Volga Gas PLC PRODUCTION REPORT FOR DECEMBER 2016 (1770T)
03 January 2017 - 8:51PM
UK Regulatory
TIDMVGAS
RNS Number : 1770T
Volga Gas PLC
03 January 2017
3 January 2017
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
PRODUCTION REPORT FOR DECEMBER 2016
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 December 2016 and for the full year
2016.
In December 2016, gas processing capacity returned to its normal
level after a temporary reduction due to the testing of new
chemicals for gas sweetening and for scheduled maintenance. The
average production in December 2016 was the highest in the Group's
history of 8,060 barrels of oil equivalent per day (48% higher than
November 2016) and compares to an average annual production of
3,278 boepd for 2015.
Average production comprised:
December 2016 FY 2016 FY 2015
average average average
Gas: 32.2 mmcfd 25.5 mmcfd 12.5 mmcfd
Condensate 1,799 bpd 1,557 bpd 784 bpd
Oil 893 bpd 706 bpd 418 bpd
Total 8,060 boepd 6,507 boepd 3,278 boepd
Production data is based on monthly production reports submitted
to tax authorities for Mineral Extraction Tax purposes.
For further information, please contact:
Volga Gas plc
+7 (903) 385
9889
Andrey Zozulya, Chief Executive +7 (905) 381
Officer 4377
Vadim Son, Chief Financial Officer +44 (0)7824
Tony Alves, Investor Relations Consultant 884 342
+44 (0)20 3470
S.P. Angel Corporate Finance LLP 0470
Richard Redmayne, Richard Morrison,
Richard Hail
+44 (0)20 3727
FTI Consulting 1000
Edward Westropp, Alex Beagley
Editors' 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.
This announcement contains inside information as defined in EU
Regulation No. 596/2014 and is in accordance with the Company's
obligations under Article 17 of that Regulation.
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 metre 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
END
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