Business
Q1 2020 Financial Results
Q1 2020 Financial Results.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \n \n RNS Number : 2479N\n Nostrum Oil & Gas PLC\n 19 May 2020\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 London, 19 May 2020\n \n \n \n \n \n Financial Results for the First Quarter and Three Months ending 31 March 2020\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, today announces its financial results in respect of the three-month period ending 31 March 2020.\n \n \n \n \n \n Highlights:\n \n \n Financial:\n \n \n · \n Revenue of US$60.4 million (Q1 2019: US$95.4 million)\n \n \n · \n Net operating cash flows[1] of \n US$29.2 million (Q1 2019: US$42.2 million)\n \n \n · \n EBITDA[2] of US$31.7 million (Q1 2019: US$58.7 million)\n \n \n · \n EBITDA margin of 52.5% (Q1 2019: 61.5%) \n \n \n · \n Closing cash[3] for the period of US$\n 66.1 million (FY 2019: US$93.9 million) \n \n \n · \n Total debt of US$1,1\n 16.4 million and net debt of US$1,050.3 million as at 31 March 2020\n \n \n \n \n \n Operational:\n \n \n · \n Q1 2020 average production of 24,006 boepd and average sales volumes of 22,903 boepd\n \n \n · \n Drilling halted for 2020. Workover activity to support production levels continuing.\n \n \n · \n Continuing focus on monetizing spare capacity by processing third party volumes\n \n \n · \n Actions taken to protect the health and safety of personnel and to mitigate any impact of COVID 19 on operations. \n \n \n · \n 46 wells in production (21 oil wells and 25 gas-condensate wells) as at 31 March 2020.\n \n \n \n \n \n Kaat Van Hecke, Chief Executive Officer of Nostrum Oil & Gas, commented:\n \n \n \n \n \n \"With the status of the Covid-19 pandemic evolving rapidly, it has provided a highly dynamic and challenging scenario for global markets over the first quarter of 2020. Nostrum has been monitoring the potential impact on its operations and has rolled out a business continuity plan to ensure the safety and wellbeing of our employees. \n \n \n In line with our strategy to commercialise our world class i...