21st May 2019 10:08
LONDON (Alliance News) - Nostrum Oil & Gas PLC on Tuesday reported a modest rise in quarterly sales volumes, leading to a similar rise in revenue and earnings.
Sales volumes for the first quarter of 2019 were 31,621 barrels of oil equivalent per day, up from 30,874 barrels the same period a year prior.
Revenue was up marginally to USD95.4 million from USD94.8 million, with earnings before interest, tax, depreciation, and amortisation climbing to USD58.7 million from USD57.2 million.
Closing cash was USD75.7 million, down from USD121.8 million, Nostrum added, a figure below forecasts.
Chief Executive Kai-Uwe Kessel said it was a "solid" quarter on the production front: "We now need to build on this and focus on delivering the results we hope for in the Northern part of the field. The Schlumberger technical study remains ongoing and is expected to complete in the third quarter of 2019.
"I am pleased with the progress that has been made on commissioning of GTU3 and we are on track to finish this in the third quarter."
"On the first quarter financials, we have benefited from rising oil prices during the quarter and recorded strong revenues on the back of this. Our cash balance was lower than forecast due to a large receivable balance which has now largely unwound. We remain focused on growing production and are looking at how we can utilise all of our processing facilities as quickly as possible," Kessel continued.
Shares were 2.1% lower on Tuesday morning at a price of 71.40 pence each.
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