Business
Q1 2019 Operational Update
Q1 2019 Operational Update.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 4739X Nostrum Oil & Gas PLC 30 April 2019 \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 \n \nLondon, 30 April 2019\n \n \nOperational Update for the First Quarter and the Three Months ending 31 March 2019\n \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 three-month period ending 31 March 2019. 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· Q1 2019 average production after treatment of 32,646 boepd and average sales volumes of 31,621 boepd\n \nFinancial\n· Q1 2019 revenues expected to be in excess of US$95 million (Q1 2018: US$94 million)\n· Q1 2019 cash position in excess of US$75 million (FY 2018: US$122 million) \n· Total debt1 expected not to exceed US$1,110 million and net debt expected not to exceed approximately US$1,035 million as at 31 March 2019\n \nKai-Uwe Kessel, Chief Executive Officer of Nostrum Oil & Gas, commented:\n \nFirst quarter production has been stable and we remain on track to meet our 2019 guidance production of 30,000 boepd average corresponding to sales volumes of 28,000 boepd. In our Northern area where two wells are being drilled; the first well (Well 42) is nearing completion with test results expected towards the end of May, whilst the second well (Well 41) is still being drilled. No production from either well is assumed in our production forecasts. \n \nSchlumberger continues to work on the evaluation of the Biski North East and the Biski West reservoirs with results of the study due in Q3 2019. \n \nFrom a financial perspective, Q1 improved as the oil price increased. Given that we had the coupon payments on both bonds coming in Q1 and a receivable bal...