Exillon Energy posts net profit of $180 mln in 2009 vs losses in 2008
MOSCOW. April 22 (Interfax) - Exillon Energy, which has oil assets in Russia, posted a net profit of $180.3 million in 2009 compared with a net loss of $0.4 million in 2008.
The profit figure includes a bargain purchase gain from acquisition of Exillon WS and Exillon TP in 2009 at below market prices.
Exillon registered revenue from sale of oil for the first time last year, a total of $22.5 million. Gross profit totaled $8.5 million.
Exillon produced 714,700 barrels of oil (1,960 bpd) in 2009, including production at two divisions: Exillon TP in Komi and Exillon WS in Khanty-Mansii autonomous district (beginning March 1, 2009). Exillon WS treats the oil using the infrastructure owned by RussNeft subsidiary, Aki-Otyr, although the company plans eventually build its own oil treatment facility.
Exillon plans to begin year-round oil production in the third quarter this year. It plans to boost production for the full year to 1.1 million barrels.
Capital expenditures will total a planned $31 million. The money will go to drilling and construction of infrastructure.
2P reserves rose 6% to 131 million barrels last year and 3P reserves were up 75% to 370 million barrels of oil equipment, according to data from an audit by Miller and Lents.
Exillon Energy was formed from the assets of Kazakh businessman Maksat Aripa. His structures own 62.76% of shares in the company, which raised $100.7 million in an IPO on the London Stock Exchange in December 2009.
Exillon is registered on the Isle of Man and has its headquarters in Dubai. The company holds five licenses to explore and produce hydrocarbons in Komi and one in Khanty-Mansii autonomous district.