Volga Gas PLC Production Report For July 2017 (9627M)
August 03 2017 - 1:00AM
UK Regulatory
TIDMVGAS
RNS Number : 9627M
Volga Gas PLC
03 August 2017
3 August 2017
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
PRODUCTION REPORT FOR JULY 2017
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 July 2017.
In July 2017, average gas processing capacity utilisation
increased slightly compared to June 2017 while test production
continued using the new Redox gas sweetening process. During July
2017, the Dobrinskoye gas plant worked successfully and exclusively
using the Redox based gas sweetening process.
In the coming months implementation of the new process will
continue with gradual increases in production. With the new
process, it is expected that more downtime will be necessary so
that the average daily production of gas and condensate over a
normal month would be in the region of 6,300 boepd resulting in
Group production of approximately 7,000 boe per day, excluding
additional potential production from the Uzen well #101 and
incremental volumes from the LPG project which is currently under
construction.
The average production in July 2017 was 2,593 barrels of oil
equivalent per day (c.11% higher than June 2017).
Average production comprised:
July 2017 Jun 2017 Jan-Jul
Average Average (revised) 2017
Average
Gas: 8.9 mmcfd 7.5 mmcfd 22.9 mmcfd
Condensate 500 bpd 483 bpd 1,301 bpd
Oil 612 bpd 597 bpd 537 bpd
Total 2,593 boepd 2,334 boepd 5,658 boepd
Production data is based on preliminary monthly production
reports prepared for the purposes of submissions to tax authorities
for Mineral Extraction Tax purposes. The gas production number for
June 2017 has been revised upwards from 7.0 mmcf/d, as stated in
the Production Statement issued on 4 July 2017, to 7.5 mmcf/d, in
line with the final official submissions. Oil and condensate
volumes are unchanged. The total production number for June 2017 is
consequently revised from 2,246 to 2,334 boepd.
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
+7 (903) 385
9889
Andrey Zozulya, Chief Executive +7 (905) 381
Officer 4377
Vadim Son, Chief Financial Officer +44 (0) 7824
Tony Alves, Investor Relations Consultant 884 342
+44 (0) 20
S.P. Angel Corporate Finance LLP 3470 0470
Richard Redmayne, Richard Morrison,
Richard Hail
+44 (0) 20
FTI Consulting 3727 1000
Edward Westropp, Alex Beagley
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 July
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 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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