Volga Gas: Production Report for September 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 September 2019.
Production Report
The average production in September 2019 was 3,814 barrels of oil equivalent per day (13% lower than August 2019). Lower production resulted primarily from reduced output from the Vostochno-Makarovskoye gas field, partly offset by higher condensate ratio and higher oil production following the start of production from the new slim hole wells.
Average production comprised:
| September 2019Average | August 2019Average | Jan-September 2019Average | |
| Gas: | 10.5 mmcfd | 14.3 mmcfd | 17.9 mmcfd |
| Condensate | 1,415 bpd | 1,354 bpd | 1,488 bpd |
| Oil | 474 bpd | 394 bpd | 415 bpd |
| LPG | 168 bpd | 249 bpd | 311 bpd |
| Total | 3,814 boepd | 4,388 boepd | 5,206 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 2,900 boepd, leading to an average of 4,600 boepd for 2019.
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 30 September, the Group held cash balances of US$ 12.0 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.
