28th Aug 2014 13:00
LONDON (Alliance News) - Nostrum Oil & Gas PLC said Thursday that total average daily production beat its annual target in the first-half as revenue rose, buoyed by a supportive oil price environment.
The AIM-listed oil and gas company said revenue came in at USD445.0 million, up 0.6% on the USD442.5 million last year as earnings before interest, taxation, depreciation and amortisation rose 9.6% during the first-half to USD312.7 million from USD285.2 million in the first-half of 2013.
Total average daily production of 46,569 barrels of oil equivalent per day, up 0.4% on the 46,178 boepd recorded for the full-year 2013 and up on the 46,370 boepd in the comparative half last year. The reading comes in above its average annual target of 45,000 boepd, said the company.
"This operational outperformance, in conjunction with a supportive oil price environment, has put us in a very strong position," said CEO Kai-Uwe Kessel.
Nostrum Oil & Gas is an independent oil and gas company which is engaged in the production, development and exploration of oil and gas in the pre-Caspian Basin. The company completed its premium listing on the London Stock Exchange in June. The company said its premium listing replaces its previous GDR listing, and the shares replaced the GDRs as the listed securities in Nostrum. The GDRs are scheduled to be cancelled in the third quarter of 2014.
Net debt during the period rose USD95.1 million to USD483.6 million at June 30, 2014, up on the USD388.5 million recorded for the full-year 2013, said Nostrum Oil & Gas.
"This operational outperformance, in conjunction with a supportive oil price environment, has put us in a very strong position," said CEO Kessel. "The successful completion of the Company's Premium Listing marks a significant milestone in our vision."
The company said that it is now progressing towards the completion of the third gas treatment facility at Chinarevskoye, on time and on budget, set to deliver production of 100,000 boepd by the end of 2016. 15 oil wells and 15 gas condensate wells are currently producing at the Chinarevskoye field.
In July the company said that it was outperforming its production targets and expected to report production and revenue results in line with those reported Thursday.
Shares in Nostrum Oil & Gas were Thursday trading 2.41% lower at 771.00 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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