Business
Operational Update for 2Q and 6M 2022
Operational Update for 2Q and 6M 2022.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n \n \n NOT 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 \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n \n \n \n \n \n \n \n \n \n London, 29 July 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operational Update for the second quarter and six months ended 30 June 2022\n \n \n \n \n \n \n \n \n Nostrum 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,\n today announces its operational update in respect of the second quarter and six months ended 30 June 2022.\n \n \n \n \n \n \n H1 2022 Highlights:\n \n \n \n \n \n \n \n \n \n Operational\n \n \n \n ·\n Daily production after treatment averaged 14,167 boepd (H1 2021: 18,107 boepd).\n \n \n \n \n \n ·\n Daily sales volumes averaged 13,102 boepd (H1 2021: 16,249 boepd).\n \n \n \n \n \n ·\n The Group continues its well and reservoir management strategy through well workovers and rigless well intervention in 2022. The programme proves to be non-capital intensive and offers reasonable risk/reward in the absence of drilling.\n \n \n \n \n \n ·\n The Group has initiated a tie back project, budgeted for c.US$5m of capital expenditures, that will allow for the first ever third-party feedstock from Ural Oil & Gas LLP (\"Ural OG\") to be received for treatment in the Group's facilities by Q4 2023. This follows Ural OG's signing of a turnkey contract for complex construction works with a contractor in relation to Ural OG's Rozhkovsky Field Development Project.\n \n \n \n \n \n ·\n The Directors are cognisant of the current and evolving sanctions list against Russian individuals and entities and have ensured the Group has conducted ongoing operations in compliance with these sanctions.\n \n \n \n \n \n ·\n The Group continues to prioritize the safety of all staff and contractors as well as focussing on running sustainable operations. \n \n \n \n \n \n \n \n \n Financial\n \n \n \n ...