Business
Operational Update for the H1 2014
Operational Update for the H1 2014.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 8016N Nostrum Oil & Gas PLC 31 July 2014 \n\n \nOperational Update for the First Half Ending 30 June 2014\n \nRECORD FIRST HALF PERFORMANCE COMBINED WITH MOVE TO THE MAIN BOARD\n \n \nAmsterdam, 31st July 2014\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 for the first half year ended 30th June 2014. This update is being issued in advance of the release of its unaudited and consolidated accounts for the same period, which is scheduled for 28th August. The information contained in this update has not yet been audited and remains subject to review by the independent auditors.\n \nHighlights of exceptional operational and financial results:\n \n· Record average daily production of 46,596 boepd \n· Record revenue expected to be above US$445m\n· Cash position of approximately US$458m (including short-term deposits) and net debt of approximately US$517m\n· Third annual distribution of US$0.35 cents per share paid on 6th June 2014\n· Repayment of remaining portion of 2015 bonds in April 2014 \n· Premium Listing obtained\n \n \nKai-Uwe Kessel, Chief Executive Officer of Nostrum Oil and Gas, commented:\n\"I am delighted with the continued success we have enjoyed both operationally and financially over the first half of 2014. Operationally we continue to outperform our yearly production target of 45,000boepd. The operational outperformance combined with the high oil price puts us well ahead of our financial targets for the year. We continue to enjoy a healthy cash position and low leverage whilst maintaining significant progress with GTU3. We look forward to completing GTU3 on time and on budget to deliver 100,000 boepd by the end of 2016.\"\n \n \nProduction Split\n \n\n\n\n\nPRODUCTS\n\n\nHY 2014 Average Production\n\n\nHY 2014 Product Mix %\n\n\n\n\nCrude Oil & Stabilised Condensate \n\n\n19,486 boepd\n\n\n42%\n\n\n\n\nLPG (Liquid Petroleum Gas)\n\n\n4,740 boepd\n\n\n10%\...