Volga Gas PLC LPG Project Authorisation (3480Q)
November 29 2016 - 2:00AM
UK Regulatory
TIDMVGAS
RNS Number : 3480Q
Volga Gas PLC
29 November 2016
29 November 2016
Volga Gas Plc
("Volga Gas" or the "Company")
LPG Project
Volga Gas Plc, the oil and gas exploration and production group
operating in the Volga Region of Russia is pleased to announce that
the Board of the Company has given preliminary authorisation to a
project based at the Group's Dobrinskoye Gas Processing plant for
the capture, storage and sale of liquid petroleum gases (LPGs) from
the gas and condensate streams produced from the Vostochny
Makarovskoye and Dobrinskoye fields. LPGs, primarily comprising
propane and butane, are currently either included in the sales gas
stream or flared.
The LPG project will provide an additional product stream which
is expected to increase total sales volumes by approximately 10%
and to enhance profitability.
The construction of the project is expected, subject to the
necessary regulatory approvals, to commence during 2Q 2017 and be
completed before the end of 2017. The total capital investment in
the project is estimated at US$5.0 million.
The project can be funded from the Group's existing cash
resources which currently stand at approximately US$13 million.
For further information, please contact:
Volga Gas Plc
+7 (903)
385 9889
Andrey Zozulya, Chief Executive +7 (905)
Officer 381 4377
Vadim Son, Chief Financial Officer +44 (0)7824
Tony Alves, Investor Relations Consultant 884 342
SP Angel Corporate Finance (Nominated +44 (0)20
Adviser and Broker) 3470 0470
Richard Redmayne, Richard Morrison,
Soltan Tagiev
+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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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