Business
Full Year Results for Year Ending 31 December 2015
Full Year Results for Year Ending 31 December 2015.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 4926T Nostrum Oil & Gas PLC 30 March 2016 \n\n \n \nFull Year Results for the Year Ending 31 December 2015\n \nAmsterdam, 30 March 2016\nNostrum Oil & Gas PLC (LSE: NOG) (\"Nostrum\", 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 the full-year financial results for the twelve months ending 31 December 2015 of Nostrum and the Group, together with its 2015 Annual Report.\n2015 Financial and Operational highlights of the Group:\n \nFinancial\n\n· Revenue of US$449m (2014: US$782m)\n· EBITDA1 of US$229m (2014: US$495m) \n· EBITDA1 margin of 51%\n· Closing cash2 for the period of US$166m\n· Net Debt / EBITDA ratio of 3.4x\n· 24-month hedge on 15,000 bopd secured at a strike price of US$49.16 with cash settlements on a quarterly basis \n· Full year of exporting 75% of dry gas at prices denominated in US Dollars\n· Reduction in operating costs per barrel from US$5.0 in 2014 to US$4.3 in 2015 with a plan for further cost reductions in place for 2016 \n· Given the cost of incurring additional debt over the next 24 months and the fact that Nostrum is fully financed now to complete GTU3 under any oil price scenario it has been decided not to enter in to the VTB loan\n· Net loss in 2015 of US$95m primarily as a result of a US$101m deferred income tax charge related to the devaluation of the Kazakh Tenge versus the US Dollar\n \nOperational\n· 2015 total production of 14.7 mmboe \n· 2015 average daily production of 40,391 boe\n· Eight wells were completed at Chinarevskoye during 2015 and drilling commenced on the first appraisal well at Rostoshinskoye, with completion due in 2016\n· 2P reserves of 470 mmboe as at 31 December. The reduction in reserves was largely down to the falling oil price and the move to drill lower cost wells in the future. Any recovery in oil price would lead to a revision of the drilling programme and the recovery of a substantial ...