2nd Jun 2023 10:19
Nostrum Oil & Gas PLC - independent oil and gas company focused on the Caspian Basin - Posts revenue of USD199.7 million for 2022 against an average Brent price of USD99 per barrel of crude oil, compared to revenue of USD195.3 million in 2021, against a Brent price of USD71 per barrel of crude oil. Earnings before interest, tax, depreciation and amortisation amounts to USD115.7 million, up from GBP112.5 million a year earlier. However, daily sales volumes averages 12,524 barrels of oil equivalent per day, down from 15,330 a year earlier. Looking ahead, says it continues to prioritise the safety of all staff and contractors as well as focussing on running sustainable operations.
Chief Executive Officer Arfan Khan says: "The financial performance of the group during the year was stable and positive due to an increase in commodity pricing. This was achieved despite the significant natural decline in production, alongside inflationary and other macroeconomic challenges."
Nostrum shares are currently suspended, due to a delay in posting results.
By Xindi Wei, Alliance News reporter
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