2nd Nov 2016 07:00
2 November 2016
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
PRODUCTION REPORT FOR OCTOBER 2016
Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, is pleased to announce its average production volumes for October 2016 and for the year to date.
During October 2016, gas processing capacity was temporarily reduced while undertaking tests of new chemicals for gas sweetening. Consequently, average Group production for October 2016 was 7,494 barrels of oil equivalent per day (4.9% lower than September 2016). Monthly production comprised:
October 2016 average | Jan-Oct 2016 average | |
Gas: | 28.7 mmcfd | 25.3 mmcfd |
Condensate | 1,581 bpd | 1,574 bpd |
Oil | 1,132 bpd | 655 bpd |
Total | 7,494 boepd | 6,452 boepd |
Production data is based on monthly production reports submitted to tax authorities for Mineral Extraction Tax purposes.
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 |
Stifel Nicolaus Europe Limited (Nominated Adviser and Broker) | +44 (0)20 7710 7600 |
Callum Stewart, Ashton Clanfield | |
FTI Consulting | +44 (0)20 3727 1000 |
Edward Westropp, Alex Beagley |
Editors' 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.
This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company's obligations under Article 17 of that Regulation.
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. Gas volumes are translated using 35.3 cubic feet per cubic metre and 6,000 cubic feet per barrel of oil equivalent.
Glossary:
bpd Barrels per day
boepd Barrels of oil equivalent per day
mmcfd Millions of standard cubic feet per day
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