Rns...27 Aug 2013 08:16
Exillon Energy Plc
27 August 2013
Exillon Energy plc
Interim results for the first six months of 2013
27 August 2013
27 August 2013 - Exillon Energy plc (EXI.LN), a London Premium listed independent oil producer with assets in two oil-rich regions of Russia, Timan-Pechora ("Exillon TP") and West Siberia ("Exillon WS"), today issues its interim results for the first six months to 30 June 2013.
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"During the first half of 2013 we delivered a dramatic increase in reserves (increasing 2P reserves by 96%), and continued strong financial performance (an 83% increase in EBITDA). Our production increased 35% over the same period in 2012, and 9% over the second half of 2012."
Financials
Our EBITDA increased 83% year-on-year, from US$15.6 million to US$28.6 million, while we posted a net profit of US$7.9 million compared to a US$1.7 million net loss in the first half of 2012.
We had US$72.9 million of cash and cash equivalents as at 30 June 2013. Net debt position was US$27.3 million. As of 23 August 2013 our cash and cash equivalents had increased to US$97.8 million and our net debt was therefore US$3.3 million.
Reserves
As announced in March 2013, our total proved ("1P") reserves increased by 56% to 196 million barrels, our total proved plus probable ("2P") reserves increased by 96% to 520 million barrels and our total proved plus probable plus possible ("3P") reserves increased by 121% to 882 million barrels.
Production
Oil production increased 35% from 2.1 million to 2.83 million barrels equivalent to an increase from 11,539 bpd to 15,621 bpd compared to H1 2012, and 9% from 2.6 million to 2.83 million compared to H2 2012.
We publish quarterly production data, and therefore have already announced details of our production for the period. For reference we summarise below the monthly data published during the six month period. Also disclosed is our production data for July:
Jan Feb March April May June July
PLC peak 16,485 15,651 16,817 16,544 17,013 16,938 17,407
PLC average 14,869 15,186 16,422 15,051 15,977 16,176 16,747
ETP average 3,525 4,000 4,236 3,588 3,990 3,773 4,155
EWS average 11,344 11,186 12,186 11,463 11,987 12,403 12,592
Primarily because of the reduction in our drilling programme for 2013 in Exillon TP, we have revised our production expectations for December 2013. We now expect production to reach between 18,000 and 19,000 bpd, once the ongoing upgrade to our oil processing facility is completed. Further details are given later in this statement.
Dear Shareholders,
Our strategy is to deliver a balance of growth in production, EBITDA and reserves. During the first half of 2013 we delivered a dramatic increase in reserves (increasing 2P reserves by 96%), and continued strong financial performanc