Volga Gas PLC PRODUCTION REPORT FOR DECEMBER 2018 (4261M)
January 08 2019 - 2:00AM
UK Regulatory
TIDMVGAS
RNS Number : 4261M
Volga Gas PLC
08 January 2019
8 January 2019
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
PRODUCTION REPORT FOR DECEMBER 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 December 2018 and for the full year
2018.
In December 2018, average gas processing capacity utilisation
decreased by 4% compared to November 2018. A minor decrease was
caused with few low temperature disruptions.
The average production in December 2018 was 5,803 barrels of oil
equivalent per day (4% lower than November 2018).
Average production comprised:
December 2018 November 2018 Jan-Dec 2018
Average Average Average
Gas: 21.6 mmcfd 22.5 mmcfd 18.8 mmcfd
Condensate 1,298 bpd 1,346 bpd 1,183 bpd
Oil 516 bpd 483 bpd 607 bpd
LPG 393 bpd 435 bpd 223 bpd
Total 5,803 boepd 6,021 boepd 5,144 boepd
Actual production for the year to 31 December 2018 of 5,144 is
marginally ahead of management's expectations of 5,000 boe per day
including LPG volumes.
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 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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