LONDON (SHARECAST) - Exillon Energy, the Russia focused oil and gas firm, has reported rises in earnings and production as operational changes at its sites in Timan-Pechora and West Siberia have started to pay off.
Oil production increased 48% in the six months to the end of June, compared to the same period of last year, to 2.1m barrels.
Earnings before interest, tax depreciation and amortisation (EBITDA) rose 98% from $7.8m to $15.5m.
Exillon had $138.5m in the bank by the end of June; including debts, the net cash position was $38.3m.
Operationally the group has lots to be pleased about, with drilling speeds at the West Siberia site now down to around 20 days.
Mark Martin, Exillon’s Chief Executive, said: "The completion of our oil treatment and power generation facilities combined with our new entry point into (the) Transneft pipeline network is expected to further improve EBITDA per barrel going forward."
He added: “Our new strategy of drilling wells at a 60 degree angle has materially increased each well's exposure to net pay resulting in higher average production levels from these wells.”
The stock was up 0.6% at 11:59, but is still down 47% since the start of the year.