Volga Gas PLC Production Report for December 2017 (7471A)
03 January 2018 - 6:00PM
UK Regulatory
TIDMVGAS
RNS Number : 7471A
Volga Gas PLC
03 January 2018
3 January 2018
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
PRODUCTION REPORT FOR DECEMBER 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 December 2017.
In December 2017, average gas processing capacity utilisation
increased by 8% compared to November 2017, while test production
continued using exclusively the new Redox gas sweetening process.
While the Redox process set-up continued in December 2017 the
proportion of gas supplied into the pipeline increased to 85% of
produced gas, compared to just 60% in November 2017, the remaining
15% being flared.
In the coming months, implementation of the new process will
continue and current production rates planned to be maintained.
During this period it is expected that the average daily production
of gas and condensate would remain in the region of 4,500 boepd
resulting in Group production of approximately 5,300 boe per day,
excluding incremental volumes from the LPG project. Construction
and commissioning of the LPG project is close to completion but is
now expected in Q1-2018.
The average production in December 2017 was 5,289 barrels of oil
equivalent per day (7% higher than November 2017).
Average production comprised:
December 2017 November 2017 Jan-Dec
Average Average 2017
Average
Gas: 18.8 mmcfd 18.0 mmcfd 19.1 mmcfd
Condensate 1,338 bpd 1,134 bpd 1,163 bpd
Oil 815 bpd 811 bpd 596 bpd
Total 5,289 boepd 4,946 boepd 4,948 boepd
Production data is based on preliminary monthly production
reports prepared for the purposes of submissions to tax authorities
for Mineral Extraction Tax purposes.
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
+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
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
END
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