Business
Q1 2019 Financial Results
Q1 2019 Financial Results.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 6127Z Nostrum Oil & Gas PLC 21 May 2019 \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, 21 May 2019\n \n \nFinancial Results for the First Quarter and Three Months ending 31 March 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 three-month period ending 31 March 2019.\n \nHighlights:\n \nFinancial:\n· Revenue of US$95.4 million (Q1 2018: US$94.8 million)\n· Net operating cash flows1 of US$42.2 million (Q1 2018: US$56.0 million)\n· EBITDA2 of US$58.7 million (Q1 2018: US$57.2 million)\n· EBITDA margin of 61.5 % (Q1 2018: 60.3%) \n· Closing cash3 for the period of US$75.7 million (FY 2018: US$121.8 million) \n· Total debt of US$1,109.7 million and net debt of US$1,034.1 million as at 31 March 2019\n \nOperational:\n· Q1 2019 average production after treatment of 32,646 boepd\n· Q1 2019 average sales volumes of 31,621 boepd\n· 45 wells currently producing at the Chinarevskoye field - 18 oil wells and 27 gas-condensate wells\n· The third Gas Treatment Unit (\"GTU3\") was mechanically completed in December 2018. Hot commissioning will commence during Q2 with commissioning to be completed in Q3 2019\n \nKai-Uwe Kessel, Chief Executive Officer of Nostrum Oil & Gas, commented:\n \n\"Q1 has been a solid quarter for production which has seen sales volumes grow quarter-on-quarter. We now need to build on this and focus on delivering the results we hope for in the Northern part of the field. The Schlumberger technical study remains ongoing and is expected to complete in Q3 2019.\nI am pleased with the progress that has been made on commissioning of GTU3 and we are on track to finish this in Q3. \nOn the Q1 financials, we have benefited from rising oil prices during the quarter and recorded strong reve...