Oil industry find for Exillon Energy

Exillon Energy has announced the latest find for the oil industry, confirming it has found the substance at a site in Siberia.

The company located the oil in an extension of the East EWS I field in the country.

Before drilling, the firm expected to come across the energy source in the Jurassic P reservoir totalling 13.3 million barrels.

However, the oil was reached some two metres higher than expected and the company has confirmed 13.9 million barrels is contained within the reservoir.

"The appraisal is the result of the continued application of 3D seismic combined with a thorough understanding of reservoir geology," Exillon Energy's website states.

Testing is not yet completed, however it is expected to be finished by the close of April, the company claims.

Following the announcement of the Budget last week, oil industry in the North Sea will face increased taxes totalling £2 million - a move that some people fear will damage the sector.