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PRODUCTION REPORT FOR SEPTEMBER 2017

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By LSE RNS

RNS Number : 6021S
Volga Gas PLC
04 October 2017
 

4 October 2017

Volga Gas plc

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

 

PRODUCTION REPORT FOR SEPTEMBER 2017

 

Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, is pleased to announce its average production volumes for September 2017.

 

In September 2017, average gas processing capacity utilisation increased by 23% compared to August 2017 while test production continued using the new Redox gas sweetening process. During September 2017, the Dobrinskoye gas plant performed well, achieving a peak gas production level of 19.2 mmcfd, exclusively using the Redox based gas sweetening process.  

 

In the coming months, implementation of the new process will continue with gradual increases in production.  During this period it is expected that the average daily production of gas and condensate would be in the region of 3,600 boepd resulting in Group production of approximately 4,300 boe per day, excluding additional potential production from the Uzen well #101 and incremental volumes from the LPG project which is under construction. 

 

The average production in September 2017 was 3,409 barrels of oil equivalent per day (24% higher than August 2017). 

 

Average production comprised:

 


September 2017

Average

August 2017

Average

 Jan-Sep 2017

Average

Gas:

11.4 mmcfd

9.3 mmcfd

20.1 mmcfd

Condensate

944 bpd

591 bpd

1,181 bpd

Oil

572 bpd

612 bpd

549 bpd

Total

3,409 boepd

2,757 boepd

5,081 boepd

 

Production data is based on preliminary monthly production reports prepared for the purposes of submissions to tax authorities for Mineral Extraction Tax purposes. The gas production number for August 2017 has been revised upwards from 9.0 mmcf/d, as stated in the Production Statement issued on 4 September 2017, to 9.3 mmcf/d, in line with the final official submissions.  Oil and condensate volumes are unchanged. The total production number for August 2017 is consequently revised from 2,698 to 2,757 boepd.

 

 

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

Edward Westropp, Alex Beagley


 

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. 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 company news service from the London Stock Exchange
 
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