Q1 2024 Highlights: Financial
Revenues of
EBITDA[1] of
The Group's unrestricted consolidated cash balance as at
The Group continues to focus on cost optimisation to help preserving cash balances and enabling growth projects such as Ural O&G third-party processing and Stepnoy Leopard appraisal and project development.
Operational
Production and sales
Daily production, including third-party volumes acquired, averaged 11,943 boepd (Q1 2023 10,479 boepd without third-party volumes; Q4 2023 9,527 boepd with nominal third-party volumes).
Daily sales volumes averaged 10,022 boepd (Q1 2023 7,276 boepd, Q4 2023 8,215 boepd). The difference between production and sales volumes is primarily due to the internal consumption of gas and may also include inventory stock build-up around period end.
Production and sales volumes were improved in Q1 2024 by the following: Additional volumes of dry gas and LPG produced from processing raw gas received from Ural O&G Rozhkovskoye field U-21 well at Nostrum's gas processing facilities.
Successful launch of the Gas lift system expansion in
Additional LPG production from GTU-3 owing to improved yield by 15% to 20%.
Chinarevskoye drilling programme
During Q1 2024, CHN 301 has been drilled on time and on budget, reaching a total depth of 4,980 meters. The well objective had multiple in-fill targets across the Carboniferous and Devonian reservoirs. Hydrocarbons (oil, gas-condensate) have been encountered across all 3 key intervals. The results are in line with the Company's expectations of initial well rates of 400 to 700 boepd, expected to startup mid-year. The drilling rig is being moved to the next well, CNH 41 for an appraisal sidetrack, with expected start of operations Q3 2024.
Stepnoy Leopard fields
During Q1 2024 the two-well appraisal operations on the Stepnoy Leopard Fields were largely complete and significant data has been collected, which provided positive results to date and confirmed the commercial potential of the field. Based on these results the Company made a final investment decision ('FID') for the initial field development phase of the fields that includes drilling of four development wells across the key reservoirs, targeting recoverable resource potential between 30 mmboe and 50 mmboe. The forecast total capital budget for this initial field development phase is
Sustainability, HSE
Zero fatalities during operations for Q1 2024 (Q1 2023: zero).
Zero Lost Time Injury ('LTI') for Q1 2024 (Q1 2023: zero)
Zero Total Recordable Incidents ('TRI') for Q1 2024 (Q1 2023: zero).
1,094 tonnes of air emissions emitted for Q1 2024 against 5,983 tonnes permitted for 2024 under the Kazakhstan Environmental Code.
Safety of all staff and contractors as well as focus on conducting sustainable operations remain the Group's priority.
Please note that the next investor and analyst call will be held in
The Company's interim condensed consolidated financial statements are available to download on Nostrum's website:
Contact:
Tel: 44 (0) 207 457 2020
Email: nostrum@instinctif.com
About
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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