Volga Gas PLC PRODUCTION REPORT FOR MARCH 2017 (4416B)

TIDMVGAS

RNS Number : 4416B

Volga Gas PLC

04 April 2017

4 April 2017

Volga Gas plc

("Volga Gas", the "Company" or the "Group")

PRODUCTION REPORT FOR MARCH 2017

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 March 2017.

In March 2017, average gas processing capacity was reduced due to regular maintenance of production facilities and normal seasonal disruptions to transportation of oil from the Uzen field. The average production in March 2017 was 5,611 barrels of oil equivalent per day (30% lower than February 2017).

Average production comprised:

 
              March 2017    February 2017     Jan-Mar 
                average        average          2017 
                                               Average 
 Gas:         23.3 mmcfd     32.5 mmcfd     29.7 mmcfd 
 Condensate    1,302 bpd      1,918 bpd      1,674 bpd 
 Oil            424 bpd        693 bpd        627 bpd 
 Total        5,611 boepd    8,022 boepd    7,245 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 
                                               +7 (903) 385 
                                                9889 
 Andrey Zozulya, Chief Executive                +7 (905) 381 
  Officer                                       4377 
  Vadim Son, Chief Financial Officer            +44 (0)7824 
  Tony Alves, Investor Relations Consultant     884 342 
 
                                               [phone] 
 S.P. Angel Corporate Finance LLP               0470 
 Richard Redmayne, Richard Morrison, 
  Richard Hail 
 
                                               [phone] 
 FTI Consulting                                 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 

This information is provided by RNS

The company news service from the London Stock Exchange

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April 04, 2017 02:01 ET (06:01 GMT)