Business
Operational Update for Q4 and FY 2017
Operational Update for Q4 and FY 2017.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 3007D Nostrum Oil & Gas PLC 30 January 2018 \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 \nAmsterdam, 30 January 2018\n \n \nOperational Update for the Fourth Quarter and Twelve Months ending 31 December 2017\n \nNostrum Oil & Gas PLC (LSE: NOG) (\"Nostrum\", or \"the Company\"), 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 twelve-month period ending 31 December 2017. This update is being issued in advance of the release of Nostrum's consolidated accounts for the same period. The information contained in this update remains subject to review by the Company's independent auditors.\n \nHighlights: \n \nOperational\n· FY 2017 average production after treatment of 39,199 boepd \n· Q4 2017 average production after treatment of 34,285 boepd \n \nFinancial\n· FY revenues expected to be in excess of US$400 million (FY 2016: US$348 million)\n· Cash position in excess of US$127 million (9M 2017: US$144 million) \n· Total debt expected not to exceed US$1,080 million and net debt expected not to exceed approximately US$950 million as at 31 December 2017\n \nKai-Uwe Kessel, Chief Executive Officer of Nostrum Oil & Gas, commented:\n \n\"Nostrum benefited from higher oil prices in Q4, which compensated for reduced production from two producing wells, 217 and 225, in 2017. The Company is focused on stabilising production during 2018 and completing GTU3 to ensure we have the opportunity to grow our production in the second half of 2018. In addition, we hope to further stabilise our balance sheet by refinancing our remaining debt due in 2019. This will allow us to focus over the next 3 years on ramping up production and deleveraging the balance sheet. We will continue to implement cost saving initiatives wherever possible.\" \n \nSales volumes\nThe sales volumes split for FY 2017 was as follows:\n\n\n\n\nProducts\n\n\nFY 2017 sales volumes\n(boepd)\n\n\nFY 2017...