20th Feb 2015 07:32
LONDON (Alliance News) - Nostrum Oil and Gas PLC Friday said it has received the results from the independent reserves audit of its licenses in north-western Kazakhstan, and said that production has remained steady at around 450,000 barrels of oil equivalent per day since August.
The company's main operations are in the Chinarevskoye field in Kazakhstan, where Ryder Scott undertook the independent audit. The field makes up most of the company's reserve base, with three smaller licenses it acquired in 2013 topping it up.
Nostrum said the report has revealed proved reserves in the north-west of 192.2 million barrels of oil equivalent.
Proved plus probable reserves stand at 571.1 million barrels of oil equivalent, slightly down from the previous audit in 2013, which showed 582 million barrels. Nostrum said the reduction was due to production exceeding proved plus probable reserve growth.
Since the last audit in 2013, Nostrum said it has produced around 21 million barrels of oil equivalent from its assets in north west Kazakhstan.
"The steady production of approximately 45,000 barrels of oil per day per day since August 2013 has been largely compensated by the conversion of further reserves into the Proven category at Chinarevskoye," said Chief Executive Kai-Uwe Kessel.
"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," he added.
By Joshua Warner; [email protected]; @JoshAlliance
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