4th Jul 2018 11:10
LONDON (Alliance News) - Volga Gas PLC on Wednesday maintained its guidance despite average production in June significantly exceeding management expectations.
The exploration company said the average production of gas, oil and condensate in June totalled 6,628 barrels equivalent daily, up 18% from 5,614 barrels equivalent daily in May.
Gas production climbed to 24.8 million cubic feet per day from 20.8 million in May, oil output grew to 646 barrels per day from 631 the month before, while condensate output increased to 1,502 barrels per day from 1,371 in May.
Gas processing capacity utilisation also improved by 20% compared to May, as liquid petroleum gas production testing continued. in May, liquid petroleum gas production improved to 352 barrels per day from 142 barrels the month before. The company expects the works to be finalised at the end of June.
Looking forward, Volga Gas said it retains it production guidance for July at 4,500 barrel equivalent per day, despite the fact that production in June exceeded management previous guidance. The guidance excludes incremental volumes from liquid petroleum gas project, the company noted, which is expected to add another 400 barres equivalent per day when fully commissioned.
Shares in Volga Gas were untraded on Wednesday, last quoted at 52.45 pence each.
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