Business
Financial results for the Q1 2017
Financial results for the Q1 2017.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 8834F Nostrum Oil & Gas PLC 23 May 2017 \n\nFinancial results for the three-months ending 31 March 2017\n \nAmsterdam, 23 May 2017\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 for the three months ending 31 March 2017.\n \nHighlights:\nFinancial\n· Revenue of US$111.9m (Q1 2016: US$73.9m)\n· Net operating cash flows1 of US$69.8m (Q1 2016: US$27.0m)\n· EBITDA2 of US$68.7m (Q1 2016: US$51.7m); EBITDA1 margin of 61.4% (Q1 2016: 70.0%)\n· Transport/boe of US$4.0/bbl (Q1 2016: US$4.6/bbl)\n· Opex/boe reduced to US$3.4/bbl (Q1 2016: US$3.5/bbl)\n· Net income of US$13.6m (Q1 2016: US$(12.3)m) \n· Net debt3 decreased to US$841.3m from US$857.9m as at 31 December 2016\n· Closing cash4 of US$122.8m (as at 31 December 2016: US$101.1m)\n \nOperational\n· Average daily production for the three-month period ending 31 March 2017 was 48,743 boepd. \n· Average daily sales volumes for the three-month period ending 31 March 2017 was 43,279 boepd (Q1 2016: 38,754). \n· 43 wells currently producing at the Chinarevskoye field - 22 oil wells and 21 gas condensate wells.\n· Following Board approval, the GTU3 budget has increased to a total of US$532m. This is a result of the requirement to increase resources at the field site in order to ensure the completion of GTU3 and first gas through the plant before the end of 2017. \n· The KazTransOil (\"KTO\") pipeline connection has been completed by Nostrum, and successful practical internal functioning tests having been performed. The finalisation of the tie in to the KTO pipeline is awaiting execution from KTO systems and a required adjustment of the KTO automation systems. This is due to be carried out by KTO in late May based on an agreed schedule with KTO and we anticipate being able to use this facility imminently. \n·...