Business
H1 2021 Financial Results
H1 2021 Financial Results.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8189I\n Nostrum Oil & Gas PLC\n 17 August 2021\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, 17 August 2021\n \n \n \n \n \n \n \n \n Financial Results for the Second Quarter and Six Months ending 30 June 2021\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 2021. \n \n \n \n \n \n Highlights: \n \n \n \n \n \n Financial\n \n \n · \n Revenues of US$92.3 million (H1 2020: US$92.6 million). Average Brent price in H1 2021 of US$65.2 (H1 2020: US$40.0).\n \n \n · \n Net operating cashflows1 of US$46.3 million (H1 2020: US$47.0 million). \n \n \n · \n EBITDA2 of US$52.8 million (H1 2020: US$38.7 million). \n \n \n · \n EBITDA margin of 57.2% (H1 2020: 41.8%). \n \n \n · \n Closing cash3 for the period of US$108.1 million (December 31, 2020: US$93.9 million). Cash excludes US$21.5 million held in a secure account under the terms of the Forbearance Agreements.\n \n \n · \n We continue to accrue interest on the 2022 and 2025 loan notes, but no interest has been paid on the loan notes since February 2020 (see Bond Restructuring, below). \n \n \n · \n Continued focus on cost optimization to help manage the Company's liquidity.\n \n \n \n \n \n 1. IFRS term based on indirect cash flow method\n \n \n 2. Defined as profit before tax net of finance costs, foreign exchange loss/gain, ESOP, depreciation, interest income, other income and expenses\n \n \n 3. Defined as cash and cash equivalents including current and non-current investments and excluding restricted cash.\n \n \n \n \n \n Operational\n \n \n \n \n \n · \n Average daily production after treatment for H1 2021 totalled 18,107 boepd with average daily sales volumes for H1 of 16,249 boepd. The natural production decline means that we do not make condensate sales each month because we have insufficient volumes to form...