Source - RNS
RNS Number : 4903O
Volga Gas PLC
18 May 2018
 

18 May 2018

Volga Gas plc

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

 

LPG PRODUCTION COMMENCES

 

Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, is pleased to announce that production of liquid petroleum gases ("LPG") has commenced at its Dobrinskoye gas processing plant.

 

Following a period of commissioning and testing conducted during April, the first commercial load of LPG was transported from the gas processing plant on 17 May 2018. 

 

By mid-June 2018, the plant is expected to reach full operational capacity at which point LPG production is planned to be at a rate of 50 tonnes per day, equivalent to approximately 400 barrels of oil per day.

 

Andrey Zozulya, Chief Executive Officer commented:

 

"I am very pleased that this important project has reached the point of first production.  The delivery of the LPG project is one of the key events for Volga Gas in 2018 and will be a meaningful addition to the Group's revenue and profits.  The incremental volume represents a 10% increase in sales volumes". 

 

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

+7 (903) 385 9889

+7 (905) 381 4377

+44 (0) 7824 884 342



S.P. Angel Corporate Finance LLP

+44 (0) 20 3470 0470

Richard Redmayne, Richard Morrison, Richard Hail




FTI Consulting

+44 (0) 20 3727 1000

Edward Westropp, Alex Beagley


 

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.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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