6th Jan 2020 07:00
6 January 2020
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
PRODUCTION REPORT FOR DECEMBER 2019
Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, is pleased to provide the following update on its average production volumes for December 2019 and for the full year 2019.
Production Report
The average production in December 2019 was 4,505 barrels of oil equivalent per day (4% lower than November 2019). The gas plant unit was working without disruption during the month while the LPG expander unit was tested and tuned. This new unit has enabled a higher rate of LPG extraction from the gas stream compared to that achieved with the original LPG unit.
Average production comprised:
December 2019 Average | November 2019 Average | Jan-December 2019 Average | |
Gas: | 11.9 mmcfd | 13.5 mmcfd | 16.3 mmcfd |
Condensate | 1,795 bpd | 1,675 bpd | 1,507 bpd |
Oil | 443 bpd | 514 bpd | 427 bpd |
LPG | 285 bpd | 256 bpd | 287 bpd |
Total | 4,505 boepd | 4,687 boepd | 4,930 boepd |
Production data is based on preliminary monthly production reports prepared for the purposes of submissions to tax authorities for Mineral Extraction Tax purposes. Final monthly production reports may vary marginally from preliminary monthly production reports.
As at 31 December, the Group held cash balances of US$ 14.1 million, and had no debt.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For further information, please contact:
Volga Gas plc | |
Andrey Zozulya, Chief Executive Officer Vadim Son, Chief Financial Officer Tony Alves, Investor Relations Consultant | +7 (903) 385 9889 +7 (905) 381 4377 +44 (0) 7824 884 342 |
S.P. Angel Corporate Finance LLP | +44 (0) 20 3470 0470 |
Richard Redmayne, Richard Morrison, Richard Hail | |
FTI Consulting | +44 (0) 20 3727 1000 |
Alex Beagley, Fern Duncan |
Notes
The information contained in this announcement has been reviewed and verified by Mr. Andrey Zozulya, Chief Executive Officer of Volga Gas plc, for the purposes of the Guidance Note for Mining, Oil and Gas companies issued by the London Stock Exchange in June 2009. Mr. Andrey Zozulya holds a degree in Geophysics and Engineering from the Groznensky Oil & Gas Institute and is a member of the Society of Petroleum Engineers.
The Company records production in metric tonnes (for oil and condensate) and in cubic metres (for gas). Conversions from metric to standard oil field units are used for illustrative purposes only and are based on the Company's estimate of the applicable ratios. The ratios used are 7.833 barrels per tonne for oil and 8.75 barrels per tonne for condensate and 11.735 barrels per tonne for LPG. Gas volumes are translated using 35.3 cubic feet per cubic meter and 6,000 cubic feet per barrel of oil equivalent.
Glossary
bpd Barrels per day
boepd Barrels of oil equivalent per day
LPG Liquefied petroleum gas
mmcfd Millions of standard cubic feet per day
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