Exillon Energy plc (“Exillon Energy”, the “Company” or the “Group”) (EXI.LN), an independent oil producer with assets in two oil-rich regions of northern Russia, Timan-Pechora (“Exillon TP”) and West Siberia (“Exillon WS”) is pleased to announce a reserves and production update.
- Group 1P reserves increased by 23% to 80 million barrels, 2P reserves increased by 5% to 137 million barrels and 3P reserves increased 6% to 391 million barrels.
- Group production rate increased by 24% to a combined total of 5,400 bbl/day.
Exillon Energy is pleased to announce that the estimate of the total proved ("1P") recoverable oil reserves within its Exillon WS license area has increased 64% from the previous estimate to 40 million barrels. The estimate of the total proved plus probable ("2P") recoverable oil reserves within Exillon WS has increased 9% from the previous estimate to 80 million barrels, and the estimate of the total proved plus probable plus possible (“3P”) recoverable oil reserves within Exillon WS has increased 8% from the previous estimate to 294 million barrels. This increase in reserves is attributable to the first three wells that have been drilled in Western Siberia in 2010, and does not take into account results of additional successful wells drilled after the reporting date.
Overall, the Group’s 1P reserves increased by 23% to 80 million barrels, 2P reserves increased by 5% to 137 million barrels and its 3P reserves increased 6% to 391 million barrels.
The updated reserves report for Exillon Energy plc was completed by Miller & Lents effective May 1, 2010.
Exillon Energy is pleased to announce that it has successfully increased production in Exillon WS from 1,050 bbl/day announced on June 6th 2010 to 2,100 bbl/day.
On 12 June 2010, Exillon reached a combined production rate of 5,400 bbl/day from the Exillon TP and Exillon WS fields (Exillon TP 3,300 bbl/day; Exillon WS 2,100 bbl/day). Production at Exillon WS will be increased to 2,600 bbl/day in the second half of June, and upon completion of additional infrastructure projects remaining behind-pipe production capacity of 3,400 bbl/day will be added to the production flow as well, increasing combined production in Exillon WS to 6,000 bbl/day.