encountered the
Jurassic P at 2337 meters (vertical depth is 1889 meters)
confirming 16.8 meters of effective vertical net oil pay. Due to
angled trajectory of the wellbore the well opened up 24.7 meters of
the net pay for production.
In the beginning the well flowed oil naturally to the surface
with the flow rate of 296 bbl/day on an 8 mm choke. The well is
currently operated with a submersible pump at the rate of 305
bbl/day. The well was drilled 1200 meters to the south-east of Pad
10 and is now connected to the existing production facilities.
Well East EWSI - 101 was drilled on the northern part of the
East EWS I field - on the pad 10. The well was spudded on 20 August
2014 and commented in 16 days. The well encountered the Jurassic P
at 1987 meters (vertical depth is 1867.9 meters) confirming 23.1
meters of effective vertical net oil pay. Due to angled trajectory
of the wellbore the well opened up 28.7 meters of the net pay for
production.
The well flowed oil naturally to the surface with the flow rate
of 564 bbl/day on an 8 mm choke. The well was drilled 400 meters to
the east of Pad 10 and is now connected to the existing production
facilities.
Well East EWSI - 102 was drilled on the northern part of the
East EWS I field - on the pad 10. The well was spudded on 7 August
2014 and commented in 12 days. The well encountered the Jurassic P
at 2022 meters (vertical depth is 1846 meters) confirming 14.6
meters of effective vertical net oil pay. Due to angled trajectory
of the wellbore the well opened up 15.9 meters of the net pay for
production.
The well flowed oil naturally to the surface with the flow rate
of 497 bbl/day on an 8 mm choke. The well was drilled 600 meters to
the west of Pad 10 and is now connected to the existing production
facilities.
Well East EWSI - 103 was drilled on the northern part of the
East EWS I field - on the pad 10. The well was spudded on 19 August
2014 and commented in 15 days. The well encountered the Jurassic P
at 2097 meters (vertical depth is 1847 meters) confirming 14.4
meters of effective vertical net oil pay. Due to angled trajectory
of the wellbore the well opened up 15.4 meters of the net pay for
production.
The well flowed oil naturally to the surface with the flow rate
of 511 bbl/day 8 mm choke. The well was drilled 800 meters to the
west of Pad 10 and is now connected to the existing production
facilities.
Well EWSII - 400 was drilled on the north-eastern part of the
EWS II field - on the pad 4L. The well was spudded on 10 August
2014 and commented in 18 days. The well encountered the Jurassic P
at 2342.2 meters (vertical depth is 1893.98 meters) confirming
12.07 meters of effective vertical net oil pay. Due to angled
trajectory of the wellbore the well opened up 13 meters of the net
pay for production.
The well is operated with a submersible pump at the rate of 282
bbl/day. The well was drilled 1160 meters to the south-west of Pad
4L and is now connected to the existing production facilities.
Well East EWSII - 401 was drilled on the north-eastern part of
the EWS II field - on the pad 4L. The well was spudded on 28 August
2014 and commented in 18 days. The well encountered the Jurassic P
at 1991.38 meters (vertical depth is 1899.16 meters) confirming
11.75 meters of effective vertical net oil pay. Due to angled
trajectory of the wellbore the well opened up 12.35 meters of the
net pay for production.
In the beginning the well flowed oil naturally to the surface
with the flow rate of 446 bbl/day on an 8 mm choke. The well is
currently operated with a submersible pump at the rate of 461
bbl/day. The well was drilled 128 meters to the east of Pad 4L and
is now connected to the existing production facilities.
Well East EWSII - 402 was drilled on the north-eastern part of
the EWS II field - on the pad 4L. The well was spudded on 1 October
2014 and commented in 17 days. The well encountered the Jurassic P
at 2150 meters (vertical depth is 1901 meters) confirming 7.6
meters of effective vertical net oil pay. Due to angled trajectory
of the wellbore the well opened up 14.7 meters of the net pay for
production.
The well is planned to operate with a submersible pump. Expected
rate is 223 bbl/day. The well was drilled 790 meters to the
north-west of Pad 4L.
Well East EWSII - 403 was drilled on the north-eastern part of
the EWS II field - the pad 4L. The well was spudded on 15 September
2014 and commented in 16 days. The well encountered the Jurassic P
at 2037.5 meters (vertical depth is 1890 meters) confirming 6
meters of effective vertical net oil pay. Due to angled trajectory
of the wellbore the well opened up 6.3 meters of the net pay for
production.
The well is in awaiting completion. The well is planned to
operate with a submersible pump. Expected rate of production is 223
bbl/day. The well was drilled 500 meters to south-west of Pad
4L.
Well East EWSII - 404 is on drilling on the north-eastern part
of the EWS II field - the pad 4L. The well was spudded on 18
October 2014 and drilling hasn't commented yet. Expected rate of
production is 223 bbl/day. The well bore is located 510 meters to
the south- west of Pad 4L.
Media contacts:
Tom Blackwell, EM
Blackwell@em-comms.com
+7 919 102 9064
This information is provided by RNS
The company news service from the London Stock Exchange
END
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