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Precaspian Area: new supra salt prospect Volga Gas plc ("Volga Gas" or the "Company"), the oil and gas exploration and production group operating in the Volga Region of Russia, is pleased to announce that the State Committee for Resources has approved new C3 prospective resource estimates for a new supra-salt prospect in the Company's Precaspian Licence Area. The new resources add approximately 58 million barrels of oil equivalent to the Company's Russian C3 resources. On 29 July 2011, the Company received notification that a well passport has been approved for a new exploration well, called Mirnaya, in the Precaspian Licence Area. The C3 prospective resources in Mirnaya comprise two separate horizons of Jurassic and Triassic age which contain cumulatively unrisked resources of 7.4 million tonnes (54 mmbbl) of recoverable oil plus 0.7 billion cubic metres (26 bcf) of associated gas. These resources are within a depth of 1,220 metres. Volga Gas has commenced the process of planning for an exploration well to test these potential resources and drilling operations are expected to commence before the end of 2011. An exploration well to test these C3 resources is estimated to cost approximately $1.5 million.
http://www.investegate.co.uk/Article.aspx?id=201108010700124425L
http://www.oilvoice.com/n/Volga_Gas_Provide_Update_of_Russia_Operations/af4ccc34e.aspx A really good update on present and future operations, looking very good indeed. Well pleased to be invested here.
Volgas gas rises 3% following trading update Date: Friday 17 Jun 2011 LONDON (ShareCast) - The Russia based oil and gas exploration and production group Volgas gas has today provided an update on current activities. First of all, the acquisition of the Dobrinskoye gas field and plant was completed during April 2011 and began contributing to revenues as of 1 April 2011. Secondly, it points out, total production in May 2011 averaged 3,485 boepd, providing revenues of US$3.9m for the month. At its Uzenskoye field average production for the year to the 31 May 2011 was reduced to 1,109 bopd, due to weather conditions, whereas in May its average production reached 1,329 bopd. A new well, Uzen #11, is expected to be drilled and completed later in 2011 or early 2012. Thirdly, the company calls attention to the fact that test production continues at its Vostochny Makarovskoye field and that the wells are to be connected to the gas plant during the summer of 2011. Lastly, the outfit has indicated that at 31 May 2011 the Company had US$14.4m in cash and debt of US$9.0m. According to the firm's executives, "The inclusion of the Dobrinskoye field and the rising revenues from Uzenskoye oil sales has significantly increased the Group's net operating cash generation." As of 14:02PM shares of Volgas are rising by 2.6%, to 129.5p, in London trading.
Mikhail Ivanov, Chief Executive of Volga Gas commented: "The acquisition of Gazneftedobyche in April was a turning point for Volga Gas; not only did it resolve a difficult commercial situation, but the additional assets have enabled the Group's financial performance to rise to a new level and enabled us to move towards bringing the Vostochny Makarovskoye field into full production. "The increasing production levels, continuing development drilling and exploration activities provide us with a platform to significantly grow our business in terms of reserves, future production and cash flow. We also stay alert and focused on acquisition opportunities that may arise in the region."
OPERATIONAL UPDATE Following its recent Annual General Meeting, Volga Gas Plc ("Volga Gas" or the "Company" or the "Group"), the oil and gas exploration and production group operating in the Volga Region of Russia,is pleased to provide an update on current activities. Highlights · Acquisition of Dobrinskoye gas field and plant was completed during April 2011 and began contributing to revenues as of 1 April 2011. · Total production in May 2011 averaged 3,485 boepd, providing revenues of US$3.9 million for the month. · Vostochny Makarovskoye test production continues and the wells are to be connected to the gas plant during the summer of 2011. · At 31 May 2011 the Company has US$14.4 million in cash and debt of US$9.0m.
http://www.investegate.co.uk/Article.aspx?id=201106170800016056I
Going good guns here, Was a good call back in the 80's ay PPVN, been a bumpy ride but she made it. Time to take a bit of profit for me but keeping a little in for my 200p target, maybe dreaming but nothing to lose now. All profits going into Antrim (AEY) for the drills this summer, going to be a bagger you mark my words VGASers. God speed and GL.
This company has so much going for it at the minute yet still seems to be under the radar of most PI's. Please DYOR, even just look at the 24 month chart, massive potential on the recent RNS. Not ramping at all, i have been involved with this share for the last 3 months but it's been on my hotlist for 2 years and missed the last rise upto £3 but I hope this time it is my turn. Enjotyour weeend all!!
in share price hopefully this is one of many rises to come another share that has fallen and may rise is altona(anr) hope fully next week (vgas)will continue to rise it is a good boost for holders of(vgas)and hopefully 2011 will be a good year
Is anyone invested here?. I bought in a month or so ago at 105p. I have watched these for a year or 2 and missed out on the last rise up to £3 (no funds available). I think the next 6 months will see a pleasant rise upto £2, they have a drilling plan, gas prices have been and are rising, bopd has been increasing from the troubles of last year due to the bad weather. This can move fast also, not that many shares in free float. RNS lately with ii offloading, maybe clear now for a good rise and some decent buys lately also. Any thoughts anyone!!
Mikhail Ivanov, Chief Executive of Volga Gas commented: "2010 was a year of transition for Volga Gas. The major operational event of the year was the Grafovskaya#1 well, which although completed and tested within budget and on time, was disappointing. However, we are pleased with the continued steady oil production from Uzenskoye which has enabled the Group to remain a net cash flow generator. In addition, based on positive results from the court processes, we hope to reach a final resolution with Trans Nafta and move to start full time production from VM. "We remain positive about the potential for growth, both in reserves and production from our four current licences. We continue to seek value accretive opportunities beyond our existing licence areas, as we continue to build a focused exploration and production business."
