Business
Operational Update for Q3 and 9M ended 30 Sep 2022
Operational Update for Q3 and 9M ended 30 Sep 2022.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\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 \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n \n \n \n \n \n \n \n \n \n London, 28 October 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operational Update for the third quarter and nine months ended 30 September 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, today announces its operational update in respect of the third quarter and nine months ended 30 September 2022.\n \n \n \n \n \n \n 9M 2022 Highlights:\n \n \n \n \n \n \n \n \n \n Operational\n \n \n \n \n \n \n ·\n Daily production after treatment averaged 13,684 boepd (9M 2021: 17,532 boepd).\n \n \n \n \n \n ·\n Daily sales volumes averaged 12,780 boepd (9M 2021: 15,838 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 starting from Q4 2023.\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 prioritise 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 \n \n \n ·\n 9M 2022\n revenues expected to be in excess of US$155m against average 9M 2022 Brent prices...