(Alliance News) - Nostrum Oil & Gas PLC on Tuesday said its revenue declined in the first quarter of 2020 amid challenges caused by Covid-19 pandemic.
The exploration and production company said revenue in the three months to the end of March decreased 37% to USD60.4 million from USD95.4 million a year ago.
Nostrum's earnings before interest, tax, depreciation and amortization fell 46% to USD31.7 million from USD58.7 million year-on-year.
Average production in the first quarter was 24,006 barrels of oil equivalent per day and average sales volumes were 22,903 barrels of oil equivalent per day.
"With the status of the Covid-19 pandemic evolving rapidly, it has provided a highly dynamic and challenging scenario for global markets over the first quarter of 2020," said Chief Executive Kaat Van Hecke.
Nostrum said it has halted all drilling in 2020 and will operate with one workover rig at field site.
Looking ahead, the company expects 2020 production of 20,000 barrels of oil equivalent per day, corresponding to sales volumes of 19,000 barrels of oil equivalent per day.
"In line with our strategy to commercialise our world class infrastructure we are continuing our discussions with third parties to secure additional volumes to fill the spare capacity at our gas treatment facility," added Van Hecke.
Nostrum Oil & Gas shares were trading 3.7% higher in London on Tuesday at 8.69 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Nostrum Oil&gas (NOG)