ROGTEC Magazine - Russian Oil & Gas Technologies - News, Reviews & Articles

ROGTEC Magazine - Russian Oil & Gas Technologies - News, Reviews & Articles

Exillon Energy Reserve Update Feb 2011

Monday, February 14th, 2011

Exillon Energy plc, a British independent oil producer with assets in two oil-rich regions in northern Russia, Timan-Pechora and West Siberia, is pleased to announce that Group 1P reserves increased by 40% to 112 million barrels, 2P reserves increased by 74% to 239 million barrels and 3P reserves increased by 12% to 439 million barrels.

Exillon WS The estimate of the total proved (“1P”) recoverable oil reserves within its Exillon WS license area has increased 30% from 40 million barrels to 52 million barrels. The estimate of the total proved plus probable (“2P”) recoverable oil reserves within Exillon WS has increased 73% from 80 million barrels to 139 million barrels, and the estimate of the total proved plus probable plus possible (“3P”) recoverable oil reserves within Exillon WS has increased 3% from 294 million barrels to 302 million barrels. This increase in reserves is attributable to the four development wells drilled and two appraisal wells retested in Western Siberia since May 2010, and improvement in recovery factors due to the start of year round production and optimization of oil field development program. This increase does not take into account two additional successful development wells drilled in 2011, and does not reflect Group’s assertion that the boundaries of EWS III field are likely to extend further to the north and connect with the EWS II field.

Exillon TP The estimate of the total proved (“1P”) recoverable oil reserves within the Exillon TP license areas has increased 50% from 40 million barrels to 60 million barrels. The estimate of the total proved plus probable (“2P”) recoverable oil reserves within Exillon WS has increased 75% from 57 million barrels to 99 million barrels, and the estimate of the total proved plus probable plus possible (“3P”) recoverable oil reserves within Exillon TP has increased 41% from 97 million barrels to 137 million barrels. This increase in reserves is attributable to the acquisition of a new license, increased Original Oil in Place estimates for fields with long production history, and improvement in recovery factors for some fields due to optimization of field development program.

Overall, the Group’s 1P reserves increased by 32 million barrels to 112.0 million barrels, 2P reserves increased by 101 million barrels to 239 million barrels and its 3P reserves increased 48 million barrels to 439 million barrels.

The updated reserves report for Exillon Energy plc was completed by Miller & Lents effective December 31, 2010.

Source: http://www.exillonenergy.com

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