Production Report For February 2017

Released : 02.03.2017

RNS Number : 3506Y
Volga Gas PLC
02 March 2017
 

2 March 2017

Volga Gas plc

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

 

PRODUCTION REPORT FOR FEBRUARY 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 February 2017.

 

In February 2017, gas processing capacity continued to run at maximum level without significant disruptions.  The average production in February 2017 was 8,022 barrels of oil equivalent per day (2% lower than January 2017).

 

Average production comprised:

 


February 2017

average

January 2017

average

 Jan-Feb 2017

average


Gas:

32.5 mmcfd

33.5 mmcfd

33.0 mmcfd


Condensate

1,918 bpd

1,826 bpd

1,870 bpd


Oil

693 bpd

770 bpd

734 bpd


Total

8,022 boepd

8,176 boepd

8,103 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


Andrey Zozulya, Chief Executive Officer

Vadim Son, Chief Financial Officer

Tony Alves, Investor Relations Consultant

+7 (903) 385 9889

+7 (905) 381 4377

+44 (0)7824 884 342



S.P. Angel Corporate Finance LLP

+44 (0)20 3470 0470

Richard Redmayne, Richard Morrison, Richard Hail




FTI Consulting

+44 (0)20 3727 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
 
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