Zhaikmunai reports financial results of NOSTRUM OIL & GAS PLC for first quarter of 2024

30.05.24 17:29
/KASE, May 30, 2024/ – Zhaikmunai LLP (Oral), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated May 30, 2024: quote Zhaikmunai LLP, a subsidiary of Nostrum Oil & Gas PLC (LSE: NOG) ("Nostrum", or the "Company" and together with its subsidiaries, the "Group"), an independent oil and gas company engaged in oil and gas production, as well as exploration and development of oil and gas fields in the Caspian basin, today announces Nostrum's unaudited financial results for the first quarter ended 31 March 2024. ... Q1 2024 Highlights: Financial - Revenues of US$31.8m (Q1 2023 US$17.4m; Q4 2023 US$30.8m), including US$1.7m for processing third-party hydrocarbons. The increase in revenues compared to Q4 2023 was achieved as a result of additional sales volumes from processing third-party Ural Oil & Gas LLP ("Ural O&G") hydrocarbons, whilst average Brent oil price remained at similar levels (average Brent oil price of US$83.9/bbl for Q4 2023 vs US$82.9/bbl for Q1 2024). - EBITDA* of US$10.6m (Q1 2023: US$4.6m; Q4 2023: US$9.1m) with EBITDA margin of 33.3% (Q1 2023 26.4%; Q4 2023 29.5%). - The Group's unrestricted consolidated cash balance as at 31 March 2024 was US$157.6m (31 December 2023 US$161.7m), including current investments in term deposits and money market funds. Quarterly reduction mainly due to investing activities related to Chinarevskoye drilling programme and Stepnoy Leopard appraisal programme. The restricted cash balance was US$25.2m as at 31 March 2024 (31 December 2023 US$25.2m), comprised of the debt-service retention account and liquidation fund deposits. - The Group continues to focus on cost optimisation to help preserving cash balances and enabling growth projects such as Ural O&G third-party processing and Stepnoy Leopard appraisal and project development. * EBITDA is defined as earnings before taxes + non-recurring expenses + financing costs + foreign exchange gain/(loss) + employee equity program expenses + depreciation and interest income + other expenses/(income). unquote The complete press release is available on – https://kase.kz/files/emitters/ZHMN/zhmn_relizs_300524_1.pdf [2024-05-30]