Volga Gas PLC Production Report for August 2016 (0895K)

TIDMVGAS

RNS Number : 0895K

Volga Gas PLC

16 September 2016

16 September 2016

Volga Gas plc

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

PRODUCTION REPORT FOR AUGUST 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 August 2016 and for the year to date.

Average Group production for August 2016 was 7,081 barrels of oil equivalent per day (11.5% higher than July 2016). This was the highest monthly production rate achieved in 2016 and comprised:

 
              August 2016   Jan-Aug 2016 
                average        average 
 Gas:         26.9 mmcfd     24.2 mmcfd 
 Condensate    1,546 bpd     1,552 bpd 
 Oil           1,050 bpd      557 bpd 
 Total        7,081 boepd   6,144 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 
 
 Stifel Nicolaus Europe Limited (Nominated     [phone] 
  Adviser and Broker)                           7600 
 Callum Stewart, Ashton Clanfield 
 
                                               [phone] 
 FTI Consulting                                 1000 
 Edward Westropp, Alex Beagley 
 

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

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.

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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September 16, 2016 08:01 ET (12:01 GMT)