16 Sep 2016 13:01
16 September 2016
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
PRODUCTION REPORT FOR AUGUST 2016
Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, is pleased to announce its average production volumes for August 2016 and for the year to date.
Average Group production for August 2016 was 7,081 barrels of oil equivalent per day (11.5% higher than July 2016). This was the highest monthly production rate achieved in 2016 and comprised:
August 2016 average | Jan-Aug 2016 average | |
Gas: | 26.9 mmcfd | 24.2 mmcfd |
Condensate | 1,546 bpd | 1,552 bpd |
Oil | 1,050 bpd | 557 bpd |
Total | 7,081 boepd | 6,144 boepd |
Production data is based on monthly production reports submitted to tax authorities for Mineral Extraction Tax purposes.
For further information, please contact:
Volga Gas plc | |
Andrey Zozulya, Chief Executive Officer Vadim Son, Chief Financial Officer Tony Alves, Investor Relations Consultant | +7 (903) 385 9889 +7 (905) 381 4377 +44 (0)7824 884 342 |
Stifel Nicolaus Europe Limited (Nominated Adviser and Broker) | +44 (0)20 7710 7600 |
Callum Stewart, Ashton Clanfield | |
FTI Consulting | +44 (0)20 3727 1000 |
Edward Westropp, Alex Beagley |
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Editors' notes:
The information contained in this announcement has been reviewed and verified by Mr. Andrey Zozulya, Chief Executive Officer of Volga Gas plc, for the purposes of the Guidance Note for Mining, Oil and Gas companies issued by the London Stock Exchange in June 2009. Mr. Andrey Zozulya holds a degree in Geophysics and Engineering from the Groznensky Oil & Gas Institute and is a member of the Society of Petroleum Engineers.
The Company records production in metric tonnes (for oil and condensate) and in cubic metres (for gas). Conversions from metric to standard oil field units are used for illustrative purposes only and are based on the Company's estimate of the applicable ratios. The ratios used are 7.833 barrels per tonne for oil and 8.75 barrels per tonne for condensate. Gas volumes are translated using 35.3 cubic feet per cubic metre and 6,000 cubic feet per barrel of oil equivalent.
Glossary:
bpd Barrels per day
boepd Barrels of oil equivalent per day
mmcfd Millions of standard cubic feet per day