Rns, full year results8 Mar 2013 08:03
Exillon Energy plc
Preliminary unaudited results for the year ended 31 December 2012
8 March 2013
Exillon Energy plc ("Exillon") (EXI.LN), a London listed independent oil producer with assets in two oil-rich regions of northern Russia, Timan-Pechora ("Exillon TP") and West Siberia ("Exillon WS"), today issues its preliminary unaudited results for the year ended 31 December 2012.
From the Chief Executive
· Production up 45%, exceeding 16,000 bpd in December
· EBITDA up 136% to US$46.1 million (up from US$19.5 million in 2011)
· Net profit of US$12.1 million (up from a net loss of US$10.4 million in 2011)
· Completed oil treatment and power generation facilities in both Exillon TP and Exillon WS
· Commissioned own entry point into Transneft pipeline network in Exillon WS increasing EBITDA per barrel in H2 2012
Mark Martin, Chief Executive, said:
"Exillon made excellent operational and financial progress during a very busy 2012. Our drilling programme delivered annual production growth of 45%, and we also expect soon to announce an updated reserves report. We have completed a number of one off infrastructure projects in ETP and EWS which have materially increased our profitability per barrel.
Financially, we have a strong balance sheet with US$127.9 million of cash (as of yesterday), EBITDA up over 130% and a move into net profit. We will accelerate our development strategy in 2013 and realise further value for shareholders through ongoing growth in production, EBITDA and reserves."