Exillon expands portfolio in Timan-Pechora with another licence

FTSE 250 oil producer Exillon Energy said that it had acquired the Sinatiyskoye exploration and production licence for $1.3m three weeks ago, representing a "significant addition" to its portfolio in the northern Russia.

By MoneyWeek

published 18 January 2012

in Features

The licence, which was acquired in a state auction on December 30th, is valid until December 30th 2036 and will now be called ETP VII.

The ETP VII (located near the group's existing assets in the Timan-Pechora [TP] region) covers an area of 130.4km squared and borders the southern boundary of the existing ETP II field. Exillon's six existing TP fields cover an area of 214km squared.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

"The group continues to develop an optimal exploration strategy for its undeveloped assets in Timan Pechora, notably the ETP VI and ETP VII fields, and intends to communicate further details of this strategy over the next few months," the statement said.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.