29th Jan 2019 09:51
LONDON (Alliance News) - Nostrum Oil & Gas PLC on Tuesday said it expects to report a slight decline in its revenue for 2018 following a 4.0% fall in oil production from the pre-Caspian Basin.
The firm's average production in 2018 totalled 31,254 barrels of oil equivalent per day, with sales volumes at 29,516 barrels of oil equivalent daily.
In 2017, Nostrum reported average production of 39,199 barrels of oil equivalent a day, with sales at 37,844 barrels of oil equivalent daily.
As at December 31, the company had 45 wells in production, comprised of 20 oil wells and 25 gas-condensate wells, up from 40 producing wells the year before.
Nostrum expects annual revenue in excess of USD389 million, from USD405 million reported a year prior.
Looking ahead, the company said average production in January improved to 32,963 barrels of oil equivalent daily.
For the entire 2019, the company aims to produce 30,000 barrels of oil equivalent a day, with sales volumes totalling 28,000 barrels of oil equivalent daily.
In addition, it intends to drill up to six wells during 2019. Nostrum plans to publish its 2018 financial results on March 26.
The stock was trading 10% higher on Tuesday at 132.68 pence a share.
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