8th Jan 2019 09:56
LONDON (Alliance News) - Volga Gas PLC on Tuesday said its average daily production from Russian assets decreased in December.
The exploration company said the average production of gas, oil and condensate in December totalled 5,803 barrels equivalent daily, down 3.6% from 6,021 barrels in November.
Volga Gas explained that the decrease was caused by cold weather conditions.
Gas production was 4.0% lower at 21.6 million cubic feet per day, oil output rose to 516 barrels per day from 483 barrels produced the month before, while condensate output fell marginally to 1,298 barrels per day from 1,346 in November.
Average production for the year to December 31 was 5,144 barrels, marginally ahead of management's expectations of 5,000 barrels of oil per day.
Shares in Volga Gas were untraded on Tuesday, last closing at 50.01 pence each.
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VGAS.L