8 Jan 2019 07:00
8 January 2019
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
PRODUCTION REPORT FOR DECEMBER 2018
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 2018 and for the full year 2018.
In December 2018, average gas processing capacity utilisation decreased by 4% compared to November 2018. A minor decrease was caused with few low temperature disruptions.
The average production in December 2018 was 5,803 barrels of oil equivalent per day (4% lower than November 2018).
Average production comprised:
December 2018 Average | November 2018 Average | Jan-Dec 2018 Average | |
Gas: | 21.6 mmcfd | 22.5 mmcfd | 18.8 mmcfd |
Condensate | 1,298 bpd | 1,346 bpd | 1,183 bpd |
Oil | 516 bpd | 483 bpd | 607 bpd |
LPG | 393 bpd | 435 bpd | 223 bpd |
Total | 5,803 boepd | 6,021 boepd | 5,144 boepd |
Actual production for the year to 31 December 2018 of 5,144 is marginally ahead of management's expectations of 5,000 boe per day including LPG volumes.
Production data is based on preliminary monthly production reports prepared for the purposes of submissions to tax authorities for Mineral Extraction Tax purposes.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
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 |
Alex Beagley, Fern Duncan |
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 and 11.735 barrels per tonne for LPG. Gas volumes are translated using 35.3 cubic feet per cubic meter 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