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Exillon Announces Acquisition of the Sinatiyskoye Licence

Source: www.gulfoilandgas.com 1/18/2012, Location: Asia

Exillon Energy plc, a British listed independent oil producer with assets in two oil-rich regions of northern Russia, Timan-Pechora ("Exillon TP") and West Siberia ("Exillon WS"), is pleased to announce the acquisition of the Sinatiyskoye Licence.

On 30 December 2011, Exillon acquired the Sinatiyskoye exploration and production licence in a state auction for a total consideration of USD 1.3 million. The licence is valid until 30 December 2036, and will be designated by the Group as "ETP VII".

ETP VII borders the southern boundary of the Group's existing ETP II field, with its existing oil production infrastructure. The licence covers an area of 130.4 km˛. For reference, the Group's existing six Exillon TP fields cover an area of approximately 214 km˛.

ETP VII is already largely covered by 2D seismic data which has identified eight significant geological structures. Tectonically the eastern part of ETP VII is located in the Khoreiverskaya depression, and the western part is at the intersection of Khoreiverskaya depression and Kolvinskiy swell. The potential of the licence relates to sediments in the lower Silurian period.

The ETP VII acquisition represents a significant addition to Exillon's portfolio. 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.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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