Volga Gas PLC Gas & Condensate Production Increased (4787J)
December 18 2015 - 2:00AM
UK Regulatory
TIDMVGAS
RNS Number : 4787J
Volga Gas PLC
18 December 2015
18 December 2015
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
GAS & CONDENSATE PRODUCTION INCREASED
Volga Gas plc, the oil and gas exploration and production group
operating in the Volga Region of Russia, is pleased to announce
that combined production of gas from its Vostochny Makarovskoye
("VM") and Dobrinskoye fields has reached its short term target of
750,000 m3 per day. Including associated condensate of
approximately 1,400 barrels per day, the total production rate is
equivalent to 5,700 barrels of oil equivalent per day
("boepd").
As announced on 14 December 2015, the VM#4 well, in which the
Group drilled a successful sidetrack earlier in 2015, was recently
put on production. Following a short build-up, by 16 December 2015,
the combined output from four wells, VM#1, VM#2, VM#4 and
Dobrinskoye #22 produced 755,000 m(3) per day of sales gas from the
Dobrinskoye Gas Plant.
Andrey Zozulya, Chief Executive of Volga Gas, commented:
"We are delighted to have achieved the important production
target with the new well on the VM field. With the completion of
the VM#3 well, which is already drilled but awaiting tie-back, the
Group is well placed to reach an eventual plateau of 1 million
cubic metres of daily gas production from the VM and Dobrinskoye
fields."
For further information, please contact:
Volga Gas plc
+7 903 385
Andrey Zozulya, Chief Executive 9889
Officer +44 (0)20 8622
Tony Alves, Chief Financial Officer 4451
Stifel Nicolaus Europe Limited (Nominated +44 (0)20 7710
Adviser and Broker) 7600
Michael Shaw, Ashton Clanfield
+44 (0)20 3727
FTI Consulting 1000
Edward Westropp, Alex Beagley
Editors' notes:
Volga Gas is an independent oil and gas exploration and
production company operating in the Volga region of Russia. The
company has 100% interests in its four licence areas.
The information contained in this announcement has been reviewed
and verified by Mr. Andrey Zozulya, Director and 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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