Energy XXI (EXXI) +12.6% AH after providing a fiscal year-end update. The company estimates its...

|About: Energy XXI Ltd. (EXXIQ)|By:, SA News Editor

Energy XXI (EXXI) +12.6% AH after providing a fiscal year-end update. The company estimates its proved reserves totaled 179 MMBOE at the close of FY13 (ended June 30), +50% Y/Y, and that it had a 390% organic reserve replacement rate. Also, the company averaged production of 47K BOE/day in FQ4, and had an 82% success rate on the first 11 wells drilled via its horizontal drilling program. The present value of proved + probable reserves is estimated at $8.4B.