Volga Gas PLC LPG Production Commences (4903O)
18 May 2018 - 4:00PM
UK Regulatory
TIDMVGAS
RNS Number : 4903O
Volga Gas PLC
18 May 2018
18 May 2018
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
LPG PRODUCTION COMMENCES
Volga Gas plc, the oil and gas exploration and production group
operating in the Volga Region of Russia, is pleased to announce
that production of liquid petroleum gases ("LPG") has commenced at
its Dobrinskoye gas processing plant.
Following a period of commissioning and testing conducted during
April, the first commercial load of LPG was transported from the
gas processing plant on 17 May 2018.
By mid-June 2018, the plant is expected to reach full
operational capacity at which point LPG production is planned to be
at a rate of 50 tonnes per day, equivalent to approximately 400
barrels of oil per day.
Andrey Zozulya, Chief Executive Officer commented:
"I am very pleased that this important project has reached the
point of first production. The delivery of the LPG project is one
of the key events for Volga Gas in 2018 and will be a meaningful
addition to the Group's revenue and profits. The incremental volume
represents a 10% increase in sales volumes".
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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