2nd Jul 2019 14:06
(Alliance News) - Russia-focused Volga Gas PLC on Tuesday reported a near 50% rise in monthly production, though this was in part due to maintenance in May.
For June, Volga's average output from its assets in Russia's Volga region was 6,190 barrels of oil equivalent per day, 47% higher than the 4,221 barrels in May.
May had suffered somewhat, Volga said, due to pipeline maintenance by Russian energy firm Gazprom, with June reaching normal levels once again.
Volga has reiterated its 2019 production guidance of 5,900 barrels of oil equivalent per day on average, with 2018 having stood at 5,144 barrels.
On the drilling front, Volga finished at the start of June a sidetrack well at Uzen 4, targeting the Albian reservoir. This reached 1,132 metres, and initial flow testing has led to the production of both oil and gas.
Testing has now started, and will continue throughout July for more hydrodynamic measurements.
Volga Gas shares were 12% higher on Tuesday afternoon in London at 77.88 pence each.
Related Shares:
VGAS.L