Q4 and FY20 Operational Update

About this update from Nostrum Oil & Gas Plc

RNS Number : 3613N Nostrum Oil & Gas PLC 29 January 2021     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   THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION   FOR IMMEDIATE RELEASE     London, 29 January 2021     Operational Update for the Fourth Quarter and the Year ending 31 December 2020   Nostrum Oil & Gas PLC (LSE: NOG) ("Nostrum", or the "Company" and together with its subsidiaries, the "Group"), 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 year ending 31 December 2020. This update is being issued in advance of the release of Nostrum's annual consolidated accounts for the same period.   Highlights:   Operational · Average daily production after treatment for 2020 totalled 22,337 boepd with average daily sales volumes for the year of 21,514 boepd. This compares to our production and sales guidance of 21,000 boepd and 20,000 boepd, respectively. · COVID 19 remains of the utmost concern. Actions continue to be taken to protect the safety of all staff and contractors and mitigate any impact on operations. To date, no production has been lost because of COVID 19. · As previously reported, drilling was halted for 2020. The successful workover and well intervention activity, completed in August 2020, reduced the rate of decline previously expected in the field. · We continue our focus on ways to monetise spare capacity in the gas treatment facility through processing third party volumes. · On 8 October 2020, the Company announced the disposal of the Darinskoye and Yuzhno-Gremyachenskoye licences.   Financial · 2020 revenues expected to be in excess of US$175 million (2019: US$322.1 million). · The cash position as at 31 December 2020 was in excess of US$78 million (31 December 2019: US$93.9 million). As at 31 December 2020, the balance excludes US$12.9 million placed into a secured cash account under the terms of the Forbearance Agreement (see below). · Total debt1 expected not to exceed US$1,187 million and net debt expected not to exceed approximately US$1,109 million as at 31 December 2020. · Continued focus ...

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