Business
Full Year Results for the Year Ending 31 Dec 2022
Full Year Results for the Year Ending 31 Dec 2022.
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\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \nLondon, 2 June 2023\n \nFull Year Results for the Year Ending 31 December 2022\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, is pleased to announce its consolidated full year financial results for the twelve months ended 31 December 2022 (\"FY 2022\"), together with the publication of its 2022 Annual Report.\n \nNostrum's management team will present the FY 2022 Results and will be available for a Q&A session with analysts and investors today at 2pm UK time, 2 June 2023. If you would like to participate in this call, please register by clicking on the following link and following instructions: Results Call \n \nArfan Khan, Chief Executive Officer of Nostrum Oil & Gas, commented:\n \n\"The financial performance of the Group during the year was stable and positive due to an increase in commodity pricing. This was achieved despite the significant natural decline in production, alongside inflationary and other macroeconomic challenges.\n \nIn 2022, the Company successfully generated over US$68.3 million in positive free cash flow, resulting in total cash balances of US$233.6 million as of 31 December 2022. The strong cash flow performance combined with a successful restructuring of existing debt put Nostrum in a strong position to be able to invest into economically favorable strategic projects.\n \nWith a successful completion of the Restructuring in early 2023, an optimised balance sheet, cash reserves and a new, high-caliber Board, Nostrum has entered a new stage of its development that we call 'Nostrum 2.0' and launched its mixed-asset energy strategy.\n \nNostrum has already succeeded in its transformation from a single-asset (Chinarevskoye Field) to a mixed-asset company by adding another upstream field (Stepnoy Leopard), sanctioning the upcoming startup of the midstream tie-back project by Ural Oil &...