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 operations.
Vostochny Makarovskoye ('VM') field
As of 11 December 2015, the VM#4 well, in which the Group drilled a successful sidetrack earlier in 2015, has been hooked up and is ready to be put on production. With the inclusion of this well to the existing stock of producing wells on the VM and Dobrinskoye fields, there is sufficient capacity for full utilization of the current planned operational capacity of 750,000 m3 per day of gas processing at the Dobrinskoye Gas Plant.
This production rate, with the associated condensate equates to production of over 5,700 barrels of oil equivalent per day ('boepd'). Combined with the Company's currently modest oil output, total Group production is estimated to be approximately 6,000 boepd.