LONDON (Alliance News) - Volga Gas PLC posted a jump in pretax profit and revenue in the first-half on Monday, as it said its oil production surged higher in the period and said the sale of the company is ongoing.
The company said its pretax profit for the six months to June 30 was USD8 million, up from the USD4.3 million posted a year earlier.
That came on the back of a jump in revenue in the period, up to USD23.2 million against USD15.4 million the year before. The acceleration in revenue comfortably offset a rise in cost of sales in the period to USD12.4 million from USD8.7 million.
The positive results pushed the company to proposed its maiden interim dividend of 0.0375 pence per share.
Group production in the period rose to 4,419 barrels of oil equivalent per day from 2,569 a year earlier and the company said group production is currently sitting at around 4,900 boepd.
Gas and condensate production from the Vostochny Makarovskoye and Dobrinskoye fields more than doubled in the half-year. At the Vostochny Makarovskoye field, the start of the VM3 well at the site helped drive production higher and the company expects the momentum to continue in the full-year.
The sale of the group, announced in June, is currently ongoing said Volga, with further announcements to be made in due course.
Volga shares were untraded on Monday, quoted at 116.625 pence per share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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