Business
H1 2019 Financial Results
H1 2019 Financial Results.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 5504J Nostrum Oil & Gas PLC 20 August 2019 \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 \n \nLondon, 20 August 2019\n \n \nFinancial Results for the First Half and Six Months ending 30 June 2019\n \n \nNostrum 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, today announces its financial results in respect of the six-month period ending 30 June 2019.\n \nHighlights:\n \nFinancial:\n· Revenue of US$174.2 million (H1 2018: US$191.5 million)\n· Net operating cash flows1 of US$116.8 million (H1 2018: US$99.9 million)\n· EBITDA2 of US$110.2 million (H1 2018: US$113.2 million)\n· EBITDA margin of 63.3% (H1 2018: 59.1%) \n· Closing cash3 for the period of US$120.8 million (Q1 2019: US$75.7 million) \n· Total debt4 of US$1,132.9 million and net debt of US$1,012.0 million as at 30 June 2019\n \nOperational:\n· H1 2019 average production after treatment of 31,096 boepd\n· H1 2019 average sales volumes of 29,210 boepd\n· Drilling of wells 41 and 42 completed, with testing ongoing \n \nStrategic\n· Proposed Acquisition of oil & gas assets in North West Kazakhstan\n· Review of Strategic & Operational Options for Nostrum\n \n \nKai-Uwe Kessel, Chief Executive Officer of Nostrum Oil & Gas, commented:\n \n\"Financially H1 2019 was strong with oil prices averaging US$66.20 per barrel and this meant we continued to generate operating cashflow in excess of our target and remain on course to end the year with over US$100m of cash. Operationally, we are moving ahead with testing the Frasnian section of well 41, which is the same horizon from which well 40 produces. The well needs further cleaning and a long-term test before we can confirm commerciality. On well 42, two r...