Volga Gas PLC DRILLING UPDATE AND PRODUCTION REPORT FOR JUNE 19 (2341E)
July 02 2019 - 7:19AM
UK Regulatory
TIDMVGAS
RNS Number : 2341E
Volga Gas PLC
02 July 2019
2 July 2019
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
DRILLING UPDATE AND
PRODUCTION REPORT FOR JUNE 2019
Volga Gas plc, the oil and gas exploration and production group
operating in the Volga Region of Russia, is pleased to provide the
following update on its average production volumes for May
2019.
Drilling Update
Drilling of Uzen 4 horizontal sidetrack into the shallower
Albian reservoir commenced on 16(th) March and completed on 1(st)
June. The total meters drilled in the sidetrack was 1,132 meters
including a 407 meters horizontal section at vertical depth of 795
meters. Initial flow testing resulted in gas and oil production,
testing commenced during June and is to be continued in July for
further hydrodynamic measurements.
Production Report
The average production in June 2019 was 6,190 barrels of oil
equivalent per day (46.6% higher than May 2019). As Gazprom's
pipeline maintenance programme was completed in May 2019,
production levels during June 2019 returned to normal planned
operational levels.
Average production comprised:
June 2019 May 2019 Jan-June 2019
Average Average Average
Gas: 21.7 mmcfd 13.6 mmcfd 20.0 mmcfd
Condensate 1,808 bpd 1,228 bpd 1,525 bpd
Oil 426 bpd 468 bpd 419 bpd
LPG 332 bpd 257 bpd 352 bpd
Total 6,190 boepd 4,221 boepd 5,634 boepd
Management's expectation for 2019 for production to average
5,900 boe per day including LPG volumes remains unchanged.
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
+7 (903) 385 9889
Andrey Zozulya, Chief Executive Officer +7 (905) 381 4377
Vadim Son, Chief Financial Officer +44 (0) 7824 884
Tony Alves, Investor Relations Consultant 342
+44 (0) 20 3470
S.P. Angel Corporate Finance LLP 0470
Richard Redmayne, Richard Morrison, Richard
Hail
+44 (0) 20 3727
FTI Consulting 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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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