Business
2018 Full Year Results
2018 Full Year Results.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 9966T Nostrum Oil & Gas PLC 26 March 2019 \n\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION\n \n \nLondon, 26 March 2019\n \nFull Year Results for the Year Ending 31 December 2018\n \n \nNostrum 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 2018, together with the publication of the 2018 Annual Report for Nostrum and its subsidiaries taken as a whole (\"the Group\").\n \n2018 Financial and Operational highlights of the Group:\n \nOperational\n· 2019 average daily production to date above 32,500 boepd\n· 2018 average daily production of 31,254 boepd (2017: 39,199 boepd) corresponding to average daily sales volumes of 29,516 boepd (2017: 37,844 boepd)\n· Mechanical completion of the third Gas Treatment Unit (\"GTU3\") in December 2018, with full commissioning expected before the end of Q3 2019\n· Completed drilling of Well 40 with stable test production over 1,500 boepd\n· 45 wells producing at the Chinarevskoye field as at 31 December 2018 - 20 oil wells and 25 gas condensate wells\n· Total Group 2P reserves of 410mmboe as at 1 January 2019 following Ryder Scott independent reserve report and total Group contingent resources of 249 mmboe\n \nFinancial\n· Revenue of US$389.9 million (2017: US$405.5 million)\n· EBITDA1 of US$231.2 million (2017: US$232.0 million)\n· EBITDA margin of 59.3% (2017: 57.2%) \n· Net operating cash flows2 of US$214.0 million (2017: US$182.6 million)\n· 12% reduction in operating costs3 to US$49.9 million (2017: US$56.6 million)\n· Over 30% reduction in general & administrative costs4 to US$20.3 million (2017: US$31.0 million)\n· Transp...