TIDMNOG
RNS Number : 4648R
Nostrum Oil & Gas PLC
27 October 2023
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
FOR IMMEDIATE RELEASE
London, 27 October 2023
Operational Update for the third quarter and nine months ended
30 September 2023
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
third quarter and nine months ended 30 September 2023.
9M 2023 Highlights:
Operational
-- Daily production after treatment averaged 10,288 boepd (9M 2022: 13,684 boepd).
-- Daily sales volumes averaged 9,096 boepd (9M 2022: 12,780 boepd).
-- On 29 September 2023, the Company announced the commencement
of the appraisal campaign at the Stepnoy Leopard fields. The
objective of the appraisal campaign is to re-enter two existing
wells in the Teplovskoye reservoir to take representative fluid
samples and conduct Extended Well Testing. The data will help to
confirm the commercial potential and support the future decision
related to the selection of a phased field development concept in
2024.
-- On 4 September 2023, the successful completion of the re-start of Nostrum's c.$750 million state-of-the-art GTU-3 gas plant, with 2.5 billion cubic metres per annum gas processing capacity was announced. The Company completed the modifications and other works on GTU-3 subsequent to its commissioning and start-up in 2019. The plant employs cutting-edge turbo-expander technology enabling improved efficiency in the extraction of LPG; the upgrades also reduced the plant operating turndown capacity. GTU-3 is operating as per design and delivering dry gas, LPG, and condensate to sales specifications.
-- On 22 August 2023, the Company also announced that its Board
of Directors approved a limited-scale drilling programme for the
Chinarevskoye field to be executed over 2023-2024, which is in line
with the commitments of the Company's subsidiary Zhaikmunai LLP
under the analysis of the Field Development Plan and obligations
under its production sharing agreement for the field. The programme
will leverage existing wellbores to reduce costs and carries a
level of uncertainties and risks as the planned subsurface targets
contain multiple exploration, appraisal, and development
objectives.
-- On 23 July 2023, the Group announced the successful launch of
the expansion of its Gas lift system with the new compressor
doubling its capacity and helping to slow down production decline
from its maturing Chinarevkoye field. The initial production gains
exceed management's expectations.
-- The Group continues its well and reservoir management
strategy through well workovers and rigless well intervention in
2023.
-- The Group is progressing with a tie-back project, budgeted
for c.US$5m of capital expenditures. It will allow for the first
ever third-party feedstock from Ural Oil & Gas LLP ("Ural OG")
to be received for treatment in the Group's facilities.
-- Whilst not itself a target of sanctions imposed in connection
with the conflict in Ukraine, Nostrum continues to monitor the
current and evolving lists of individuals, entities and products
that are subject to sanctions with a view to compliance by the
Group with all applicable sanctions and to ensuring that the
Group's ongoing activities are not materially affected by such
sanctions.
-- Safety of all staff and contractors as well as focus on
conducting sustainable operations remain the Group's priority.
Financial
-- 9M 2023 revenues expected to be in excess of US$88m (9M 2022:
US$155.5m). Decrease in revenues compared to 9M 2022 resulted from
relatively lower average product prices (average Brent oil price of
US$81.9/bbl for 9M 2023 vs US$102.5/bbl for 9M 2022) and declining
production. 9M and full year 2023 sales and revenues remain in line
with management's targets and expectations.
-- The Group's unrestricted consolidated cash balance as at 30
September 2023 was in excess of US$171m (30 June 2023: US$192m).
The restricted cash balance was in excess of US24m as at 30
September 2023 (30 June 2023: US$16.3m). The next semi-annual loan
note cash interest payment is scheduled for December 2023.
-- The Group continues to focus on cost optimisation to help manage liquidity.
Sustainability
-- Zero fatalities among employees and contractors during
operations for the 9M 2023 (9M 2022: zero).
-- Zero Lost Time Injury ("LTI") for the 9M 2023 (9M 2022: zero)
-- One Total Recordable Incidents ("TRI") for the 9M 2023 (9M 2022: four).
-- 3,347 tonnes of air emissions emitted for the 9M 2023 against
6,309 tonnes permitted for 2023 under the Kazakhstan Environmental
Code.
Arfan Khan, Chief Executive Officer of Nostrum Oil & Gas,
commented:
"Nostrum has continued to make significant progress during this
reporting period.
The appraisal campaign at the Stepnoy Leopard fields and the
re-start of our GTU-3 gas plant demonstrated the strength and
improved efficiency of our operations. We are also confident about
the production value created by the limited-scale drilling
programme for the Chinarevskoye field and the expansion of our Gas
lift system.
We remain focused on delivering on our multi-asset energy
strategy, supported by our combined 4.2 bcma gas process
infrastructure in North-western Kazakhstan, and will build on this
momentum to unlock further opportunities for all our
stakeholders."
Sales volumes
The sales volume split for the 9M 2023 was as follows:
Products 9M 2023 9M 2023 9M 2022 9M 2022
volumes product mix volumes product mix
(boepd) (%) (boepd) (%)
Crude Oil 2,731 30.0% 2,926 22.9%
-------- ------------ -------- ------------
Stabilised Condensate 1,963 21.6% 3,080 24.1%
-------- ------------ -------- ------------
LPG (Liquid Petroleum
Gas) 1,325 14.6% 1,778 13.9%
-------- ------------ -------- ------------
Dry Gas 3,077 33.8% 4,996 39.1%
-------- ------------ -------- ------------
Total 9,096 100.0% 12,780 100.0%
-------- ------------ -------- ------------
The difference between production and sales volumes is primarily
due to the internal consumption of gas.
Release of Nostrum's 9M 2023 Financial Results
Nostrum plans to release its unaudited and unreviewed interim
condensed consolidated accounts for the period ending 30 September
2023 on 21 November 2023.
LEI: 2138007VWEP4MM3J8B29
Further information
For further information please visit
www.nostrumoilandgas.com
Further enquiries
Nostrum Oil & Gas Plc
Petro Mychalkiw
Chief Financial Officer
ir@nog.co.uk
Instinctif Partners - UK
Guy Scarborough
Vivian Lai
+ 44 (0) 207 457 2020
nostrum@instinctif.com
About Nostrum Oil & Gas
Nostrum Oil & Gas PLC is an independent oil and gas company
currently engaging in the production, development and exploration
of oil and gas in the pre-Caspian Basin. Its shares are listed on
the London Stock Exchange (ticker symbol: NOG) and the Astana
International Exchange (ticker symbol: NOG). The principal
producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye
field, which is operated by Zhaikmunai LLP, a wholly-owned
subsidiary of Nostrum Oil & Gas PLC and the sole holder of the
subsoil use rights with respect to the development of the
field.
Forward-Looking Statements
Some of the statements in this document are forward-looking.
Forward-looking statements include statements regarding the intent,
belief and current expectations of the Company or its officers with
respect to various matters. When used in this document, the words
"expects", "believes", "anticipates", "plans", "may", "will",
"should" and similar expressions, and the negatives thereof, are
intended to identify forward-looking statements. Such statements
are not promises nor guarantees and are subject to risks and
uncertainties that could cause actual outcomes to differ materially
from those suggested by any such statements.
No part of this announcement constitutes, or shall be taken to
constitute, an invitation or inducement to invest in the Company or
any other entity, and shareholders of the Company are cautioned not
to place undue reliance on the forward-looking statements. Save as
required by the relevant listing rules and applicable law, the
Company does not undertake to update or change any forward-looking
statements to reflect events occurring after the date of this
announcement.
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