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(Alliance News) - Nostrum Oil & Gas PLC on Friday reported a decline in revenue and production for the first quarter after a challenging start to the year.
First quarter revenue was expected to be in excess of USD46 million, Nostrum said, a sharp 24% drop from the USD60.4 million in the same quarter for the prior year.
London-headquartered Nostrum is an exploration and production company operating in the Caspian Basin area in eastern Europe. It achieved quarterly average daily production of 19,341 barrels of oil equivalent per day, slightly above the 2021 daily production guidance of 17,000 but below the 2020 average daily production after treatment of 22,337 barrels.
Similarly, average daily sales volumes for the quarter were 17,419 boepd, 8.9% better than the 2021 daily sales guidance of 16,000 barrels although below 2020's average daily sales volume of 21,514.
Nostrum Chief Executive Arfan Khan commented: "In 2020, Nostrum has taken all necessary steps to safeguard its core business through streamlining operations and prioritising cost reduction. Together with a sustainable and affordable bond restructuring, the company will lay down solid foundations to build from.
"There are a number of additional area-wide opportunities under review that will serve to strengthen our upstream and midstream portfolio in the coming years."
Shares in Nostrum were up 3.9% at 9.00 pence in London on Friday.
By Will Paige; willpaige@alliancenews.com
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