2020 highlights
Operational
Average daily production after treatment for 2020 totalled 22,337 boepd (2019: 28,540 boepd) with average daily sales volumes for the year of 21,514 boepd (2019: 26,626 boepd). This compares to our production and sales guidance for 2020 of 21,000 boepd and 20,000 boepd, respectively.
COVID 19 remains of the utmost concern. Actions continue to be taken to protect the safety of all staff and contractors and mitigate any impact on operations. To date, no production has been lost because of COVID 19.
As previously reported, drilling was halted for 2020. The successful workover and well intervention activity, completed in
We continue our focus on ways to monetise spare capacity in the gas treatment facility through processing third party volumes.
On
COVID 19 continues to be of concern. Whilst we have not lost any production or people because of COVID 19, we continue to exercise extreme caution to ensure their continued safety, at the same time minimising the disruption to production and operations.
Looking forward, we are now pivoting towards growth and transitioning into a multi-asset energy company. This will require tremendous focus and resources. Our success in the near-term will depend upon safeguarding the base business and liquidity, sweating the producing asset and adding to PDP by exploiting low cost per barrel, high-confidence infill opportunities with best-in-class well & reservoir management, continuing to deliver on our HSE performance and delivering on our promises and restoring investor confidence.'
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 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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