VGAS: Production Report for January 2020
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 January 2020.
Production Report
The average production in January 2020 was 4,330 barrels of oil equivalent per day (4% lower than December 2019), with higher oil production offsetting a small decrease in gas, condensate and LPG output. The gas plant unit was working without disruption during the month. Production in January 2020 was in line with management expectations.
Average production comprised:
January 2020 Average | December 2019 Average | ||
Gas: | 11.1 mmcfd | 11.9 mmcfd | |
Condensate | 1,718 bpd | 1,795 bpd | |
Oil | 487 bpd | 443 bpd | |
LPG | 278 bpd | 285 bpd | |
Total | 4,330 boepd | 4,505 boepd |
Production data is based on preliminary monthly production reports prepared for the purposes of submissions to tax authorities for Mineral Extraction Tax purposes. Final monthly production reports may vary marginally from preliminary monthly production reports.
As at 31 January, the Group held cash balances of US$ 13.8 million, and has no debt.
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.
