Nostrum Oil & Gas announces results for the quarter ended 31st March 2014

Nostrum Oil & Gas announces results for the quarter ended 31st March 2014

Nostrum Oil & Gas LP (LSE: NOG.LI) (“Nostrum”), the oil and gas exploration, development and production business today announces its results for the quarter ended 31st March 2014.
Highlights from the quarter
· Total average daily production of 48,350 boepd
· Revenue of US$227 million, down 1% compared to Q1 2013 (US$229 million)
· EBITDA of US$163 million, up 7% compared to Q1 2013 (US$153 million)
· Cash position of US$643 million and net debt of US$402 million
New Developments
· Proposed Premium Listing of Nostrum Oil & Gas
· Long-term off-take agreement for gas condensate with Trafigura
· Initial discovery at exploration well 40
Kai-Uwe Kessel, CEO of Nostrum Oil & Gas commented:
“Another strong financial quarter demonstrates the quality of the assets we have. Our consistent operational performance allows us to take advantage of the current oil price environment whilst our efforts to contain costs are also reaping rewards through a higher EBITDA margin. We will continue to focus on maintaining strong cash flows whilst executing the next phase of development. The company is in an excellent financial position and is well positioned to deliver on all its strategic initiatives.”
Source: Nostrum Oil & Gas

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