/KASE, May 6, 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 May 6, 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 three months
ended 31 March 2022.
Q1 2022 Highlights:
Operational
- Daily production after treatment averaged 14,683 boepd (Q1 2021: 19,341
boepd).
- Daily sales volumes for averaged 14,059 boepd (Q1 2021: 17,419 boepd).
- The Group continues its well and reservoir management strategy through well
workovers and rigless well intervention in 2022. The programme proves to be
non-capital intensive and offers reasonable risk/reward in the absence of
drilling.
- The Group will shortly upgrade its facilities and build a short pipeline to
receive Ural Oil & Gas LLP ("Ural OG") feedstock still planned by Q4 2023.
- We note that recent geopolitical events, including the unrest in Kazakhstan in
early Q1 2022 and the ongoing Russia-Ukraine conflict, have had no
operational impact to our business to date. The Directors are cognisant of the
current and evolving sanctions list against Russian individuals and entities
and have ensured the Group has conducted ongoing operations in compliance
with these sanctions.
- The Group continues to protect the safety of all staff and contractors in
light of COVID-19 and mitigate any impact on operations. To date, no
production has been lost because of COVID-19.
Financial
- Q1 2022 revenues expected to be in excess ofUS$60m (Q1 2021: US$46.2m).
- The Group's unrestricted cash position as at31 March 2022 was in excess
ofUS$180m (31 December 2021: US$165.2m). US$22.7m remains held in a
restricted account as at 31 March 2022.
- Continued focus on cost optimisation to help manage our liquidity.
- Shareholders approved the restructuring resolution at the General Meeting
convened on29 April 2022 with 99.99% voting in favour of the terms agreed
between the Group and its noteholders.
unquote
The full press release is available on –
https://kase.kz/files/emitters/GB_NTRM/gb_ntrm_relizs_060522.pdf
[2022-05-06]