Business
Operational Update for Q2 and H1 2024
Operational Update for Q2 and H1 2024.
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, 31 July 2024\n \n \nOperational Update for the second quarter and six months ended 30 June 2024\n \nNostrum Oil & Gas PLC (LSE: NOG) (\"Nostrum\", or the \"Company\" and together with its subsidiaries, the \"Group\"), an independent mixed-asset energy company with world-class gas processing facilities and export hub in north-west Kazakhstan, today announces its operational update for the second quarter and six months ended 30 June 2024 (\"H1 2024\").\n \n \nArfan Khan, Chief Executive Officer of Nostrum Oil & Gas, commented:\n \n\"H1 2024 saw a considerable year-on-year improvement in our production volumes and revenues, reflecting our successful midstream third-party processing and improved GTU-3 LPG yields, whilst our Chinarevskoye field production decline was slowed down by the expansion of our gas-lift capacity from mid-2023. We are also pleased to see approximately $21 million EBITDA estimated for the first half of the year, approximately 35% improvement compared to H1 2023, and net positive operating cashflows in H1 2024.\n \nWe also progressed our strategic initiatives by making a final investment decision for the initial development phase of the Stepnoy Leopard Fields (\"SL Fields\") in March 2024, followed by the release of a full Competent Person's Report on the SL Fields (\"SL CPR\") in July 2024. The SL CPR confirms the commercial viability of the full-field development and increases the Company's proved plus probable (2P) reserves base over fivefold to 133 mmboe, a substantial driver for enhancing shareholder and investor returns.\n \nAs we move forward, we remain committed to driving sustainable growth and delivering value to our stakeholders.\"\n \n \nH1 2024 Highlights:\n \nOperational\n· Production and sales\n· Daily production averaged 12,220 boepd (H1 2023: 10,048 boepd), a 22% increase driven by:\no Additional volumes of dry gas and LPG produced from processing raw gas received from Ural Oil & Gas LLP (\"Ural O...