Exillon Energy Notes Double-Digit Increase in Proved Reserves

Exillon Energy, the UK oil producer focused on the Russian oil regions of Timan-Pechora and West Siberia, announced Monday double-digit percentage increases in its reserves.

The firm said that between Dec. 31 2010 and Nov. 1 2011 total proved (1P) recoverable reserves increased by 12 percent to 125 million barrels while total proved plus probable (2P) reserves increase 11 percent to 265 million barrels. Total proved plus probable plus possible (3P) reserves decreased by nine percent to 400 million barrels.
In addition, said Exillon, total prospective and contingent resources increased 71 percent on an unrisked basis and 117 percent on a risked basis, from 39 to 68 millions barrels and 18 to 40 million barrels respectively.
The estimate of the total 1P oil reserves within the Exillon West Siberia license areas has increased 24 percent to 65 million barrels, with the estimate of 2P increasing six percent to 160 million barrels. The 3P estimate here has decreased by 12 percent to 267 million barrels.
The estimate of 1P oil reserves within the Exillon Timan-Pechora license areas has increased by one percent to 60.2 million barrels, with 2P increasing six percent to 105 million barrels and 3P decreasing three percent to 132 million barrels.