Volga Gas PLC Production Report For May 2017 (0850H)
05 June 2017 - 4:00PM
UK Regulatory
TIDMVGAS
RNS Number : 0850H
Volga Gas PLC
05 June 2017
5 June 2017
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
PRODUCTION REPORT FOR MAY 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 May 2017.
In May 2017, average gas processing capacity was reduced, as
expected, in order to permit full industrial testing of the new gas
sweetening process. This is expected to continue through June 2017,
but thereafter plant capacity is expected to be fully available
enabling Group production to return progressively to over 8,000 boe
per day. The implementation of the new Redox processing is expected
to reduce processing costs materially and since Redox is
regenerative, will substantially eliminate the requirement to
dispose of spent chemicals.
At the Uzen oil field, with road conditions restored after a wet
period in April, oil trucking and production was restored to normal
operating levels.
Group average production in May 2017 was 5,420 barrels of oil
equivalent per day (c.28% lower than April 2017).
Average production comprised:
May 2017 April 2017 Jan-May
Average average 2017
average
Gas: 22.4 mmcfd 32.6 mmcfd 28.9 mmcfd
Condensate 1,232 bpd 1,896 bpd 1,627 bpd
Oil 460 bpd 206 bpd 509 bpd
Total 5,420 boepd 7,533 boepd 6,947 boepd
Production data is based on preliminary monthly production
reports prepared for the purposes of submissions 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
S.P. Angel Corporate Finance LLP 3470 0470
Richard Redmayne, Richard Morrison,
Richard Hail
+44 (0) 20
FTI Consulting 3727 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 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
END
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