Business
9M 2018 Financial Results
9M 2018 Financial Results.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 5537I Nostrum Oil & Gas PLC 27 November 2018 \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, 27 November 2018\n \nFinancial Results for the Nine Months ending 30 September 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 financial results in respect of the nine-month period ending 30 September 2018.\n \nHighlights:\n \nFinancial:\n· Revenue of US$311.4 million (9M 2017: US$303.7 million)\n· Net operating cash flows1 of US$151.3 million (9M 2017: US$131.7 million)\n· EBITDA2 of US$187.7 million (9M 2017: US$171.5 million)\n· EBITDA margin of 60.3% (9M 2017: 56.5%) \n· Closing cash3 for the period of US$102.4 million\n· Total debt of US$1,107.4 million and net debt of US$1,005.0 million as at 30 September 2018\n \nOperational:\n· 9M 2018 average sales volumes of 30,523 boepd (9M 2018 field production: 31,757 boepd)\n· 42 wells currently producing at the Chinarevskoye field - 23 oil wells and 19 gas-condensate wells\n· The third Gas Treatment Unit (\"GTU3\") to be mechanically complete by the end of December 2018 with commissioning to be finished in 2019 at an extra cost of US$30 million.\n \nKai-Uwe Kessel, Chief Executive Officer of Nostrum Oil & Gas, commented:\n \nQ3 saw the first quarter-on-quarter increase in the Company's sales volumes since Q1 2017. Over that period, we have faced unexpected challenges in our primary gas condensate producing reservoir (Biyski North-East) with increased water inflow to existing wells on the flanks of the structure. In addition, the first production well (224) drilled in the reservoir this year, also a flank well, encountered water. The combined effect of these events and the natural decline have reduced forecast average daily sales volume...