Exillon TP had a successful year, producing 1,050,997 bbl and generating revenue of US$58.3million, thus exceeding its revenue target of US$50million.
The crude oil extracted from the Exillon TP fields is of high quality, with an average density of 35 to 38 API, low sulphur content of less than 0.4% and low paraffin content.
In 2009, Exillon TP owned four licences – three for production and one for production and exploration. On 25 February 2010, the Group acquired an additional licence in a state auction, which covers 119 sq km, most of which is covered by 2D and 3D seismic, and borders the west margin of the ETP V field. The licence consists of three main structures with possible reserves estimated at 1.2 mmbbl, and unrisked net prospective resources estimated at 25.6 mmbbl.
The new licence represents a significant addition to the Company’s portfolio, and development of the field is expected to commence in 2012.
The main focus at Exillon TP has been on production optimisation through the well workover programme which commenced in early 2010, and on construction of a Gas Power Generating Unit with 1MW capacity which brought a considerable reduction in diesel costs. During 2010, workover of 7 wells in Timan Pechora was successfully completed leading to an increase in production from 2,050 bbd to 3,350 bbd.