Business
9M 2021 Financial Results
9M 2021 Financial Results.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4381S\n Nostrum Oil & Gas PLC\n 16 November 2021\n \n \n \n \n \n \n \n NOT 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 \n \n \n \n \n \n \n London, 16 November 2021\n \n \n \n \n \n \n \n \n Financial Results for the Third Quarter and Nine Months ending 30 September 2021\n \n \n \n \n \n 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, \n today announces its financial results in respect of the nine-month period ending 30 September 2021. \n \n \n \n \n \n Highlights: \n \n \n \n \n \n Financial\n \n \n · \n Revenues up 5.0% year-on-year to US$142.7 million (9M 2020: US$135.8 million).\n \n \n · \n Net operating cashflows1 up 25.6% year-on-year to US$85.4 million (9M 2020: US$68.0 million). \n \n \n · \n EBITDA2 up 39.6% year-on-year to US$84.1 million (9M 2020: US$60.3 million) with EBITDA margin expanding to 58.9% (9M 2020: 44.4%). \n \n \n · \n Closing cash3 for the period increased by US$63.5 million to US$142.1 million (December 31, 2020: US$78.6 million). Cash excludes US$22.6 million held in a secure account under the terms of the Forbearance Agreements. \n \n \n · \n We continue to accrue interest on the 2022 and 2025 loan notes, but no interest has been paid on the loan notes since February 2020 (see Bond Restructuring below). \n \n \n · \n Continued focus on cost \n optimisation\n to help manage the Company's liquidity.\n \n \n \n \n \n 1. IFRS term based on indirect cash flow method.\n \n \n 2. Defined as profit before tax net of finance costs, foreign exchange loss/gain, ESOP, depreciation, interest income, other income and expenses.\n \n \n 3. Defined as cash and cash equivalents including current and non-current investments and excluding restricted cash.\n \n \n \n \n \n Operational\n \n \n \n \n \n · \n Average daily production after treatment for 9M 2021 totalled 17,532 boepd with average daily sales volumes for 9M of 15,838 boepd. Condensate inventory is not included in the reported sales volumes and as at 30...