Extract from rns13 Mar 2012 13:43
Mikhail Ivanov, Chief Executive of Volga Gas commented:
"It is disappointing not to have increased production from the Uzenskoye field and to have a possible reserve downgrade on that field. Nevertheless, Volga Gas has already recouped all of its investment in the Uzenskoye field and it remains a highly profitable asset for the Company. The Uzenskoye field currently represents just 18% of the Group's reserves.
"We have continuing production from the Dobrinskoye gas/condensate field and anticipate commencement of full time production from our larger Vostochny Makarovskoye gas/condensate field in Q3 2012. The combination of these two fields will substantially reduce the significance of the Uzenskoye field to our future revenues and profits."