EXI.L Share News (EXI)

Russian oil producer Exillon Energy reported higher third quarter production and said it was likely to hit or top 2013 targets.The group, which works in the oil-rich regions of Timan-Pechora and West Siberia, said average daily production increased to 16,643 barrels from 15,737 in the second quarter.It said it was likely to meet or exceed previous production guidance of between 18,000 and 19,000 barrels a day by the end of 2013.Exillon said the oil treatment plant on its main EWS I field was operating at full capacity and was being expanded, with the extra capacity expected to be working later this year.The group exported 156,074 barrels of oil at an average realised price of approximately $98.6 a barrel during the period and sold 1,360,110 barrels within Russia at an average realised price of $50.2 a barrel. It ended the third quarter with a cash balance of $83.6m and had net debt of $16.6m. Capital expenditure during the period was about $16.1m against $16.6m in the same quarter last year.PW