Business
Q1 Financial Results
Q1 Financial Results.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 1929Z Nostrum Oil & Gas PLC 25 May 2016 \n\n \n \n \nAmsterdam, 25 May 2016\n \nFirst Quarter 2016 Financial Results\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 results in respect of the three month period ended 31 March 2016.\n \nHighlights:\n \nFinancial \n· Revenue for the period of US$73.9m (Q1 2015: US$100.3m)\n· EBITDA1 for the period was US$51.7m (Q1 2015: $49.6m)\n· EBITDA margin of 70% (Q1 2015: 49%)\n· Opex / boe2 reduced significantly to US$3.5 / boe (FY 2015: US$4.5 / boe) \n· First quarterly payment in excess of US$19m received from new hedge entered into in December 2015 \n· Closing Cash3 for the period of US$137.1m; Net Debt / LTM EBITDA ratio of 3.5x\n \nOperational\n· Average daily production for the three month period ending 31 March 2016 was 38,754 boepd (including one week of scheduled maintenance at the end of March)\n· Production guidance for the full year remains at approximately 40,000 boepd\n· On track to fulfil 2016 drilling programme of three production wells and one appraisal well \n· Fully funded capex programme both to maintain current production in 2016 and 2017 and complete construction of the GTU III during 2017\n \nKai-Uwe Kessel, Chief Executive Officer of Nostrum, commented:\n\"We have made a steady start to the year both financially and operationally. Operating costs have been reduced to US$3.5 / boe, from US$4.5 / boe last year and we look forward to completing negotiations to open up the possibility of transporting our crude oil through the KTO pipeline, thereby further reducing our crude oil transport costs. Whilst the oil price continues to be volatile, our hedge provides us with security against any falling oil price and allows us to focus on the completion of GTU3 in 2017, and subsequent ramp-up of production to 100kboepd. With our significant reserve base, low cash operating ...