OldFool1322 Oct 2009 12:52
DJ news release on 16th September.
Important part :- Volga Chief Financial Officer Tony Alves told Dow Jones Newswires Volga expects to be able to report results from drilling at the sub-salt well Grafovskaya-1 on the Yuzhny Ershovskoye prospect in Russia between 30 and 60 days from now.
LONDON (Dow Jones)--Russia-focused oil and gas company Volga Gas PLC (VGAS.LN) Wednesday said it expects results from a major appraisal well within 60 days, as it reported a narrower first-half loss.
Volga Chief Financial Officer Tony Alves told Dow Jones Newswires Volga expects to be able to report results from drilling at the sub-salt well Grafovskaya-1 on the Yuzhny Ershovskoye prospect in Russia between 30 and 60 days from now.
Grafovskaya has been estimated to contain recoverable resources of 1.48 trillion cubic feet of gas and 48.4 million barrels of condensate, Volga said. Success there would transform the company, Volga said.
Average production in 2009 is expected to be 1,500 barrels of oil equivalent a day, Volga said, up from the 1,000 barrels average reported during the first half of the year.
The company, which raised $27 million in July, said its net loss for the six months to June 30 narrowed to $633,000 from $5 million a year earlier. Revenue increased to $3.37 million from $112,000, following a sharp rise in production and rising prices for oil.
At 0802 GMT, shares in Volga were up 9.5 pence, or 5.5%, at 183 pence, outperforming a 0.6% higher Alt