Production rates slip at Exillon Energy

Russia-focused oil producer Exillon Energy said that total average production slipped slightly in January, compared with December.

Average daily output was 10,972 barrels per day (bbl/day), with its Tima-Pechora (TP) operations producing 3,094 bbl/day and West Siberia producing 7,877 bbl/day. Peak daily production was 11,836 bbl/day in January.

This compares with the group average daily production rate of 11,055 bbl/day in December, with TP accounting for the majority of that shortfall. Nevertheless, January's production rate still remained above those seen in the months prior to December.

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The firm announced yesterday that it had agreed a new $100m loan facility with Credit Suisse, double the size of its previous credit line and is at a better, although undisclosed, interest rate. Exillon said the money will be used to finance drilling and infrastructure work at its two main sites in Timan-Pechora and West Siberia.

BC