Exillon gets boost as fuel output increases
OIL explorer Exillon yesterday reported a 55 per cent jump in production for the three months to the end of April alongside above-average selling prices for its fuel.
Production at the FTSE 250-listed firm averaged 11,448 barrels per day compared with 7,386 bpd in the equivalent period last year.
In April, Exillon hit an all-time high production peak of 12,810 barrels per day. Its main assets are in two oil-rich regions of northern Russia, Timan-Pechora and West Siberia.
However, Exillon said that some production hitches at the end of April had offset some of the earlier gains.
Exillon is drilling six new wells in an attempt to hike output even further for the full year.
Before the end of the second quarter, the group expects to complete wells 7601 in Exillon TP and 38 in Exillon WS, which were earmarked from April.
The firm said it had been selling its oil for more than the $95 (£58) a barrel average over the period.
The company said in a statement: “Our financial performance in the first three months of the year has exceeded budget.
“The average selling price for our oil continues to be higher than our budgeted level. In addition we have benefited during the period from the way in which the export duty that we pay lags behind increases in the oil price.”
Capital expenditure in the period was $33m, the company said in its interim management statement.
In March, the firm said its annual pre-tax losses had widened to $7.1m as rig delays and foreign exchange movements held up growth.
In September 2010, the group was admitted to the FTSE All-Share Index and the FTSE Small Cap Index, and in December 2010 was promoted to the FTSE 250.
Shares in the firm, which have tumbled from highs of 469p last year, closed up 1.6 per cent at 125p yesterday.