Last checked at 20 Feb 2015 07:00
Amsterdam, 20 February 2015
Reserves Update
Nostrum Oil & Gas PLC(LSE: NOG) ("Nostrum", or "the Company"), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, today announces the results of the independent reserves audit of its licenses in north-western Kazakhstan as at 31 December 2014.
Highlights from the 2014 Ryder Scott Reserves report:
· Proved reserves (1P) at 192.2mm boe
· Production of approximately 21mm boe since the last report, with a proven reserve replacement ratio of over 65%
· Proved + Probable reserves (2P) remained above 550mm boe at 571.1mm boe (2013: 582mm boe). The reduction was primarily a result of production exceeding Proved + Probable reserves (2P) growth.
· The 3 additional licenses' reserves have remained unchanged at 98.2mm boe
31 August 2013 | 31 December 2014 | |||||
Chinarev-skoye | 3 licenses | Total | Chinarev- skoye | 3 licenses | Total | |
Proven | 199 | 0 | 199 | 192 | 0 | 192 |
Probable | 284 | 98 | 382 | 281 | 98 | 379 |
2P | 483 | 98 | 581 | 473 | 98 | 571 |
Nostrum's CEO, Kai-Uwe Kessel stated:
"We are very pleased that our independent auditors, Ryder Scott, have confirmed Nostrum's existing strong reserve base both at the Chinarevskoye field and the additional licenses acquired in 2013. The steady production of approximately 45,000 boe per day since August 2013 has been largely compensated by the conversion of further reserves into the Proven category at Chinarevskoye. The stability of our reserve base allows us to focus on delivering GTU3 in the second half of 2016, and doubling our processing capacity."
Further information
For further information please visit www.nog.co.uk
Further enquiries
Nostrum Oil & Gas PLC - Investor Relations
Kirsty Hamilton-Smith
Bruno G. Meere
+44 203 740 7430
ir@nog.co.uk
Instinctif Partners - UK
Tony Friend
David Simonson
Anca Spiridon
Catherine Wickman
+ 44 (0) 207 457 2020
Promo Group Communications - Kazakhstan
Asel Karaulova
+ 7 (727) 264 67 37
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). The principal producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye field, in which it holds a 100% interest and is the operator through its wholly-owned subsidiary Zhaikmunai LLP. In addition, Nostrum Oil & Gas holds a 100% interest in and is the operator of the Rostoshinskoye, Darinskoye and Yuzhno-Gremyachenskoye oil and gas fields through the same subsidiary. Located in the pre-Caspian basin to the north-west of Uralsk, these exploration and development fields are situated approximately 60 and 120 kilometres respectively from the Chinarevskoye 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 Partnership 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 or 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 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.