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.
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.
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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.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
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.
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
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published