Volga Gas plc reported unaudited group earnings results for the six months ended June 30, 2017. For the period, the company reported revenue of USD 23,118,000 against USD 15,912,000 a year ago. Operating profit was USD 4,365,000 against USD 1,806,000 a year ago. Profit before tax was USD 3,829,000 against USD 1,491,000 a year ago. Profit attributable to equity holders was USD 3,212,000 against USD 888,000 a year ago. Basic and diluted profit per share was USD 0.040 against USD 0.011 a year ago. Net cash from operating activities was USD 3,175,000 against USD 6,961,000 a year ago. Purchase of property, plant and equipment was USD 4,181,000 against USD 1,653,000 a year ago. Purchase of intangible assets was USD 111,000. EBITDA increased 93% to USD 7.4 million compared to USD 3.8 million a year ago. Cash used in capital expenditure was USD 4.3 million compared to USD 1.7 million a year ago.

For the period, the company reported group production averaged 6,182 boepd compared to 5,933 boepd a year ago, a 4% increase. Gas and condensate production were 25.3 mmcf/d, and 1,438 bpd, respectively compared to 23.6 mmcf/d, a 7% increase and 1,569 bpd, an 8% decrease a year ago. Oil production averaged was 524 bopd compared to 432 bopd a year ago, a 22% increase.

For the full year 2017, the company expects average production rate is expected to be approximately 5,000 boepd.

Revenues for the full year 2017 are expected to be broadly similar to the levels achieved in 2016. Total capital expenditure for the year expected to be USD 14.4 million.