Volga Gas plc: Production Report For December 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 December 2019 and for the full year 2019.
Production Report
The average production in December 2019 was 4,505 barrels of oil equivalent per day (4% lower than November 2019). The gas plant unit was working without disruption during the month while the LPG expander unit was tested and tuned. This new unit has enabled a higher rate of LPG extraction from the gas stream compared to that achieved with the original LPG unit.
Average production comprised:
December 2019 Average | November 2019 Average | Jan-December 2019 Average | |
Gas: | 11.9 mmcfd | 13.5 mmcfd | 16.3 mmcfd |
Condensate | 1,795 bpd | 1,675 bpd | 1,507 bpd |
Oil | 443 bpd | 514 bpd | 427 bpd |
LPG | 285 bpd | 256 bpd | 287 bpd |
Total | 4,505 boepd | 4,687 boepd | 4,930 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 December, the Group held cash balances of US$ 14.1 million, and had 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.
