3 Jan 2017 09:51
3 January 2017
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
PRODUCTION REPORT FOR DECEMBER 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 December 2016 and for the full year 2016.
In December 2016, gas processing capacity returned to its normal level after a temporary reduction due to the testing of new chemicals for gas sweetening and for scheduled maintenance. The average production in December 2016 was the highest in the Group's history of 8,060 barrels of oil equivalent per day (48% higher than November 2016) and compares to an average annual production of 3,278 boepd for 2015.
Average production comprised:
December 2016 average | FY 2016 average | FY 2015 average | |
Gas: | 32.2 mmcfd | 25.5 mmcfd | 12.5 mmcfd |
Condensate | 1,799 bpd | 1,557 bpd | 784 bpd |
Oil | 893 bpd | 706 bpd | 418 bpd |
Total | 8,060 boepd | 6,507 boepd | 3,278 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 |
S.P. Angel Corporate Finance LLP | +44 (0)20 3470 0470 |
Richard Redmayne, Richard Morrison, Richard Hail | |
FTI Consulting | +44 (0)20 3727 1000 |
Edward Westropp, Alex Beagley |
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.
This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company's obligations under Article 17 of that Regulation.
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