3rd Dec 2019 11:03
(Alliance News) - Volga Gas PLC on Tuesday said its average daily production from Russian assets was higher in November compared to the prior month.
Volga Gas shares were trading 7.1% higher on Tuesday in London at 33.74 pence each.
The exploration and production company said average output of gas, oil and condensate in November totalled 4,687 barrels of oil equivalent daily, up 50% from 3,134 barrels in October.
The company explained that the higher production resulted from greater plant uptime, as the gas plant downtime caused by Gazprom pipeline maintenance and liquefied petroleum gas expander equipment erection works in October was not repeated.
Gas production and condensate output were 63% and 37% higher at 13.5 million cubic feet per day and 1,675 barrels per day, respectively, while oil output rose by 20% to 514 barrels per day in October.
Liquefied petroleum gas production also improved, more than doubling to 256 barrels from 112 barrels the prior month.
Looking ahead, Volga Gas said the liquefied petroleum gas expander was successfully set-up and is currently in a testing phase.
In addition, Volga Gas announced that Independent Non-Executive Director Ronald Freeman will be leaving the company at the end of 2019 after 13 years of service.
The company said it has already started a search process for another independent director to replace Freeman.
"On behalf of the board of Volga Gas, I would like to express our warmest appreciation to Ron for the support, guidance and wise counsel he has given the company for so many years," said Chair Mikhail Ivanov.
"He has been a key member of the board since the company's foundation and apart from being a valued colleague has also been a kind friend to all of us," added Ivanov.
By Evelina Grecenko; [email protected]
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