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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Volga Gas Plc | LSE:VGAS | London | Ordinary Share | GB00B1VN4809 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.50 | 22.00 | 25.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMVGAS
RNS Number : 4787J
Volga Gas PLC
18 December 2015
18 December 2015
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
GAS & CONDENSATE PRODUCTION INCREASED
Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, is pleased to announce that combined production of gas from its Vostochny Makarovskoye ("VM") and Dobrinskoye fields has reached its short term target of 750,000 m3 per day. Including associated condensate of approximately 1,400 barrels per day, the total production rate is equivalent to 5,700 barrels of oil equivalent per day ("boepd").
As announced on 14 December 2015, the VM#4 well, in which the Group drilled a successful sidetrack earlier in 2015, was recently put on production. Following a short build-up, by 16 December 2015, the combined output from four wells, VM#1, VM#2, VM#4 and Dobrinskoye #22 produced 755,000 m(3) per day of sales gas from the Dobrinskoye Gas Plant.
Andrey Zozulya, Chief Executive of Volga Gas, commented:
"We are delighted to have achieved the important production target with the new well on the VM field. With the completion of the VM#3 well, which is already drilled but awaiting tie-back, the Group is well placed to reach an eventual plateau of 1 million cubic metres of daily gas production from the VM and Dobrinskoye fields."
For further information, please contact:
Volga Gas plc +7 903 385 Andrey Zozulya, Chief Executive 9889 Officer +44 (0)20 8622 Tony Alves, Chief Financial Officer 4451 Stifel Nicolaus Europe Limited (Nominated +44 (0)20 7710 Adviser and Broker) 7600 Michael Shaw, Ashton Clanfield +44 (0)20 3727 FTI Consulting 1000 Edward Westropp, Alex Beagley
Editors' notes:
Volga Gas is an independent oil and gas exploration and production company operating in the Volga region of Russia. The company has 100% interests in its four licence areas.
The information contained in this announcement has been reviewed and verified by Mr. Andrey Zozulya, Director and 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 information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
December 18, 2015 02:00 ET (07:00 GMT)
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