Nostrum Oil & Gas PLC on Tuesday posted improved financial results for the first half as efforts to increase production yield results.
The Kazakhstan-focused oil & gas company said earnings before interest, taxes, depreciation, and amortisation grew 44% to $22.3 million in the first half that ended June 30 from $15.5 million the previous year.
Revenue increased 24% to $65.3 million from $52.8 million.
Average daily production rose 22% to 12,220 from 10,048 barrels of oil equivalent per day.
The successful launch of a gas-lift system expansion in July 2023 doubled capacity and slowed production decline at the maturing Chinarevskoye field. Meanwhile, Nostrum implemented a new strategy which includes processing third-party hydrocarbons received from Ural Oil & Gas LLP.
The product mix in the half consisted of 49% dry gas, 20% crude oil, 16% liquid petroleum gas, and 15% stabilised condensate.
The figure for stabilised condensate excludes Ural processed volumes for which Nostrum receives a tolling fee.
Nostrum said: ‘The group continues to focus on maximising facility uptime, controlling costs and improving efficiencies across all facets of our business, while allocating and efficiently utilising existing resources on growth projects.’
Furthermore, the sidetrack well No 41 as part of the Chinarevskoye drilling programme is due to complete in the third quarter of 2024.
Nostrum shares closed 3.3% higher at 4.66 pence each in London on Tuesday.
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