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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 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMVGAS
RNS Number : 4566V
Volga Gas PLC
03 November 2017
3 November 2017
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
PRODUCTION REPORT FOR OCTOBER 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 October 2017.
In October 2017, average gas processing capacity utilisation increased by 5% compared to September 2017, while test production continued using exclusively the new Redox gas sweetening process. During October 2017, the Dobrinskoye gas plant performed well in spite of some temporary disruptions caused by scheduled maintenance operations on the regional Gazprom pipeline system which constrained input of gas from the plant for seven days.
In the coming months, implementation of the new process will continue with gradual increases in production. During this period it is expected that the average daily production of gas and condensate would be in the region of 3,600 boepd resulting in Group production of approximately 4,300 boe per day, excluding additional potential production from the Uzen well #101 and incremental volumes from the LPG project on which construction is close to completion and commissioning expected during December 2017.
The Uzen well #101 test production commenced in September 2017, utilizing electrical submersible pumps. While the absence of the necessary storage capacity at the well site has constrained the ability to conduct a full, extended well test; the data collected from the production testing operations indicate that the well would be able to sustain a flow rate within the range of management's expectations of 600 barrels of oil per day. Production testing continues while construction of a well site storage facility and a flow line to the main Uzen oil field facility is concluded - expected during December 2017.
The average production in October 2017 was 3,432 barrels of oil equivalent per day (1% higher than September 2017).
Average production comprised:
October 2017 September 2017 Jan-Oct Average Average 2017 Average Gas: 12.0 mmcfd 11.4 mmcfd 19.3 mmcfd Condensate 862 bpd 944 bpd 1,149 bpd Oil 577 bpd 572 bpd 552 bpd Total 3,432 boepd 3,409 boepd 4,914 boepd
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 +7 (905) 381 Officer 4377 Vadim Son, Chief Financial Officer +44 (0) 7824 Tony Alves, Investor Relations Consultant 884 342 +44 (0) 20 S.P. Angel Corporate Finance LLP 3470 0470 Richard Redmayne, Richard Morrison, Richard Hail +44 (0) 20 FTI Consulting 3727 1000 Edward Westropp, Alex Beagley
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 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 company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
November 03, 2017 03:00 ET (07:00 GMT)
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