Business
Q1 2020 Operational Update
Q1 2020 Operational Update.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \n \n RNS Number : 3970L\n Nostrum Oil & Gas PLC\n 30 April 2020\n \n \n \n \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 London, 30 April 2020\n \n \n \n \n \n Operational Update for the First Quarter and the Three Months ending 31 March 2020\n \n \n \n \n \n \n \n \n Nostrum 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, \n today announces its operational update in respect of the three-month period ending 31 March 2020. 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 \n \n \n \n \n Highlights: \n \n \n \n \n \n Operational\n \n \n · \n Q1 2020 average production after treatment of 24,006 boepd and average sales volumes of 22,903 boepd\n \n \n · \n Drilling halted for 2020. Workover activity to support production levels continuing.\n \n \n · \n Continuing focus on monetizing spare capacity by processing third party volumes\n \n \n · \n Actions taken to protect the safety of the staff and mitigate any impact of COVID 19 on operations. \n \n \n \n \n \n Financial\n \n \n · \n Q1 2020 revenues expected to be in excess of US$60 million (Q1 2019: US$95.4 million)\n \n \n · \n Q1 2020 cash position in excess of US$66 million (FY 2019: US$93.9 million) \n \n \n · \n Total debt1 expected not to exceed US$1,117 million and net debt expected not to exceed approximately US$1,051 million as at 31 March 2020\n \n \n \n \n \n \n \n \n 1 Total debt does not include finance lease liabilities under IFRS16 Leases\n \n \n \n \n \n \n Kaat Van Hecke, Chief Executive Officer of Nostrum Oil & Gas, commented:\n \n \n \n \n \n \"The company is embarking on its strategy to commercialise its world class infrastructure and we are continuing our ongoing discussions with third parties to try and secure additional volumes to fill the spare capacity at our gas treatment ...