Volga Gas investors gather for AGM

Josh White Sharecast | 19 May, 2017 15:08 | | |

libras

Volga Gas

56.50

17:17 26/06/17
0.00%
0.00
  • 7,649.97
  • 0.20%15.54
  • Max: 7,711.56
  • Min: 7,630.13
  • Volume: 0
  • MM 200 : n/a
17:19 26/06/17
  • 968.20
  • -0.11%-1.05
  • Max: 969.93
  • Min: 966.14
  • Volume: 0
  • MM 200 : n/a
17:25 26/06/17

Russia-focussed oil and gas exploration and production group Volga Gas updated the market on its activities and operations on Friday, as investors gathered for the company’s annual general meeting.

The AIM-traded firm said that, between 1 January and 30 April, group production averaged 7,341 barrels of oil equivalent per day.

During April, total production was at 7,553 boepd, with production on average 23% above the equivalent levels in 2016.

Realised prices after adjusting for export taxes and transport costs increased to $34 per barrel during the first four months of 2017, the board claimed, compared to approximately $22 per barrel in the same period of 2016.

During the period, the company commenced drilling of the Uzen #101 horizontal well.

Industrial testing of the Redox gas sweetening process was also underway, with construction of the company’s LPG project to commence shortly

The group's cash position increased from to $20.2m on 30 April from $19.7m on 31 December 2016.

It proposed a dividend payment of $5m, to be made on 26 May.

“I am pleased to report that the assets of the group are continuing to perform strongly and that the group has been able to deliver significant increases in revenue and cash generation during the first four months of 2017” said chief executive Andrey Zozulya.

“Volga Gas has a competitive business and a robust balance sheet which will provide a strong base for the current operations and for further growth in the future.

“Management is looking forward to delivering further increases to the group's production and profitability through the successful completion of ongoing projects, to maximising the potential of the group's assets and to seek further opportunities to add value.”

More news

26 Jun US close: Stocks end mixed after disappointing data

US stocks ended mixed on Monday as investors digested some weaker-than-expected data.

26 Jun London close: FTSE higher as PM fashions DUP deal from election flotsam

London shares closed higher after PM Theresa May crafted a confidence and supply deal with Northern Ireland's DUP from the flotsam and jetsam of her general election humiliation.

26 Jun Lloyd's of London to cut UK staff by 10%, report says

Lloyd's of London will shrink its number of staff in the UK by a tenth in a bid to streamline operations in the face of heightened competition.

26 Jun Arconic shares hit by report it produced Grenfell cladding material

Arconic shares dropped 6% in early trade after the New York Times reported the company produced the material used for the cladding of the Grenfell Tower.

26 Jun Minoan Group shares rocket after winning legal battle in Crete

Shares in resort developer Minoan Group soared on Monday after it won a legal battle over its Itanos Gaia project in Crete.

26 Jun Bezant makes good progress at Colombia licence area

Mineral exploration and development company Bezant announced on Monday that its first gold platinum recovery plant, acquired on 31 May, had arrived on site at the FKJ-083 licence area in Colombia and was currently in the final stages of commissioning, with initial test production scheduled to occur by 30 June.

26 Jun US Supreme Court partially lifts Trump travel ban

President Donald Trump has had his travel ban partially reinstated by the US Supreme Court, which will take a final decision on the controversial policy in October.

26 Jun Sector movers: Miners undermined by risk appetite (or 'fat finger' trade)

Miners were at the bottom of the pile as risk appetite seeped back into the market following a deal in Italy to avoid a 'bank run' on two of the country's lenders, according to analysts.

26 Jun TfL consulting on huge Camden Town station expansion

Transport for London launched a public consultation on its plans to significantly increase capacity at one of the city’s most strained underground stations on Monday.

26 Jun Commodities: Crude casts off early gains to be firmly down this afternoon

Crude oil cast away its morning gains to be firmly south as bears again made their presence known in a market deeply uneasy about its chronic global supply overhang.