Business
Q4 and FY19 Operational Update
Q4 and FY19 Operational Update.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 0654B Nostrum Oil & Gas PLC 28 January 2020 \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 \nLondon, 28 January 2020\n \nOperational Update for the Fourth Quarter and the Twelve Months ending 31 December 2019\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 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· FY 2019 average production of 28,587 boepd and sales volumes of 26,617 boepd\n· Average January 2020 volumes available for sale of 23,832 boepd \n· Focus on monetizing spare capacity by processing third party volumes\n· Drilling halted for 2020 \n \nFinancial\n· FY 2019 revenues expected to be in excess of US$322 million (FY 2018: US$389.9 million)\n· FY 2019 cash position in excess of US$91 million (9M 2018: US$95 million) \n· Total debt expected not to exceed US$1,137 million and net debt expected not to exceed approximately US$1,044 million as at 31 December 2019\n \nKaat Van Hecke, Chief Executive Officer of Nostrum Oil & Gas, commented:\n \"2019 has been a challenging year operationally. The Company will now embark on a strategy to commercialise its world class infrastructure. We believe this infrastructure has significant value and the management team is working hard to realise its potential. With the halt in drilling for 2020 we are still working on finalizing the 2020 budget and will communicate further on the anticipated capex for 2020 at the full year results..\"\n \nSales volumes\nThe sales volumes split for 9M 2019 was as follows:\n\n\n\nProducts\n\n\nFY 2019 sales volumes\n(boepd)\n\n\nFY 2019 Product Mix (%)\...