Volga Gas: Production Report for October 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 October 2019.
Production Report
The average production in October 2019 was 3,134 barrels of oil equivalent per day (18% lower than September 2019). Lower production resulted primarily from the gas plant downtime incurred by Gazprom pipeline maintenance and LPG expander equipment erection works.
Average production comprised:
| October 2019Average | September 2019Average | Jan-October 2019Average | |
| Gas: | 8.3 mmcfd | 10.5 mmcfd | 17.0 mmcfd |
| Condensate | 1,219 bpd | 1,415 bpd | 1,461 bpd |
| Oil | 427 bpd | 474 bpd | 416 bpd |
| LPG | 112 bpd | 168 bpd | 291 bpd |
| Total | 3,134 boepd | 3,814 boepd | 4,995 boepd |
As a result of a more conservative production policy being adopted, management’s current expectation for production for the remainder of 2019 is an average of 3,500 boepd, leading to an average of 4,700 boe per day for 2019 as a whole.
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 October, the Group held cash balances of US$ 11.1 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.
