30th Oct 2018 09:08
LONDON (Alliance News) - Nostrum Oil & Gas PLC on Tuesday lowered slightly its guidance for 2018 sales volumes, as third quarter figures fell year-on-year.
For the three months to September, average sales volumes were 31,776 barrels of oil equivalent per day, down from 36,635 year-on-year.
Nine-month sales volumes were 30,523 barrels of oil equivalent per day, down from 39,600 the same period a year before. Nostrum's nine-month average production was 31,757 barrels of oil equivalent a day, down from 44,879 barrels year-on-year.
The company, which operates assets in the pre-Caspian basin in Kazakhstan, said nine-month revenue is expected to be "in excess" of USD310 million, up slightly from USD304 million a year prior.
Looking forward, however, Nostrum said the suspension of Well 40 and downtime to introduce a new low pressure system means 2018 average sales volumes is likely "to be above" 30,000 barrels of oil equivalent per day but below previous guidance of 32,000 barrels of oil equivalent per day.
Nostrum said the work on its third gas treatment unit is close to mechanical completion, with the only parts still to be done related to a delay in welding due to worker shortages in the summer. It hopes to complete, and start commissioning, before the end of 2018.
Shares were down 3.2% on Tuesday morning at 212.00 pence each.
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