Volgas Gas: November Production Up 60% Due to Greater Plant Uptime
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 November 2019.
Production Report
The average production in November 2019 was 4,687 barrels of oil equivalent per day (50% higher than October 2019). Higher production resulted from greater plant uptime as the gas plant downtime caused by Gazprom pipeline maintenance and LPG expander equipment erection works in October 2019 was not repeated. The LPG expander was successfully set-up and is currently in a testing phase.
Average production comprised:
November 2019 Average | October 2019 Average | Jan-November 2019 Average | |
Gas: | 13.5 mmcfd | 8.3 mmcfd | 16.6 mmcfd |
Condensate | 1,675 bpd | 1,219 bpd | 1,480 bpd |
Oil | 514 bpd | 427 bpd | 425 bpd |
LPG | 256 bpd | 112 bpd | 288 bpd |
Total | 4,687 boepd | 3,134 boepd | 4,968 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 30 November, the Group held cash balances of US$ 12.5 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.
