LONDON (Alliance News) - Volga Gas PLC on Monday said its average daily production from Russian assets was higher in February compared to the prior month.
The exploration and production company said average output of gas, oil and condensate in February totalled 6,389 barrels of oil equivalent daily, up 9.6% from 5,830 barrels in January.
Gas production was 6.5% higher at 23.1 million cubic feet per day, oil output grew by 4.5% to 484 barrels per day, while condensate output jumped by 15% to 1,629 barrels per day from 1,413 barrels in January.
Volga Gas explained that "incremental" production from the Dobrinskoye 26 sidetrack well, together with uninterrupted operations on the processing plant with zero downtime led to an increase in gas production.
In addition, the company said it has undertaken the drilling of two sidetrack wells. Dobrinskoye 26 well was put on production in February, while VM 2 well is currently undergoing flow testing.
Volga Gas said it expects the results of this test to be available by the end of March.
The stock was untraded on Monday, last closing at 49.00 pence a share.