Business
HY 2019 Operational Update
HY 2019 Operational Update.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 1087H Nostrum Oil & Gas PLC 30 July 2019 \n\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION\n \n \nLondon, 30 July 2019\n \n \nOperational Update for the Six Months ending 30 June 2019\n \nNostrum Oil & Gas PLC (LSE: NOG) (\"Nostrum\", or \"the Company\"), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, today announces its operational update in respect of the six-month period ending 30 June 2019. This update is being issued in advance of the release of Nostrum's consolidated accounts for the same period. The information contained in this update remains subject to review by the Company's independent auditors.\n \nHighlights: \n \nStrategic\n· Proposed acquisition of oil & gas assets in North West Kazakhstan\n· Review of Strategic & Operational Options for Nostrum\n \nOperational\n· H1 2019 average production after treatment of 31,096 boepd \n· H1 2019 average sales volumes of 29,210 boepd\n· Drilling of wells 41 and 42 completed, with testing ongoing \n \nFinancial\n· H1 2019 revenues expected to be in excess of US$174 million (H1 2018: US$191 million)\n· H1 2019 cash position in excess of US$120 million (Q1 2019: US$75.7 million)\n· Total debt expected not to exceed US$1,133 million and net debt expected not to exceed US$1,013 million as at 30 June 2019\n \nKai-Uwe Kessel, Chief Executive Officer of Nostrum Oil & Gas, commented:\n \n\"H1 production was in line with expectations. We haven't yet finalised the testing of the Northern wells due to some technical issues. We are continuing work on both wells and will be testing the Frasnian section of well 41 next, as this is the horizon from which well 40 produces. The results from the testing of the Vorobyovski horizon in well 41 & 42, which confirmed gas saturation, have led to us now drilling well 361 in the Northern area to target this horizon. Our focus remains on try...