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Nostrum Oil & Gas issues nine-month ops update

26 October 2016 07:45

Nostrum Oil & Gas announces its operational update for the nine-month period to Sept. 30.

HIGHLIGHTS:

- 9M 2016 average daily production of 38,901 boepd

- Current production above 44,000 boepd

- Full year 2016 production guidance remains at 40,000 boepd

- GTU3 construction is progressing on schedule for completion in 2017 and on budget at under US$500m

- KazTransOil (KTO) pipeline due for completion by Q2 2017 and will bring significant cost reductions for crude oil transportation

- Drilling programme for 2016 completed and all new wells brought on line by the start of Q4

- 9M 2016 revenue is expected to be in excess of US$240m

- Cash position in excess of US$100m

- Total debt remains at US$960m and net debt of approximately US$860m as at 30 September 2016

- Payments in excess of US$27m received over the first nine months of 2016 from the hedge entered into in December 2015

- 15,000 boepd hedged at US$49.16 through to December 2017.

Story provided by StockMarketWire.com

Related Company: NOG

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