23 Aug 2012 07:35
Exillon Energy plc
Drilling Update and Notice of Results
23 August 2012
23 August 2012 - 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"), is pleased to announce a drilling update.
Drilling Update
Well East EWS I - 53 was spudded on 19th July 2012 and drilled and cemented in 24 days on the northern part of the East EWS I field. The well encountered the Jurassic P reservoir at 1,875 metres, confirming 20.3 metres of effective vertical net pay. Due to the angled trajectory of the well bore, this exposed 38.4 metres of effective net oil pay for production.
The well was perforated in two stages. The lower zone of P formation was perforated first and flowed water-free oil naturally to the surface with a test flow rate of 503 bbl/day on an 8 mm choke. Thereafter, the remaining Jurassic P formation was perforated. The combined well flowed water-free oil naturally to the surface with a test flow rate of 828 bbl/day on a 8mm choke.
The oil water contact in this area of the field had originally been assumed to be at 1,872 metres sub-sea. The new well has not encountered an oil water transition zone and has confirmed the presence of oil at least 32 metres below the originally assumed oil water contact.
Well 53 is the fourth development well drilled from Pad 5 following the success of Exploration Well 50 in 2011. All five wells have shown consistent results. They have thicker than expected net pays, confirmed a highly permeable reservoir and none has discovered an oil water contact, proving a wider and thicker area of high quality reservoir across the northern extension of East EWS I. All five wells are currently flowing naturally, without pumps.
The well was drilled 1.1km south east of Pad 5, and is now connected to our existing production facilities. A fifth development well from Pad 5, Well 571, is currently being drilled.
Financial Results for 6 months 2012
We expect to announce our unaudited financial results for the first 6 months of 2012 on 31st August.
Media details:
Chris McMahon +44 207 920 2330