6th Sep 2018 12:07
LONDON (Alliance News) - Oil & gas exploration and production company Volga Gas PLC on Thursday said total production increased from July to August after its July production had suffered the effects of Gazprom pipeline maintenance.
This maintenance, which resulted in downtime, meant that average gas processing capacity in August was 35% ahead of July, increasing to 22.4 million cubic feet per day from 16.6 million.
Average total production for August was 5,916 barrels of oil equivalent per day, 31% ahead of the 4,516 average barrels recorded for July.
Average production from January to August was 4,980 barrels of oil equivalent per day.
"Actual production is in line with management expectations of production at an average level of approximately 4,500 barrels of oil equivalent per day for the year ending 31 December. This excludes incremental volumes from the liquid petroleum gas project, which are expected to add a further 400 barrels of oil equivalent per day once the liquid petroleum gas facility is fully tuned.
Shares in Volga Gas were untraded at 52.01 pence on Thursday.
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VGAS.L