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26 Apr 2012 12:50
Exillon Energy plc
FSA settlement
26 April 2012
26 April 2012 - Exillon Energy plc ("Exillon" or "the Group") (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"), confirms that it has concluded a settlement with the FSA in relation to an investigation.Exillon accepts the FSA 's decision, which was in connection with failing to identify and notify to the FSA certain Related Party Transactions in 2010. These transactions were disclosed in April 2011 in the Group's 2010 Financial Statements.The FSA did not conclude that any officer of Exillon Energy had acted improperly, or to suggest that any party benefited financially or that Exillon's shareholders suffered any losses.In setting the penalty, the FSA noted that: 1) remedial steps have been taken by Exillon after the breach was identified to bring its related party compliance procedures to a high standard; 2) Exillon's cooperation with the FSA went well beyond the typical level of cooperation required by the FSA; and 3) repayments with interest were made in full before it was brought to Exillon's attention that they constituted related party transactions.
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Tom Blackwell
blackwell@mcomgroup.com +44 207 920 2330
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