Volga Gas returned to black last year as the London-listed company benefitted from increased production and a more stable rouble.
The exploration and production company, which operates in Russia’s Volga region, posted pre-tax profits of $1.9million in 2016, a marked improvement on its $4.6million deficit the previous year.
Revenues were up 122% to $39.4million.
The completion of drilling of the Vostochny Makarovskoye field in 2015 and the workover on the Uzen field early in 2016 boosted group production by 99% to 6,507 barrels of oil equivalent per day.
Throughput levels at the Dobrinskoye gas plant increased by a third following the completion of an upgrade project.
Volga Gas chief executive Andrey Zozulya said: “We have been really pleased with the sound performance of Volga Gas’ main producing assets in 2016 and with the solid improvements in the financial performance and position of the Group.
“Management looks forward to delivering higher production in 2017 than in 2016 and to achieving our targets to improve the profitability and sustainability of our business for the longer term and to delivering growing returns for our shareholders.”
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