LONDON (Alliance News) - Exillon Energy PLC on Friday said its average daily production increased across the third quarter to the end of September as it released the results from ten new wells in the East EWS I field in Russia.
Exillon's average daily production was 17,470 barrels in September, an increase on the 16,927 average in August and the 16,678 barrels in July.
Peak production for the company also increased in the period, rising to 18,360 barrels per day in September from 17,466 in August and 17,440 in July.
Exillon sold 1.6 million barrels within Russia at an average price of USD42.2 per barrel. The company did not generate any export sales during the third quarter.
At then end of the quarter, the company's debt stood at USD77.1 million, with a cash balance of USD98.7 million, leaving a net cash position of USD21.6 million at the end of the quarter.
Capital expenditure during the period was reduced to USD4.3 million compared to USD16.1 million in the third quarter of 2013. Of the capital expenditure, USD3.5 million was attributable to drilling whilst the remaining USD800,000 was spent on infrastructure.
Exillon also received the results for ten new wells that have been drilled on the East EWS I field in Russia during the period.
Of the ten wells, three produced an initial flow rate of 497, 511 and 564 barrels per day on an 8-millimetre choke, respectively, and have been connected to existing production facilities.
Three wells are currently producing 282, 305 and 461 barrels per day, respectively, with a further three wells being brought into production, with expected rates of each well producing 223 barrels per day.
The company drilled three holes on the one remaining well, with two of them being plugged and abandoned after the company failed to reach its target depth on one hole and failing to find a reservoir in the other. The third hole has also been plugged and abandoned but is to be used as a water supply well, said the company in a statement.
Exillon shares were untraded on Friday, having last traded at 157.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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