Nostrum Oil & Gas PLC - London-based, Caspian Basin-focused independent oil and gas company - Says revenue in the six months to June 30 is expected to exceed $52 million, but will drop from $107 million a year prior. Says this is due to lower production and average product prices. Says average post-treatment production in the first half of the year was 10,048 barrels of oil per day, down 29% from 14,167 the year before. Average daily sales volume was 9,020 boepd, down 31% from 13,102.
Chief Executive Officer Arfan Khan says: ‘We are pleased with the significant operational milestones we have achieved during the first half of 2023.
‘Following the successful completion of the Stepnoy Leopard Fields acquisition this month, we have already commenced an appraisal programme to reclassify certain contingent resources into proven reserves, which will help us to determine the commercially viable development schemes. This is an attractive upstream tie-back project for us that could deliver material reserves addition to the group’s resource base.’
Current stock price: 10.00 pence each, down 9.1% on Friday
12-month change: down 79%
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