Business
Operational Update for Q1 ending 31 March 2022
Operational Update for Q1 ending 31 March 2022.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5517K\n Nostrum Oil & Gas PLC\n 06 May 2022\n \n \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 London, 6 May 2022\n \n \n \n \n \n \n \n \n Operational Update for the first quarter ending 31 March 2022\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 three months ended 31 March 2022. \n \n \n \n \n \n Q1 2022 Highlights: \n \n \n \n \n \n Operational\n \n \n · \n Daily production after treatment averaged 14,683 boepd (Q1 2021: 19,341 boepd).\n \n \n \n \n \n · \n Daily sales volumes for averaged 14,059 boepd (Q1 2021: 17,419 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 will shortly upgrade its facilities and build a short pipeline to receive \n Ural Oil & Gas LLP (\"\n Ural OG\") feedstock still planned by Q4 2023.\n \n \n \n \n \n ·\n We note that recent geopolitical events, including the unrest in Kazakhstan in early Q1 2022 and the ongoing Russia-Ukraine conflict, have had no operational impact to our business to date. 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 protect the safety of all staff and contractors in light of COVID-19 and mitigate any impact on operations. To date, no production has been lost because of COVID-19.\n \n \n \n \n \n \n \n \n Financial\n \n...