Volga Gas PLC Production Report For November 2016 (8887Q)

TIDMVGAS

RNS Number : 8887Q

Volga Gas PLC

05 December 2016

5 December 2016

Volga Gas plc

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

PRODUCTION REPORT FOR NOVEMBER 2016

Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, is pleased to its average production volumes for November 2016 and for the year to date.

During November 2016, gas processing capacity was temporarily reduced while undertaking the testing of new chemicals for gas sweetening, as well as planned maintenance downtime of the plant for one week. Consequently, average Group production for November 2016 was 5,454 barrels of oil equivalent per day (27% lower than October 2016).

Monthly production comprised:

 
              November 2016   Jan-Nov 2016 
                 average         average 
 Gas:          19.8 mmcfd      24.8 mmcfd 
 Condensate     1,130 bpd      1,534 bpd 
 Oil            1,026 bpd       689 bpd 
 Total         5,454 boepd    6,363 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, 
  Soltan Tagiev 
 
                                               [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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December 05, 2016 02:45 ET (07:45 GMT)