Volga Gas PLC PRODUCTION REPORT FOR NOVEMBER 2018 (2218J)

TIDMVGAS

RNS Number : 2218J

Volga Gas PLC

04 December 2018

4 December 2018

Volga Gas plc

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

PRODUCTION REPORT FOR NOVEMBER 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 November 2018.

In November 2018, average gas processing capacity utilisation remained at levels similar to those achieved in October 2018.

Average production in November 2018 was 6,021 barrels of oil equivalent per day (1% lower than October 2018).

Average production comprised:

 
              November 2018   October 2018    Jan-Nov 2018 
                 Average         Average         Average 
 Gas:          22.5 mmcfd      22.5 mmcfd     18.5 mmcfd 
 Condensate     1,346 bpd      1,344 bpd       1,172 bpd 
 Oil             483 bpd        541 bpd         615 bpd 
 LPG             435 bpd        434 bpd         208 bpd 
 Total         6,021 boepd    6,071 boepd     5,083 boepd 
 

Actual production is in line with management expectations with production, including LPG volumes, averaging slightly more than 5,000 boe per day for the year ending 31 December 2018.

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 
                                                [phone] 
 Andrey Zozulya, Chief Executive Officer         [phone] 
  Vadim Son, Chief Financial Officer             [phone] 
  Tony Alves, Investor Relations Consultant      342 
 
                                                [phone] 
 S.P. Angel Corporate Finance LLP                0470 
 Richard Redmayne, Richard Morrison, Richard 
  Hail 
 
                                                [phone] 
 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 [e-mail] or visit www.rns.com.

END

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December 04, 2018 02:00 ET (07:00 GMT)