Exillon Energy’s Total Proved Reserves Up 12%
Exillon Energy plc, a British independent oil producer with assets in two oil-rich regions in northern Russia, Timan-Pechora (“Exillon TP”) and West Siberia (“Exillon WS”), is pleased to announce that total proved (“1P”) recoverable reserves increased by 12% to 125 million barrels and total proved plus probable (“2P”) reserves increased by 11% to 265 million barrels. Total proved plus probable plus possible (“3P”) reserves decreased by 9% to 400 million barrels.
In addition, total prospective and contingent resources increased 71% on an unrisked basis and 117% on a risked basis, from 39 to 68 million barrels and 18 to 40 million barrels respectively.
Exillon WS: The estimate of the total 1P oil reserves within the Exillon WS license area has increased 24% from 52 million barrels to 65 million barrels, the estimate of 2P has increased 6% from 139 million barrels to 160 million barrels, and the estimate of the 3P has decreased 12% from 302 million barrels to 267 million barrels.
Exillon TP: The estimate of the 1P oil reserves within the Exillon TP license areas has increased 1% from 59.6 million barrels to 60.2 million barrels, the estimate of 2P oil reserves has increased 6% from 99 million barrels to 105 million barrels, and the estimate of 3P has decreased 3% from 137 million barrels to 132 million barrels.
The updated reserves report for Exillon Energy plc was recently completed by Miller & Lents and the effective date is 1 November 2011.
Capital Markets Day
Exillon intends to host a capital markets day in London soon after the publication of its preliminary results for the 2011 financial year. One purpose of this event will be to communicate further details and an analysis of the reserves report.
Confirmation regarding timing, location and attendance of the capital markets day will be distributed via RNS in the next few weeks.