Exillon Energy Plc Notification of class 2 transaction (1867L)
December 20 2018 - 11:43AM
UK Regulatory
TIDMEXI
RNS Number : 1867L
Exillon Energy Plc
20 December 2018
Exillon Energy plc
Notification of class 2 transaction
20 December 2018 - Exillon Energy plc ("Exillon Energy", the
"Company" or the "Group") (EXI.LN), a London Premium listed oil
producer with assets in two oil-rich regions of Russia,
Timan-Pechora ("Exillon TP") and West Siberia ("Exillon WS"), is
pleased to announce that its wholly owned subsidiary Lanach Limited
("Lanach") on 10 December 2018 entered into a sale and purchase
agreement (the "Acquisition Agreement") with Prodyline Consultants
Limited ("Prodyline"), a Cypriot company, to acquire 67 shares
(representing 67% of the share capital) (the "Sale Shares") of
Joint Stock Company New Pechora Energy Company (NPEC) (the
"Transaction").
The purchase price for the Sale Shares is USD 32 million,
payable, under the terms of the Acquisition Agreement, within five
business days after the transfer of the Sale Shares to Lanach's
account opened with Registration Company Center-Invest JSC. The
transfer of the Sale Shares to Lanach's account took place on 18
December 2018.
Following the Transaction, the remaining 33% of the NPEC shares
continue to be held by Prodyline. Going forward, the Company may
decide to buy the remaining 33% NPEC shares from Prodyline.
The Transaction helps to build up the Group's resource base. The
asset is located in the same region as one of Exillon's existing
assets (Nem Oil LLC in Timan Pechora) and may be managed by a
single operator Ucatex Oil LLC, which has extensive experience in
working with fields of the same age of development.
NPEC is engaged in the industrial exploitation of the Luzskoye
field - production and sale of oil. The Luzskoye field was
discovered in 1965 by drilling exploratory well No. 201. It was put
into commercial development in October 2002.
The Luzskoye oil field is located in the Pechora district of the
Komi Republic and is 72 km south-west of the district centre of the
town of Pechora, and 32 km from the nearest railway station at
Kadzhery. The region has well developed infrastructure.
Geologically, the field is located in the Izhma-Pechora oil and
gas region of the Timan-Pechora oil and gas province. The
Sunayelskoe, Yuzhno-Lyzhskoye, Sigaveyskoye and Isakovskoye oil
fields are located in close proximity to the Luzskoye deposits.
In terms of recoverable reserves, the Luzskoye field belongs to
the category of medium-sized deposits.
Over the period of operation, 25 wells have been drilled at the
Luzskoye field, of which four have been closed. The operating stock
of producing wells is 16, including 10 wells which are active. The
operating stock of injection wells is one well which is active.
Also at the field there are one control and observation well, one
absorbing well and two water intake wells.
Industrial infrastructure includes oil storage for 855 cu. m, an
oil receiving unit with a capacity park of 2,700 cubic meters. m
and a piping system.
The main hydrocarbon of the Luzskoye field is oil. Dissolved gas
is a companion feedstock. Also in the oil mixture are ethane,
propane, butane and sulfur.
In accordance with the international classification of SPE-PRMS7
as of 12 December 2012, the oil reserves of the Luzskoye field
were:
A) developed:
- proven (1P) - 168 million barrels;
- proved, possible (2 ) - 354 million barrels;
- proved, possible, probable (3 ) - 642 million barrels;
B) undeveloped:
- proven (1P) - not available;
- proved, possible (2 ) - 42,106 million barrels;
- proved, possible, probable (3 ) - 60,626 million barrels;
C) the amount of developed and undeveloped:
- proven (1P) - 168 million barrels;
- proved, possible (2 ) - 42,460 million barrels;
- proved, possible, probable (3 ) - 61,268 million barrels.
The Transaction constitutes a class 2 transaction for the
purposes of the UK Financial Authority's Listing Rules and, as
such, does not require the Company's shareholder approval. The
gross assets of NPEC (in accordance with Russian GAAP) at 31
December 2017 were RUB 822 million. The net losses (in accordance
with Russian GAAP) for 2017 were RUB 51 million.
Media contacts:
Tom Blackwell
Blackwell@em-comms.com
+7 919 102 9064
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCFEFFMSFASELE
(END) Dow Jones Newswires
December 20, 2018 11:43 ET (16:43 GMT)
Exillon Energy (LSE:EXI)
Historical Stock Chart
From Jul 2024 to Aug 2024
Exillon Energy (LSE:EXI)
Historical Stock Chart
From Aug 2023 to Aug 2024