Oil and gas production group Volga Gas has completed an independent evaluation of the its oil, gas and condensate reserves by Miller and Lents.
The independent assessment focused on the reserves and net present value of future net revenue attributable to the Company's three principal fields in Russia; Dobrinskoye, Vostochny Makarovskoye and Uzenskoye, as at August 1st 2012.
The reserve report attributed proved and probable reserves of 16.1m barrels of oil and condensate and 167.5bn cubic feet of gas, for a total of 44.0m barrels of oil equivalent to the company's principal fields, and a net present value of $301.2m with a 10% per annum discount rate.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Mikhail Ivanov, Chief Executive of Volga Gas commented:"This report is a welcome third party validation of our reserves and the NPV [net present value] attributed to them, which highlights the potential value contained within our acreage. We look forward to delivering this value as well as further exploration and appraisal opportunities."
The price of shares in Volga Gas rose 0.60% to 84p per share at 13:30 on Thursday.
MF
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
