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Interim Results

Nostrum O&G improves Q1 revenue, EBITDA

23 May 2017 07:27

Nostrum Oil & Gas has improved its Q1 revenue and EBITDA, with average daily production in the three-month period to March 31 being 48,743 boepd.

Revenue for the quarter was $111.9m, up from $73.9m. EBITDA was $68.7m, up from $51.7m.

Average daily production for the three-month period ending 31 March 2017 was 48,743 boepd, the company said.

It added that average daily sales volumes for the three-month period was 43,279 boepd, from 38,754.

CEO Kai-Uwe Kessel said Q1 was an excellent quarter with strong cash generation following a very consistent quarter of production and strong product prices relative to 2016.

"In addition to the strongest revenues we have had for over a year, I am pleased that operating costs remain below US$4 per barrel which is allowing us to maintain healthy margins.

"We will continue to keep operating costs at a minimum to ensure the business is protected in the event oil prices fall back below US$50 in the near future.

"As we get closer to the deadline for GTU3 we have been analysing the project to ensure it can have first gas running through it before the end of the year.

"The Board has approved an increase in the budget by $34m to ensure sufficient resources are available to achieve this. We remain focused on delivering GTU3 before year-end and will ensure we keep costs to an absolute minimum to meet our objectives."

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