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VGAS Volga Gas Plc

23.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Volga Gas PLC PRODUCTION REPORT FOR DECEMBER 2018 (4261M)

08/01/2019 7:00am

UK Regulatory


Volga Gas (LSE:VGAS)
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TIDMVGAS

RNS Number : 4261M

Volga Gas PLC

08 January 2019

8 January 2019

Volga Gas plc

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

PRODUCTION REPORT FOR DECEMBER 2018

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 December 2018 and for the full year 2018.

In December 2018, average gas processing capacity utilisation decreased by 4% compared to November 2018. A minor decrease was caused with few low temperature disruptions.

The average production in December 2018 was 5,803 barrels of oil equivalent per day (4% lower than November 2018).

Average production comprised:

 
              December 2018   November 2018    Jan-Dec 2018 
                 Average         Average          Average 
 Gas:          21.6 mmcfd      22.5 mmcfd      18.8 mmcfd 
 Condensate     1,298 bpd       1,346 bpd       1,183 bpd 
 Oil             516 bpd         483 bpd         607 bpd 
 LPG             393 bpd         435 bpd         223 bpd 
 Total         5,803 boepd     6,021 boepd     5,144 boepd 
 

Actual production for the year to 31 December 2018 of 5,144 is marginally ahead of management's expectations of 5,000 boe per day including LPG volumes.

Production data is based on preliminary monthly production reports prepared for the purposes of submissions to tax authorities for Mineral Extraction Tax purposes.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information, please contact:

 
 Volga Gas plc 
                                                +7 (903) 385 9889 
 Andrey Zozulya, Chief Executive Officer         +7 (905) 381 4377 
  Vadim Son, Chief Financial Officer             +44 (0) 7824 884 
  Tony Alves, Investor Relations Consultant      342 
 
                                                +44 (0) 20 3470 
 S.P. Angel Corporate Finance LLP                0470 
 Richard Redmayne, Richard Morrison, Richard 
  Hail 
 
                                                +44 (0) 20 3727 
 FTI Consulting                                  1000 
 Alex Beagley, Fern Duncan 
 

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 and 11.735 barrels per tonne for LPG. Gas volumes are translated using 35.3 cubic feet per cubic meter 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

DRLUGURCGUPBGQM

(END) Dow Jones Newswires

January 08, 2019 02:00 ET (07:00 GMT)

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