Current trading and outlook · Oil production since 1 January 2011 has averaged approximately 1,300 bopd while the sales price has continued to rise in line with global oil prices. · The Court of Cassation in Moscow upheld an earlier judgement in favour of Volga Gas in the case against Trans Nafta. Negotiations on a settlement continue. · We aim to bring the VM field into production during 2011. · An exploration well in the Urozhainoye-2 licence area is about to commence drilling.
Financial Highlights · Revenues increased to US$13.1 million (2009: $11.6 million); gross profit of $6.2 million (2009: US$5.8 million). · Positive EBITDA of US$2.6 million (2009: US$3.0 million). · Exploration expense of US$23.9 million (2009: US$1.5 million) reflecting impairment on G#1 well result. · Net cash inflow from operations in 2010 was US$7.3 million (2009: $4.0 million). · Capital expenditure on exploration and development was US$14.1 million (2009: $23.7 million). · Year end cash of US$26.6 million (2009: US$33.6 million) and no debt.
Operational Highlights · Group production averaged 1,115 barrels of oil per day ("bopd") (2009: 1,267 bopd) with 2H 2010 production rising to 1,289 bopd. · Average sale price of US$32.06 per barrel (2009: $25.76), with prices rising above $35.00 towards the year end. · The sub-salt Grafovskaya #1 ("G#1") exploration well was completed and tested within budget and on time but without commercial success. · Successful extended test production of the two initial wells on the Vostochny Makarovskoye ("VM") gas/condensate field. · Final court judgement clarifies the legal position relating to Trans Nafta. Final resolution for access to gas plant under negotiation, intended to enable progress to first production from the VM field. · Combined Russian classification C1/C2 recoverable reserves of 67.3 million barrels of oil equivalent ("mmboe") on the Uzenskoye and VM fields, plus disclosed C3 prospective resources of 153 mmboe.
Glad to hear,didn't think that drop would have scarred you.I have to admit to being a little rattled but knew we bounce. Could be a good time to enter Antrim BTW people,results next week and think we will here about some north sea drilling action with some of the 38 m they raised. SP still below the placing price,recent 140p broker Target which will do me to start. good luck all
Hey, I'm still about! Still holding here, more to come. Was a bit hairy back in the mid-90's but pleased to see we rebounded up nicely! Gas prices doing us some favours, hopefully will have another leg up soon. Good luck
your a superstar, thanks for letting us know. Anyone else still about? With the drops last week I must admit I sold a few VGAS to fund some bargains which were about but sure be adding again next week with the profits. Not usually my strategy but couldnt resist - especially with AEY at 58p ;) ;). Some big buys and sells in VGAS recently so interested whats occurring, SP holding up and fundamentals sound so still happy. God Speed!
Im selling all my shares at a profit of 45% this morning when the London market opens at 8 am. It has been a great short time investment. Good luck to all !
Had these since 81p, finally a good few days here. May I recommend to you all SQZ, results/2011 schedule out on Tuesday, this share has consistently had heavy gains after outlining future plans in its results RNS's.
Yep they will have their day and I can wait, I like an E&P that has some P rather then some much bigger MCAP companies on AIM. Nice PF btw, had CAD on my watchlist since 20p and never got in for some reason. HDY is looking cheap again too, made some money on them on the last drop in December. Nice finish and volume on VGAS today, next stop 150p. PPVN you still about?
WAS JUST GONNA POST IT PANMAN GET ON BOARD great news onward and upward VOLGA GAS
Great news and about time too for its patient holders.. http://www.investegate.info/Article.aspx?id=201103010800030559C 1 March 2011 VOLGA GAS PLC Update re: Trans Nafta legal process Volga Gas Plc ("Volga Gas" or the "Company"), the oil and gas exploration and production group operating in the Volga Region of European Russia, is pleased to announce that, at a hearing in the Moscow Court of Cassation, the original judgment awarded by the Moscow Arbitration Court on 23 August 2010 in connection with the legal action brought by Volga Gas' wholly-owned subsidiary, OOO Gaznefteservice ("GNS") against OOO Gazneftedobycha ("GND"), a subsidiary of ZAO Trans Nafta, has been upheld. The legal proceedings were undertaken by GNS against GND in May 2010 to recover from GND a sum of RUR 600 million (approximately US$ 20 million) plus interest accrued since November 2008. On 24 August 2010, Volga Gas announced that the Moscow Arbitration Court had ordered GND to pay RUR 640 million (approximately US$ 22 million) to Volga Gas. The sum of RUR 600 million, which Volga Gas is seeking to recover, was originally paid by GNS to GND as a prepayment for the acquisition of a 75% interest in a gas processing unit which was intended to process gas and condensate from GNS's Vostochny Makarovskoye field. This judgement was revised in the Court of Appellation on 22 November 2010 and today's hearing in the Court of Cassation upheld the original judgement given in August 2010. Mikhail Ivanov, Chief Executive of Volga Gas commented: "I am pleased to be able to update our shareholders with this positive result. Based on the facts presented to the court, we have won the third stage of the legal dispute and the court's decision is immediately enforceable. "We are currently working towards final resolution of the legal, financial and commercial differences between Trans Nafta and Volga Gas to enable the Vostochny Makarovskoye gas-condensate field to commence production in the near future."