Volga Gas PLC- a oil and gas exploration company operating in the Volga region of Russia - Average production in September was 3,975 barrels of oil equivalent per day, down 7.9% on August output of 4,317 barrels. Decrease driven by a short suspension of production from VM-4 well for a workover to install downhole pump for water isolation. Domestic pricing for oil and condensate slightly reduced in rouble terms in September and were further impacted with local currency devaluation. LPG prices improved but tend to be reversed seasonally. No debt and cash of USD11.4 million at September 30.
Current stock price: 23.90 pence
Year-to-date change: down 37%
By Tapan Panchal; tapanpanchal@alliancenews.com
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