Volga Gas PLC PRODUCTION REPORT FOR NOVEMBER 2020 (2007H)

TIDMVGAS

RNS Number : 2007H

Volga Gas PLC

02 December 2020

2 December 2020

Volga Gas plc

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

   PRODUCTION REPORT FOR NOVEMBER   2020 

Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, is pleased to provide the following update on its average production volumes for November 20 20 .

Production Report

The average production in November 20 20 was 2 , 945 barrels of oil equivalent per day ( 20.0 % lower than October 2020). This decrease was driven by the planned four days gas processing plant maintenance and full month well 4VM shut-down pending for workover and pump's parts replacement.

Average production comprised:

 
              N ov 2 020     O ct 2 020    Jan-N ov 2020 
                Average        Average        Average 
 Gas:          6.1 mmcfd     9.1 mmcfd       8.5 mmcfd 
 Condensate    1,165 bpd     1, 442 bpd     1, 528 bpd 
 Oil            619 bpd       494 bpd        5 12 bpd 
 LPG            150 bpd       22 7 bpd       1 8 2 bpd 
 Total        2,945 boepd   3, 680 boepd   3 , 644 boepd 
 

Production data is based preliminary on monthly production reports prepared for submissions to the tax authorities for Mineral Extraction Tax purposes. Final monthly production reports may vary marginally from preliminary monthly production reports.

   As at 30   November 2020, the Group held cash balances of US$11. 2 million, and has no debt. 

Pricing update

Domestic pricing for oil, condensate and LPG were improved mainly due to Urals price increase during the month. Gas price is fixed in RUR. Average pricing was:

 
   Pricing ex VAT, USD      Nov 2020    Oct 2020   Jan-N ov 
                             Average     Average      2020 
                                                    Average 
 Exchange Rate (RUR/USD)    7 7. 0462   7 7.5924   71 . 9697 
 Gas price per mcf            1.6 8       1.67       1.8 0 
 Condensate price per 
  bbl                       2 7 . 59     24.26      26.3 8 
 Oil price per bbl          3 4 . 11    3 2 .37    3 1 . 98 
 LPG price per bbl           60 .6 0     29.68      27. 30 
 

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 Morrison, Richard Hail, Adam Cowl 
 
                                               [phone] 
 FTI Consulting                                 1000 
 A lex 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 meters (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 

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December 02, 2020 02:00 ET (07:00 GMT)