Nostrum Oil & Gas Plc · LSE:NOG
Nostrum Oil & Gas — FY2023 Earnings Presentation
11 slides from Nostrum Oil & Gas's earnings presentation, Apr 19, 2024
Slide 1: Delivering our mixed-asset energy strategy: 2023 Full Year Results Presentation
“Delivering our mixed-asset energy strategy” 2023 Full Year Results Presentation 19 April 2024
Slide 2: Disclaimer
Disclaimer This presentation has been prepared and issued by, and is the sole responsibility of, Nostrum Oil & Gas plc (the “Company”), being the current holding company of the Nostrum Oil & Gas group (the “Group”). For the purpose of this disclaimer notice, “presentation” shall include these slides
Slide 3: 2023 Highlights
2023 Highlights • Bond restructuring completed in February 2023, stabilizing the business and reducing financing burden • Acquisition of 80% interest in Positiv Invest LLP for US$19.3m cash (holder of Stepnoy Leopard field licences) Strategic • Commenced Stepnoy Leopard two-well appraisal programme
Slide 4: Strategic Catalysts Road Map
Strategic Catalysts Road Map Strategic Operational Gas lift Chinarevskoye Chinarevskoye GTU-3 system well 301 drilling well 301 drilling re-start expansion commenced completion Mixed-asset Stepnoy Stepnoy Stepnoy Bond Leopard 2- Ural Oil & Gas energy Leopard Leopard initial restructuring well apprai
Slide 5: Operations
Operations Production Volumes by Product (avge kboepd) Production Product Mix 16.0 14.7 13.7 14.0 13.2 12.7 11.8 12.0 10.5 10.8 6.8 10.1 6.2 5.9 9.6 9.5 Oil 10.0 5.4 5.0 26% 8.0 4.3 4.6 4.2 Gas 4.1 3.8 (2022: 23%) 1.8 1.7 1.6 1.7 42% 6.0 1.5 (2022: 44%) 1.3 1.4 1.3 1.2 1.3 4.0 3.0 2.7 2.6 2.4 2.7 Co
Slide 6: Financial KPIs
Financial KPIs Measure Unit 2023 2022 Change Comments Revenue reduction driven by annual decline in production and sales, and lower Revenue US$m 119.6 199.7 (80.1) average product prices (2023 avge $82/bbl vs 2022 avge $101/bbl) Impact of reduced revenues, a largely fixed operating cost base, and pa
Slide 7: Financial Impact of One-Off Items
Financial Impact of One-Off Items Impact on net profit/(loss) US$m Impact on cashflow (unrestricted cash) US$m 2023 2022 2023 2022 Net result before non-recurring items (106.3) (74.9) Cash start of year 233.6 165.2 Cash from operations 33.9 108.5 Gain on debt-to-equity exchange 1 769.6 0.0 Current y
Slide 8: Supporting materials
Supporting materials
Slide 9: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position • Property, plant and equipment balance decreased mainly due to depreciation, slightly offset by capex addition related to Gas lift expansion, UOG tie-back, etc. • E&E assets include US$20m acquisition cost of 80% interest in Positiv Invest (Stepnoy Leopa
Slide 10: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income • Revenue reduction driven by decline in production and lower average product prices • 2023 cost of sales lower due to decrease in depreciation (following the production decline trend) • G&A expenses higher due to inflation and indexation of payroll • S
Slide 11: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows • Operating cashflows decreased mainly as a results of lower revenues caused by production decline and lower average product prices in 2023 vs 2022. • Income tax paid and change in other current liabilities include payments related to tax audit of previous years