(Alliance News) - Nostrum Oil & Gas PLC on Tuesday reported a decline in both profit and revenue in a tough 2019 so far.
Nostrum's revenue for the nine months to September fell 20% to USD250.3 million, with earnings before interest, tax, depreciation, and amortisation dipping 16% to USD158.3 million.
The pre-Caspian Basin focused firm reported sales volumes of 27,515 barrels of oil equivalent per day for the quarter, down 9.9% from 30,523 barrels a year before. It already had reported this at the end of October.
The fall in production was due to quicker-than-expected field declines, which led to a reduction in 2019 output guidance from Nostrum at the end of October.
"The first nine months of 2019 have been very challenging. We have seen quicker than expected decline in our core producing reservoirs resulting in a reduction in our sales guidance for 2019 by 1,000 barrels per day," said Chief Executive Kai-Uwe Kessel.
The company in June began a strategic review, which could include a sale of the firm.
Shares were 4.1% higher on Tuesday morning in London at 21.70 pence each, having lost 89% over the past 12 months. Five years ago, they were worth 623.00p.
By George Collard; georgecollard@alliancenews.com
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Nostrum Oil&gas (NOG)