Nostrum Oil & Gas announces its operational update for the Fourth Quarter and Full Year ended 31 December 2014. This update is being issued in advance of the release of its audited and consolidated accounts for the same period. The information contained in this update remains subject to review by the independent auditors.
•Revenue expected to be in excess of US$770m
•Cash position in excess of US$400m (including short-term deposits) and net debt of approximately US$560m
•Fully funded capex programme both to maintain current production in 2015 and 2016 and complete construction of the GTU3 in 2016 at a breakeven oil price of US$31
•32% of liquids production (7,500 bopd) hedged at US$85 until February 2016