Northern Russia-focused oil producer Exillon Energy has seen total proved (1P) recoverable reserves increase by 12% in the eleven months ended November 1st.
1P reserves stood at 125m barrels (mmbbls) at the end of the period, compared with 112 mmbbls at December 31st 2010 (end of Exillon's fiscal year), helped by the strong increase within the licence in West Siberia, where the group operates as Exillon WS.
Exillon WS's 1P reserves rose by 24% from 52 mmbbls to 65 mmbbls, while they grew by only 1% in Timan-Pechora (Exillon TP) to 60.2 mmbbls.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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
Total proved plus probable (2P) reserves increased by 11% during the period, from 239 mmbbls to 265mmbbls, with both Exillon WS and Exillon TP seeing a 6% increase in reserves.
However, 3P reserves, which account for total proved plus probable plus possible reserves, fell by 9% from 439 mmbbls to 400 mmbbls, with Exillon WS seeing a 12% decline and Exillon TP seeing a 3% fall.
In addition, total prospective and contingent resources increased 71% on an unrisked basis from 39 mmbbls to 68 mmbbls and by 117% on a risked basis from 18 mmbbls to 40 mmbbls.
BC
-
Trouble brews in B&M as bargain shops take a hitOpinion Once a stock market darling, B&M's share price has slumped. What has gone wrong for bargain shops?
-
US and China reach a ceasefire in their trade war after talks in LondonThe US and China's trading relationship – the most important one in the global economy – is back on track. Will the truce last?
