Volga Gas PLC Production Report for January 2017 (8031V)

TIDMVGAS

RNS Number : 8031V

Volga Gas PLC

02 February 2017

2 February 2017

Volga Gas plc

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

PRODUCTION REPORT FOR JANUARY 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 January 2017.

In January 2017, gas processing capacity continued to run at maximum level without disruptions. The average production in January 2017 was once more the highest in the Group's history at 8,176 barrels of oil equivalent per day. This was 1% higher than December 2016 and 71% higher than January 2016.

Average production comprised:

 
              January 2017   January 2016    December 
                 average        average         2016 
                                              average 
 Gas:          33.5 mmcfd     19.8 mmcfd    32.2 mmcfd 
 Condensate    1,826 bpd      1,349 bpd      1,799 bpd 
 Oil            770 bpd        134 bpd        893 bpd 
 Total        8,176 boepd    4,790 boepd    8,060 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

END

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February 02, 2017 02:00 ET (07:00 GMT)