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Slow progress at Exillon

Ramping up production by 90 per cent in a period of high oil prices may have swelled revenue at Exillon Energy last year, but problems mobilising rigs meant the company drilled far fewer production wells than expected. That’s put hopes of producing 17,000 barrels of oil per day (bopd) back another six months to the end of 2012 and left a big dent in the share price. Institutional investors who took part in last year’s £93.7m fundraising will be fuming given the shares now trade at less than half the 400p a share they paid.

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By Lee Wild,
20 March 2012

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