/KASE, January 30, 2024/ – Zhaikmunai LLP (Oral), whose bonds are officially
listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the
following press release dated January 29, 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, today announces Nostrum's operational update in
respect of the year ended 31 December 2023 and provides Nostrum's production
guidance for 2024. This update is being issued in advance of the release of
Nostrum's consolidated accounts for the same period and is therefore, at this
stage, unaudited.
...
Financial
- Full year revenues, in line with expectations, to be in excess of US$118m
(2022: US$199.7m), lower year on year by virtue of anticipated declining
production and relatively lower average product prices (Brent price averaged
US$82/bbl in 2023 vs US$101/bbl in 2022).
- The Group's unrestricted consolidated cash balance as at 31 December 2023
was in excess of US$161m (31 December 2022: US$233.6m), annual
reduction due to payment of 2022 coupon on completion of Restructuring,
payment for acquisition of Stepnoy Leopard fields, and payments arising from
2016-2021 tax audit. The Group's restricted cash balance as at 31 December
2023 was in excess of US$25m (31 December 2022: US$31.0m), comprised
of the debt-service retention account and liquidation fund deposits.
- On 9 February 2023, the Group completed the bond restructuring initially
announced on 23 December 2021 (the "Restructuring") and the related lock-
up and forbearance arrangements were terminated.
- The Group continues to focus on cost optimisation to help manage liquidity.
unquote
The complete press release in Russian and English is available at –
https://kase.kz/files/emitters/ZHMN/zhmn_relizs_290124.pdf
[2024-01-30]