Volga Gas PLC Production Report For May 2018 (2497Q)
June 05 2018 - 2:00AM
UK Regulatory
TIDMVGAS
RNS Number : 2497Q
Volga Gas PLC
05 June 2018
5 June 2018
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
PRODUCTION REPORT FOR MAY 2018
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 2018.
In May 2018, average gas processing capacity utilisation
increased by 64% compared to April 2018 as LPG production testing
commenced. While production continued using exclusively the new
Redox gas sweetening process, there was also effectively full
uptime at the gas plant during the month.
In the coming months, optimisation of the Redox gas sweetening
process will continue. During this period, with normal levels of
operational downtime, management expects to produce on average
3,800 boepd of gas and condensate, in line with earlier
expectations, resulting in Group production of approximately 4,500
boe per day. This excludes incremental volumes from the LPG
project, which are expected to add a further 400 boepd once the LPG
facility is fully commissioned.
LPG production testing is expected to be completed by end of
June 2018.
The average production in May 2018 was 5,919 barrels of oil
equivalent per day (56% higher than April 2018).
Average production comprised:
May 2018 April 2018 Jan-May
Average Average 2018
Average
Gas: 22.6 mmcfd 13.8 mmcfd 15.5 mmcfd
Condensate 1,371 bpd 796 bpd 1,037 bpd
Oil 636 bpd 688 bpd 747 bpd
LPG 142 bpd - 29 bpd
Total 5,919 boepd 3,788 boepd 4,402 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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