30th Apr 2018 11:02
LONDON (Alliance News) - Nostrum Oil & Gas PLC on Monday said that it expects to report a fall in quarterly revenue due to lower oil production.
The oil & gas company reported average daily production in the first quarter of 32,946 barrels of oil equivalent, down from average daily production of 48,743 barrels in the first quarter of 2017.
Nostrum expects revenue in the first quarter of 2018 to be in excess of USD94.0 million, down from USD111.9 million for the same period the prior year.
The company also said it entered into its final construction phase of GTU3 well in the pre-Caspian Basin on Thursday last week. It expects to complete the construction works in three weeks and start pre-commissioning hydro-testing activities.
"The focus for 2018 is on stabilising our production decline and starting to grow production in the second half of the year," said Chief Executive Kai-Uwe Kessel. "The second focus for 2018 is on drilling production wells. We are approaching completion of the first well that has encountered hydrocarbons and will bring that well online as soon as it is completed."
Shares in Nostrum were trading 0.2% higher at 300.00 pence per share on Monday.
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