Business
H1 2020 Financial Results
H1 2020 Financial Results.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \n \n RNS Number : 3781W\n Nostrum Oil & Gas PLC\n 18 August 2020\n \n \n \n \n \n \n \n NOT 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 \n \n \n \n \n \n \n London, 18 August 2020\n \n \n \n \n \n Financial Results for the Second Quarter and Six Months ending 30 June 2020\n \n \n \n \n \n \n \n \n Nostrum 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, \n today announces its financial results in respect of the six-month period ending 30 June 2020. \n \n \n \n \n \n Highlights: \n \n \n \n \n \n Financial\n \n \n \n \n \n \n \n \n \n · \n \n \n \n \n Revenues of US$92.6 million (H1 2019: US$174.2 million). Average Brent price achieved in H1 2020 US$40.0 (H1 2019: US$66.2).\n \n \n \n \n \n \n · \n \n \n \n \n Net operating cashflows1 of US$47.0 million (H1 2019: US$116.9 million).\n \n \n \n \n \n \n · \n \n \n \n \n EBITDA2 of US$38.7 million (H1 2019: US$110.2 million).\n \n \n \n \n \n \n · \n \n \n \n \n EBITDA margin on 41.8% (H1 2019: 63.3%).\n \n \n \n \n \n \n · \n \n \n \n \n Closing cash3 for the period of US$75.7 million (December 31, 2020: US$93.9 million).\n \n \n \n \n \n \n · \n \n \n \n \n Total debt4 at 30 June 2020 of US$1,139.7 million, including accrued interest of US$35.6 million. Net debt of US$1,063.9 million at 30 June 2020. \n \n \n \n \n \n \n · \n \n \n \n \n Continued focus on cost optimization to help manage the Company's liquidity.\n \n \n \n \n \n \n \n \n \n \n \n \n Operational\n \n \n \n \n \n \n \n \n \n · \n \n \n \n \n H1 2020 average production after treatment 23,528 boepd with average sales volumes for the period of 22,624 boepd.\n \n \n \n \n \n \n · \n \n \n \n \n As previously reported, drilling halted for 2020. However, successful workover and well intervention activity has reduced the expected rate of decline of production.\n \n \n \n \n \n \n · \n \n \n \n \n Continuing focus on monetizing spare capacity by processing third party volumes.\n \n \n \n \n \n \n · \n \n \n \n \n Actions continue to be...