Business
Operational Update for 2Q and 6M
Operational Update for 2Q and 6M.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n\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 \nFOR IMMEDIATE RELEASE\n \n \nLondon, 28 July 2023\n \n \nOperational Update for the second quarter and six months ended 30 June 2023\n \nNostrum Oil & Gas PLC (LSE: NOG) (\"Nostrum\", or the \"Company\" and together with its subsidiaries, the \"Group\"), 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 second quarter and six months ended 30 June 2023.\n \n \nH1 2023 Highlights:\n \nOperational\n· Daily production after treatment averaged 10,048 boepd (H1 2022: 14,167 boepd).\n \n· Daily sales volumes averaged 9,020 boepd (H1 2022: 13,102 boepd).\n \n· Following the end of the reporting period, the Group completed the acquisition of an 80% interest in Positiv Invest LLP, which holds the subsoil use right for the Stepnoy Leopard Fields. Management estimates that the Stepnoy Leopard Fields hold between 50 mmboe and 150 mmboe of recoverable volumes which are considered contingent resources, with over 20% estimated to be liquids. The Company will launch an appraisal programme with the intention of preparing a technical expert's report which could allow re-classification of certain of the hydrocarbon resources into reserves.\n \n· The Group successfully launched the expansion of its Gas lift system with the new compressor doubling its capacity and helping to slow down production decline from its maturing Chinarevkoye field. The initial production gains exceed management's expectations and further updates on production guidance will be provided as part of Q3 2023 operational update.\n \n· The GTU-3 restart is progressing as per plan with wet gas introduction expected during H2 2023, following which all gas is planned to be processed through the 3rd train of the gas treatment unit to assess its efficiency.\n \n· The Group continues i...