Volga Gas : PRODUCTION REPORT FOR FEBRUARY 2020

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Volga Gas PLC - VGAS PRODUCTION REPORT FOR FEBRUARY 2020 Released 07:00 03-Mar-2020

RNS Number : 7191E

Volga Gas PLC

03 March 2020

3 March 2020

Volga Gas plc

('Volga Gas', the 'Company' or the 'Group')

PRODUCTION REPORT FOR FEBRUARY 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 February 2020.

Production Report

The average productionin February 2020was 4,208 barrels of oil equivalent per day (3% lower than January 2020). The gas plant unit was working without disruption during the month.

Average production comprised:

	February 2020 Average	January 2020 Average	Jan-February 2019 Average
Gas:	10.8mmcfd	11.1mmcfd	10.9 mmcfd
Condensate	1,679 bpd	1,718 bpd	1,699 bpd
Oil	477 bpd	487 bpd	482 bpd
LPG	260 bpd	278 bpd	270 bpd
Total	4,208 boepd	4,330 boepd	4,271 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 29 February, the Group held cash balances of US$ 13.6million, 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.

For further information, please contact:

Volga Gas plc
Andrey Zozulya, Chief Executive Officer Vadim Son, Chief Financial Officer Tony Alves, Investor Relations Consultant	[phone] [phone] [phone]
S.P. Angel Corporate Finance LLP	[phone]
Richard Redmayne, Richard Morrison, Richard Hail
FTI Consulting	[phone]
Alex Beagley, Fern Duncan

Notes

The information contained in this announcement has been reviewed and verified by Mr. Andrey Zozulya, Chief Executive Officer of Volga Gas plc, for the purposes of the Guidance Note for Mining, Oil and Gas companies issued by the London Stock Exchange in June 2009. Mr. Andrey Zozulya holds a degree in Geophysics and Engineering from the Groznensky Oil & Gas Institute and is a member of the Society of Petroleum Engineers.

The Company records production in metric tonnes (for oil and condensate) and in cubic metres (for gas). Conversions from metric to standard oil field units are used for illustrative purposes only and are based on the Company's estimate of the applicable ratios. The ratios used are 7.833 barrels per tonne for oil and 8.75 barrels per tonne for condensate and 11.735 barrels per tonne for LPG. Gas volumes are translated using 35.3 cubic feet per cubic meter and 6,000 cubic feet per barrel of oil equivalent.

Glossary

bpd Barrels per day

boepd Barrels of oil equivalent per day

mmcfd Millions of standard cubic feet per day

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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PRODUCTION REPORT FOR FEBRUARY 2020 - RNS