Volga Gas PLC PRODUCTION REPORT FOR NOVEMBER 2019 (4696V)

TIDMVGAS

RNS Number : 4696V

Volga Gas PLC

03 December 2019

3 December 2019

Volga Gas plc

("Volga Gas", the "Company" or the "Group")

PRODUCTION REPORT FOR NOVEMBER 2019

Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, is pleased to provide the following update on its average production volumes for November 2019.

Production Report

The average production in November 2019 was 4,687 barrels of oil equivalent per day (50% higher than October 2019). Higher production resulted from greater plant uptime as the gas plant downtime caused by Gazprom pipeline maintenance and LPG expander equipment erection works in October 2019 was not repeated. The LPG expander was successfully set-up and is currently in a testing phase.

Average production comprised:

 
              November 2019   October 2019   Jan-November 2019 
                 Average         Average          Average 
 Gas:          13.5 mmcfd      8.3 mmcfd        16.6 mmcfd 
 Condensate     1,675 bpd      1,219 bpd         1,480 bpd 
 Oil             514 bpd        427 bpd           425 bpd 
 LPG             256 bpd        112 bpd           288 bpd 
 Total         4,687 boepd    3,134 boepd       4,968 boepd

Production data is based on preliminary monthly production reports prepared for the purposes of submissions to tax authorities for Mineral Extraction Tax purposes. Final monthly production reports may vary marginally from preliminary monthly production reports.

As at 30 November, the Group held cash balances of US$ 12.5 million, and has no debt.

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

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