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VGAS - Volga Gas News Story

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Last Trade - 18/10/19

Sector
Energy
Size
Micro Cap
Market Cap £27.5m
Enterprise Value £17.1m
Revenue £35.4m
Position in Universe 1316th / 1855

Volga Gas PLC - PRODUCTION REPORT FOR AUGUST 2019

Mon 2nd September, 2019 3:56pm
RNS Number : 9501K
Volga Gas PLC
02 September 2019
 

2 September 2019

Volga Gas plc

("Volga Gas", the "Company" or the "Group")

 

PRODUCTION REPORT FOR AUGUST 2019

 

Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, is pleased to provide the following update on its average production volumes for August 2019.

 

Production Report

 

The average production in August 2019 was 4,388 barrels of oil equivalent per day (10% lower than July 2019). Lower production resulted from reduced output from the Vostochno-Makarovskoye gas field.

 

Average production comprised:

 


August 2019

Average

July 2019

Average

Jan-August 2019

Average

Gas:

14.3 mmcfd

16.6 mmcfd

18.9 mmcfd

Condensate

1,354 bpd

1,479 bpd

1,498 bpd

Oil

394 bpd

359 bpd

408 bpd

LPG

249 bpd

276 bpd

329 bpd

Total

4,388 boepd

4,877 boepd

5,378 boepd

 

As a result of a more conservative production policy being adopted, management's current expectation for production for the remainder of 2019 is an average of 2,830 boepd, leading to an average of 4,400 boe per day for 2019 as a whole.

 

Production data is based on preliminary monthly production reports prepared for the purposes of submissions to tax authorities for Mineral Extraction Tax purposes. Final monthly production reports may vary marginally from preliminary monthly production reports.

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information, please contact:

 

Volga Gas plc


Andrey Zozulya, Chief Executive Officer

Vadim Son, Chief Financial Officer

Tony Alves, Investor Relations Consultant

+7 (903) 385 9889

+7 (905) 381 4377

+44 (0) 7824 884 342



S.P. Angel Corporate Finance LLP

+44 (0) 20 3470 0470

Richard Redmayne, Richard Morrison, Richard Hail




FTI Consulting

+44 (0) 20 3727 1000

Alex Beagley, Fern Duncan


 

Notes

 

The information contained in this announcement has been reviewed and verified by Mr. Andrey Zozulya, Chief Executive Officer of Volga Gas plc, for the purposes of the Guidance Note for Mining, Oil and Gas companies issued by the London Stock Exchange in June 2009. Mr. Andrey Zozulya holds a degree in Geophysics and Engineering from the Groznensky Oil & Gas Institute and is a member of the Society of Petroleum Engineers.

 

The Company records production in metric tonnes (for oil and condensate) and in cubic metres (for gas).  Conversions from metric to standard oil field units are used for illustrative purposes only and are based on the Company's estimate of the applicable ratios.  The ratios used are 7.833 barrels per tonne for oil and 8.75 barrels per tonne for condensate and 11.735 barrels per tonne for LPG. Gas volumes are translated using 35.3 cubic feet per cubic meter and 6,000 cubic feet per barrel of oil equivalent.

 

Glossary

 

bpd             Barrels per day

boepd         Barrels of oil equivalent per day

mmcfd         Millions of standard cubic feet per day 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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