Exillon Energy (EXI) exited the first half of 2013 with fast-growing production, a near doubling of its resource base, and the prospect of an unlikely buy-out from founder and former chairman Maksat Arip.
Russia-focused Exillon increased oil production over the 2012 half-year by 35 per cent to 15,621 barrels per day (bopd). Through July, Exillon was averaging 16,747 bopd, but the rate of growth will not be maintained through the second half, partly as a result of an oil processing bottleneck that has built up at its West Siberia operations. Once the problem is rectified - probably at the end of the year - output will increase by another 2,000 bopd to 18,000-19,000. In March, an independent reserves update, produced by consultants Miller & Lents, increased Exillon’s proven and probable oil reserves by 96 per cent to 520m barrels.
The first-half production surge boosted net revenues (minus extraction taxes and duties) by 30 per cent to $57.7m (£37.2m), while comparative cash profits rose by 83 per cent to $28.6m. Exillon supplied a lower proportion of its output to export markets, with the average price realised for export sales declining by 9 per cent to $97.50 a barrel.
Otkritie Capital anticipates 2013 EPS of 13¢ (2012: 8¢)
| EXILLON ENERGY (EXI) | ||||
|---|---|---|---|---|
| ORD PRICE: | 139p | MARKET VALUE: | £225m | |
| TOUCH: | 138p-140p | 12-MONTH HIGH: | 177p | LOW: 113p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| NET ASSET VALUE: | 336¢ | NET DEBT: | 5% | |
| Half-year to 30 June | Turnover ($m) | Pre-tax profit ($m) | Earnings per share (¢) | Dividend per share (¢) |
|---|---|---|---|---|
| 2012 | 140 | -0.87 | -1.0 | nil |
| 2013 | 162 | 11.6 | 5.0 | nil |
| % change | +15 | - | - | - |
£1 = $1.55 | ||||
