LONDON (Alliance News) - Exillon Energy PLC Wednesday said it expects to meet or surpass its production guidance after average daily production increased 5.4% in its third quarter compared to its second quarter.
The oil producer with assets in Russia said its average daily production increased to 16,643 barrels of oil per day during its three months ended September 30, from 15,737 barrels of oil per day the previous quarter.
The company said it therefore expects that its previous production guidance of between 18,000 and 19,000 barrels per day by the end of 2013 is likely to be met or surpassed.
Exillon announced positive results from five wells and that two further wells are nearing completion, which will end its drilling programme for 2013.
The company also said the expansion of its oil treatment unit in West Siberia is progressing well and is expected to be operational before the end of 2013.
Exillon shares were up 0.9% to 205.75 pence Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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