Business
Financial Results for 2Q and 6M ended 30 June 2023
Financial Results for 2Q and 6M ended 30 June 2023.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\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 \nFOR IMMEDIATE RELEASE\n \n \nLondon, 22 August 2023\n \n \nFinancial Results for the second quarter and six months ended 30 June 2023\n \nNostrum Oil & Gas PLC (LSE: NOG) (\"Nostrum\", or the \"Company\" and together with its subsidiaries, the \"Group\"), 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 second quarter and six months ended 30 June 2023.\n \nNostrum's management team will present the H1 2023 Results and will be available for a Q&A session with analysts and investors today, 22 August 2023, at 2pm UK time. If you would like to participate in this call, please register by clicking on the following link and following instructions: Results Call\n \n \nH1 2023 Highlights:\n \nFinancial\n· Revenues of US$52.8m (H1 2022: US$107.8m) against average realised Brent oil price of US$79.9/bbl (H1 2022: US$104.7/bbl). Decrease in revenues compared to H1 2022 resulted from declining production and relatively lower average product prices.\n \n· EBITDA1 of US$15.5m (H1 2022: US$68.8m) with EBITDA1 margin of 29.4% (H1 2022: 63.8%).\n \n· The Group's unrestricted cash position as at 30 June 2023 was US$192m (31 March 2023: US$191m). Restricted cash balance was US$16.3m as at 30 June 2023 (31 March 2023: US$22.6m), which decreased due to US$6.2m interests payments for the period from 9 February 2023 to 29 June 2023, and was replenished subsequently to cover the next two interest payments. The next semi-annual cash interest payment is scheduled for December 2023.\n \n· Pursuant to the terms of the Restructuring, the interest accrued on the SSNs and the SUNs from 1 January 2022. Accordingly, cash interest accrued to 9 February 2023 in the amount of US$17.5 million was paid in cash to the Noteholders upon the issuance of the SSNs and the SUNs.\n \n· The Group continues to focus on cost optimisation to help manage liquidity.\n \n \nOpe...