Business
Q3 Operational Update
Q3 Operational Update.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 5919F Nostrum Oil & Gas PLC 30 October 2018 \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 October 2018\n \nOperational Update for the Nine Months ending 30 September 2018\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 nine-month period ending 30 September 2018. 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· 9M 2018 average production after treatment of 31,757 boepd\n· 9M 2018 average sales volumes of 30,523 boepd\n· Q3 2018 average sales volumes of 31,776 boepd\n \nFinancial\n· 9M 2018 Revenues expected to be in excess of US$310 million (9M 2017: US$304 million)\n· 9M 2018 Cash position in excess of US$102 million (H1 2018: US$135 million) \n· Total debt expected not to exceed US$1,108 million and net debt expected not to exceed approximately US$1,013 million as at 30 September 2018\n \nKai-Uwe Kessel, Chief Executive Officer of Nostrum Oil & Gas, commented:\n \n\"In Q3 2018 we saw an increase in sales volumes due to the successful testing of Well 40 in the Northern area. Well 40 has now been shut in as we wait for the extension of the exploration license. We are close to completing the next two production wells in the Biski reservoir which will further boost production at the end of Q4 2018. We also plan to bring our low pressure system on line in Q4 2018 which will allow us to bring two old wells back on line. The end is now in sight on GTU3 with the final welding works taking place prior to mechanical completion and commissioning. We are targeting commissioning to start in Q4 2018 and be completed in Q1 2019. Whilst the final stages of civil works have t...