LONDON (Alliance News) - Volga Gas PLC on Friday said its average daily production from Russian assets was lower in April compared to the prior month.
The exploration and production company said average output of gas, oil and condensate in April totalled 4,905 barrels of oil equivalent daily, down 23% from 6,332 barrels in March.
The company explained that the decrease in production was due to the gas plant being shut down for routine maintenance for five days during April.
In addition, gas processing capacity utilisation was reduced to 16.2 million cubic feet per day in the last four days of April and is expected to remain at the same level during May.
Gas production and condensate output were both 23% lower at 17.6 million cubic feet per day and 1,341 barrels per day, respectively, while oil output fell by 4.9% to 330 barrels per day in April.
Drilling of Uzen 4 horizontal sidetrack, located in Kazakhstan, into the shallower Albian reservoir commenced in mid-March and completed on Wednesday, Volga Gas said. The total of 1,132 metres were drilled.
Flow testing of the well is expected to begin later in May after the activation of underground packers to cut off water flow from beneath the reservoir.
Looking ahead, Volga Gas maintained its annual production guidance at 5,900 barrels of oil daily.
The stock was down 0.1% on Friday, trading at 80.95 pence a share.
