15 Mar 2013 07:00
Exillon Energy Plc
Reserves Update
15 March 2013
15 March 2013 - Exillon Energy plc ("Exillon") (EXI.LN), a London Premium 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 updated reserves report prepared by Miller & Lents, Houston.
·; Total proved ("1P") reserves increased by 56% to 196 million barrels
·; Total proved plus probable ("2P") reserves increased by 96% to 520 million barrels
·; Total proved plus probable plus possible ("3P") reserves increased by 121% to 882 million barrels
Reserves at 31/12/11 (mbbls) | Reserves at 31/12/12 (mbbls) | % Increase | |
Total | |||
1P | 125,289 | 195,942 | 56% |
2P | 265,202 | 520,470 | 96% |
3P | 399,647 | 881,539 | 121% |
Exillon TP | |||
1P | 60,178 | 93,124 | 55% |
2P | 105,416 | 175,764 | 67% |
3P | 132,476 | 296,078 | 123% |
Exillon WS | |||
1P | 65,111 | 102,818 | 58% |
2P | 159,786 | 344,706 | 116% |
3P | 267,171 | 585,461 | 119% |
Mark Martin, Exillon's CEO said:
"The three components of our growth strategy are to increase our production, EBITDA and reserves. Our production during 2012 grew by 45%, our EBITDA by 137% and our 2P reserves by 96%.
Our target was to double our 2P reserves within three years. We have done this in one year.
Our reserves grew dramatically in both our assets - in Western Siberia (2P up by 116%) and in Timan Pechora (2P up by 67%). Reserve growth was also spread across all reserves categories. Our "Proven Developed Producing" reserves, the highest category, rose by 124% to 44m barrels, which underlines the quality of our reserves. Our 3P rose by 121% which demonstrates the potential for further growth in future years.
In Western Siberia the biggest increase was from EWS I's highly productive "P" reservoir, where 2P increased by 103m barrels to a new total of 180m barrels. This is the field where our most prolific wells are located, including those on Pad 5 which we announced during 2012.
In Timan Pechora the biggest increase was from ETP II-III field's Silurian reservoir. This field was originally designated as two separate fields, which have since merged, and is located right in the centre of our licence area. Our 2P in this field increased by 51m barrels to a new total of 107m barrels.
Our recent acquisitions in Timan Pechora contributed modestly to our 2P, adding 7m barrels. However they also added 95m barrels of 3P reserves.
The growth in our reserves follows an active drilling campaign by Exillon in 2012. As production increases it generates strong cashflows which we reinvest in further drilling. Reserves growth is a result of this ongoing drilling programme applied to our large asset base. We plan to drill 24 wells this year, a 50% increase on 2012."
The updated reserves report for Exillon Energy plc was completed by Miller & Lents, Houston with an effective date of 31 December 2012, according to international SPE-PRMS standards.
Media contact:
Tom Blackwell
Email: Blackwell@mcomgroup.com
Tel: +44 207 920 2330