VGAS.L Share News (VGAS)

(Alliance News) - Volga Gas PLC on Tuesday said its average daily production from Russian assets declined in January compared to the prior month.

The stock was trading 9.0% lower on Tuesday in London at 27.30 pence each.

The exploration and production company said average output of gas, oil and condensate in January totalled 4,330 barrels of oil equivalent daily, down 3.9% from 4,505 barrels in December.

Volga Gas said the gas plant unit was working without disruption during the month and total output was in line with forecasts.

Gas production and condensate output were 6.7% and 4.3% lower at 11.1 million cubic feet per day and 1,718 barrels per day, respectively, while oil output rose by 9.9% to 487 barrels per day in January.

Liquefied petroleum gas production, meanwhile, slipped by 2.5% to 278 barrels from 285 barrels the prior month.

As at the end of January, the AIM-listed company said it has held cash balances of USD13.8 million, and had no debt.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.