Sberbank of Russia : Zhaikmunai announces 2023 operating results of NOSTRUM OIL & GAS PLC

22.04.24 16:37

/KASE, April 22, 2024/ - Zhaikmunai LLP (Oral), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated April 19, 2024: quote Zhaikmunai LLP, a subsidiary of Nostrum Oil & Gas PLC ("Nostrum" or "the Company" and together with its subsidiaries "the Group"), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, is pleased to announce Nostrum's consolidated full year financial results for the twelve months ended 31 December 2023 ("FY 2023"), together with the publication of its 2023 Annual Report. ... 2023 Highlights Financial - Revenues of US$119.6m with average 2023 Brent prices of US$82/bbl (FY2022: revenues of US$199.7m, average Brent price of US$101/bbl). From 2023, the Company negated the adverse impact of Urals-Brent spread on oil and gas condensate exports, by using alternative delivery routes and destinations which resulted in improved netbacks in 2023 vs 2022. - EBITDA1 of US$42.1m (2022: US$115.7m) and EBITDA1 margin of 35.2% (FY2022: 57.9%). - Unrestricted cash position at 31 December 2023 of US$161.7m (31 December 2022: US$233.6m). US$25.2m remained as restricted cash at 31 December 2023 (31 December 2022: US$31.0m), including US$16.5m held in a debt service retention account under the terms of the bond trust deeds (31 December 2022: US$22.8m in escrow account under the forbearance agreement). - The Group continued focusing on cost optimisation to help manage liquidity, with increases necessary to support the growth projects such as Ural O&G processing and Stepnoy Leopard appraisal and project development. *EBITDA is defined as profit before tax + non-recurring expenses + finance costs + foreign exchange loss/(gain) + employee share-option adjustments + depreciation - interest income + other expenses/(income). unquote The complete press release is available on - https://kase.kz/files/emitters/ZHMN/zhmn_information_190424.pdf [2024-04-22]