Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, has reported the following update on its average production volumes for April 2020.

Production Report

The average production in April 2020 was 2,316 barrels of oil equivalent per day (43% lower than March 2020). The reduced gas plant throughput was driven by low demand for gas condensate & LPG in the domestic markets as a consequence of COVID-19 and international oil pricing drop. In addition there was a 5 day shut down for planned plant maintenance.

Average production comprised:

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 April, the Group held cash balances of US$ 10.6million, and has no debt.

Pricing update

International oil pricing drop had a significant impact on oil / condensate local pricing added with Russian Ruble (RUR) devaluation. Gas price is fixed in RUR but still impacted with local currency devaluation against USD (official Central Bank of Russia exchange rate at the end of April - 73.6894 RUR vs 61.9057 RUR as of January 01, 2020). 

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