Business
Half Year 2017 Financial Results
Half Year 2017 Financial Results.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 0902P Nostrum Oil & Gas PLC 29 August 2017 \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 \nAmsterdam, 29 August 2017\n \nHalf Year 2017 Financial Results\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 2017. \n \nHighlights from the six months to 30 June 2017: \n \nFinancial\n\nRevenue of US$210.0 million (H1 2016: US$163.5 million)\nNet operating cash flows1 of US$118.5 million (H1 2016: US$78.9 million)\nEBITDA2 of US$119.8 million (H1 2016: US$100.9 million)\nEBITDA margin of 57.0% (H1 2016: 61.7%) \nTransport/boe cost reduced to US$5.0/bbl (H1 2016: US$5.3/bbl)\nNet income of US$14.0 million (H1 2016: US$(55.7 million)) \nClosing cash3 for the period of US$97.5 million \nPost half-year successful new bond issuance of US$725 million 8% senior notes due 2022 with proceeds used in part to refinance US$606.8 million of existing notes due 2019\nPro forma debt of US$1,042.2 million and pro forma net debt of US$867.7 million as at 30 June 2017\n\n \nOperational\n\nAverage daily production for the six-month period ending 30 June 2017 was 46,685 boepd \nAverage daily sales volumes for the six-month period ending 30 June 2017 was 41,107 boepd\nSales and production volumes impacted by one week of maintenance shut in\n44 wells currently producing at the Chinarevskoye field - 23 oil wells and 21 gas condensate wells \nConstruction of the third Gas Treatment Unit (\"GTU3\") continues in line with guidance and completion is expected before the end of 2017 at a total cost of US$532 million\nThe KazTransOil (\"KTO\") pipeline connection was finalised in June 2017 at a cost of less than US$7 million, substantially reducing crude oil transportation costs (previous guidance was less than US$10 million)\n\n \n \nKai-Uwe Kessel, Chief Executive Officer of Nostrum Oil & Gas, commented:\n \nNostrum had a solid first half of 2017. Production was stable and our sales prices ...