Volga Gas PLC PRODUCTION REPORT FOR SEPTEMBER 2018 (0404D)
October 05 2018 - 2:00AM
UK Regulatory
TIDMVGAS
RNS Number : 0404D
Volga Gas PLC
05 October 2018
5 October 2018
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
PRODUCTION REPORT FOR SEPTEMBER 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 September 2018.
In September 2018, average gas processing capacity utilisation
decreased by 19% compared to August 2018 as the Gazprom pipeline
maintenance programme, which started in July, resumed in September
after a break in August. The decrease in oil production by 27%
compared to the prior month was driven by the workover operations
on the Uzen 6bis well. Production from this well is expected to
resume imminently.
The average production in September 2018 was 4,988 barrels of
oil equivalent per day (16% lower than August 2018).
Average production comprised:
September 2018 August 2018 Jan-Sep 2018
Average Average Average
Gas: 18.8 mmcfd 22.4 mmcfd 17.6 mmcfd
Condensate 1,138 bpd 1,361 bpd1361 1,133 bpd
Oil 360 bpd 495 bpd 638 bpd
LPG 360 bpd 339 bpd 157 bpd
Total 4,988 boepd 5,921 boepd 4,867 boepd
Actual production is in line with management expectations of
production at average level of approximately 4,500 boe per day for
the year ending 31 December 2018. This excludes incremental volumes
from the LPG project, which are expected to add a further 400 boepd
once the LPG facility is fully tuned.
Production data is based on preliminary monthly production
reports prepared for the purposes of submissions to tax authorities
for Mineral Extraction Tax purposes.
The gas condensate production numbers for August 2018, as
announced on 6 September 2018, have been revised upwards from 1,357
bpd to 1,361 bpd in line with the final official submissions. Gas,
Oil and LPG volumes are unchanged. The total production number for
August 2018 is consequently revised from 5,916 to 5,921 boepd. LPG
year-to-date average was adjusted to average from January-to-date
rather than from May-to-date when actual LPG production was
launched.
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 Officer +7 (905) 381 4377
Vadim Son, Chief Financial Officer +44 (0) 7824 884
Tony Alves, Investor Relations Consultant 342
+44 (0) 20 3470
S.P. Angel Corporate Finance LLP 0470
Richard Redmayne, Richard Morrison, Richard
Hail
+44 (0) 20 3727
FTI Consulting 1000
Alex Beagley, Fern Duncan
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 and 11.735 barrels per tonne for
LPG. 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
DRLMIBATMBMMBIP
(END) Dow Jones Newswires
October 05, 2018 02:00 ET (06:00 GMT)
Volga Gas (LSE:VGAS)
Historical Stock Chart
From Apr 2024 to May 2024
Volga Gas (LSE:VGAS)
Historical Stock Chart
From May 2023 to May 2024