Exillon Well Ahead of Growth Target for 2P Reserves
Onshore Russia-focused junior Exillon Energy reported an update Friday in which the firm highlighted that it was well ahead target when it comes to both production and reserves.
In the statement, Exillon CEO Mark Martin said:
"The three components of our growth strategy are to increase our production, EBITDA and reserves. Our production during 2012 grew by 45 percent, our EBITDA by 137 percent and our 2P reserves by 96 percent.
"Our target was to double our 2P reserves within three years. We have done this in one year."
Exillon reported that its total proved (1P) reserves increased by 56 percent in 2012 to 196 million barrels, while its proved plus probable (2P) reserves almost doubled to 520 million barrels from 265 million barrels at the end of 2011.
At Exillon's ETP II-III field at Timan-Pechora in northern Russia, 2P reserves increased by 110 percent to 107 million barrels. At the firm's EWS I field in Western Siberia, 2P reserves increased 75 percent to 180 million barrels.
Recent acquisitions by Exillon in Timan-Pechora added seven million barrels of 2P reserves, although they also added 95 million barrels of 3P reserves, said the firm.
Exillon said that it plans to drill 24 wells this year, which represents a 50-percent increase on the firm's 2012 drilling activity.
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