NOSTRUM OIL & GAS PLC announces 2019 operating results

30.04.20 15:21
/KASE, April 30, 2020/ – NOSTRUM OIL & GAS PLC (London), whose shares are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release of April 30, 2020: quote 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 its full year financial results for the twelve months ending 31 December 2019, together with the publication of the 2019 Annual Report for Nostrum and its subsidiaries taken as a whole ("the Group"). 2019 highlights: Operational - 2019 average daily production of 28,540 boepd (2018: 31,254 boepd) corresponding to average daily sales volumes of 26,626 boepd (2018: 29,516 boepd) - GTU3, the Company’s third gas treatment unit, is complete and commissioned - Focus remains commercializing spare capacity in this world-class gas processing infrastructure - 46 wells in production as at 31 December 2019 - 20 oil wells and 26 gas- condensate wells - Drilling activities suspended for 2020 - Ryder Scott audited 2P reserves reduced to 138 mmboe Financial - Revenue of US$322.1 million (2018: US$389.9 million) - EBITDA of US$199.6 million (2018: US$231.3 million) - EBITDA margin of 61.9% (2018: 59.3%) - Net operating cash flows of US$196.8 million (2018: US$214.0 million) - Reduction in operating costs to US$44.4 million (2018: US$49.8 million) - Reduction in general & administrative costs to US$19.4 million (2018: US$20.3 million) - Transport costs slightly increased to US$4.7/boe (2018: US$4.6/boe) - Closing cash for the period of US$93.9 million (2018: US$121.8 million) - Net debt of US$1,042.2 million (2018: US$1,007.8 million) - Total debt of US$1,136.1 million (2018: US$1,129.6 million) - Net debt / LTM EBITDA ratio of 5.2x (2018: 4.4x) - US$1,354.7 million impairment following from reduction in Group 2P reserves (2018: US$150 million) unquote The complete press release is available on KASE website: - https://kase.kz/files/emitters/GB_NTRM/gb_ntrm_reliz_300420_1.pdf – in Russian; - https://kase.kz/files/emitters/GB_NTRM/gb_ntrm_reliz_300420_eng_1.pdf – in English. [2020-04-30]