LONDON (Alliance News) - Russia-focused exploration company Volga Gas PLC on Friday said its profit rose in the first half of the year due to court judgement proceeds.
The oil& gas explorer recorded a USD4.2 million profit for the six months to June 30, up from USD3.8 million the year before.
This was largely a result of other net gains for the period, which came to USD1.4 million, swinging from a USD688,000 loss a year before, as Volga received proceeds from a court judgement during the year.
In addition, general & administrative expenses were reduced to USD2.4 million from USD3.2 million.
Revenue decreased to USD21.5 million from USD23.1 million while sales costs widened to USD16.0 million from USD13.7 million.
Oil, gas, & condensate production averaged 4,727 barrels of oil equivalent per day, 24% below its 6,182 barrels per day the year prior.
Volga declared an interim dividend of USD0.06 per share for the period, having elected not to pay dividends in 2017.
During the period, Volga completed the construction of a liquid petroleum gas unit at its Dobrinskoye gas plant, which the company's chief executive officer, Andrey Zozulya, said marked the end of the "latest stage of development" of its assets.
"Management looks forward to delivering maximum production, profit and cash flow from the existing assets and to building opportunities for further growth in shareholder value," said Zozulya.
Volga Gas shares were down 3.3% at 53.20 pence on Friday.
