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Interim Results

Nostrum revenue up 28%

29 August 2017 09:21

Nostrum Oil & Gas, an oil and gas company focused on the pre-Caspian Basin, grew its revenue by 28.4% to $210 million in the first half.

EBITDA increased from $100.9m to $119.8m, while the EBITDA margin slipped from 61.7% to 57%.

The average daily production for the six-month period was 46,685 boepd and the average daily sales volume was 41,107 boepd.

Kai-Uwe Kessel, chief executive officer, said: "Production was stable and our sales prices were significantly higher than our internal forecast of $45 oil price.

"We maintained a steady control on costs keeping them in line with H1 2016 while having slightly higher production and sales volumes.

"In addition, the completion of the KTO pipeline connection in June 2017 below budget will contribute to a reduction in our crude oil transportation costs in H2 2017."

At 9:21am: (LON:NOG) Nostrum Oil Gas Plc share price was -0.6p at 384.4p

Story provided by StockMarketWire.com

Related Company: NOG

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