Exillon Energy Plc December Production Report (0379B)

TIDMEXI

RNS Number : 0379B

Exillon Energy Plc

28 January 2020

Exillon Energy plc

December Production Report

28 January 2020 - Exillon Energy plc ("Exillon Energy", the "Company" or the "Group") (EXI.LN), a London Premium listed oil producer with assets in two oil-rich regions of Russia, Timan-Pechora ("Exillon TP") and West Siberia ("Exillon WS"), is pleased to announce unaudited production data for the month of December 2019 ("the Period").

   --     Our average daily production([1]) was 12,314 bbl/day during the period. 

-- Average daily production for Exillon TP was 2,234 bbl/day, and for Exillon WS it was 9,621 bbl/day and for NPEC it was 459 bbl/day during the period.

   --     Our peak daily production([) (2]) was 12,801 bbl/day during the period. 

Source: Average production data is based on monthly production reports submitted to tax authorities for MET payment purposes. Peak production is based on internal operations reports.

[1] The Company records production in metric tonnes. Barrelization ratios are used for illustrative purposes only and are calculated based on the Company's estimate of the typical API of oil produced from specific fields. Starting from September 2016, the barrelization ratios used are 7.58 bbl / tonne for Exillon WS and 7.43 bbl / tonne for Exillon TP, as compared to previously used ratios of 7.8037 bbl / tonne for Exillon WS and 7.44 bbl / tonne for Exillon TP. The ratios' adjustment relates to the change in estimates of the typical API based on the latest report on proved and probable reserves of the Group prepared by Miller and Lents Ltd, independent engineering consultants. The barrelization ratio used for NPEC is 7.4 bbl / tonne. Total production was 39,349 tonnes for Exillon WS, 9,320 tonnes for Exillon TP, 1,923 tonnes for NPEC and 50,592 tonnes for the Group during the 31 days period.

[2] "Peak daily production" represents the Company's estimate of aggregate production on the day on which aggregate production reached its maximum during the period. It does not represent the combined peak production of each separate field on different days, which may be higher.

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January 28, 2020 02:00 ET (07:00 GMT)