/KASE, January 28, 2022/ – NOSTRUM OIL & GAS PLC (United Kingdom), whose shares
are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE
with the following press release dated January 28, 2022:
quote
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 2021. This update is being issued in advance of the release of
Nostrum’s annual consolidated accounts for the same period.
Highlights:
Operational
- Noting the recent unrest in Kazakhstan and the evolving environment, we
confirm no Group employees were harmed and our operations continued
undisrupted. We will continue to monitor the situation and any potential
future impact on the business.
- Average daily production after treatment for 2021 totalled 17,032 boepd with
average daily sales volumes for the year of 15,330 boepd. Condensate is sold
when there are sufficient volumes to fill a cargo and inventory builds in the
absence of a sale. There was approximately 268,000 boe of condensate in
inventory at the year end.
- We continued our well and reservoir management activities that are supported
by well workovers and interventions. These are generally not capital intensive
and offer reasonable risk / reward. These activities will continue in 2022.
- We continue our focus on pursuing ways to monetise spare capacity in the gas
treatment facility through processing third party volumes.
- We remain extremely vigilant in respect of COVID-19 and the latest Omicron
variant. We continue to implement stringent precautionary measures and we
believe we have the systems in place to monitor and manage the risks
presented by the pandemic in west Kazakhstan. To date, no production has
been lost because of COVID-19.
Financial
- 2021 revenues expected to be in excess of US$195 million (2020: US$175.9
million).
- The cash position as at 31 December 2021 is in excess of US$165 million (31
December 2020: US$78.6 million). As at 31 December 2021, the balance
excludes US$22.6 million placed into a secured cash account under the terms
of the Forbearance Agreement.
unquote
The complete press release is available on:
-
https://kase.kz/files/emitters/GB_NTRM/gb_ntrm_relizs_280122.pdf – in
Russian;
-
https://kase.kz/files/emitters/GB_NTRM/gb_ntrm_relizs_280122_en.pdf – in
English.
[2022-01-28]