REG - Nostrum Oil & Gas - Operational Update for Q1 ended 31 March 2026

Nostrum Oil & GasAnnouncement

30/04/2026 07:02

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RNS Number : 4823C  Nostrum Oil & Gas PLC  30 April 2026

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FOR IMMEDIATE RELEASE

 

London, 30 April 2026

 

 

 

 

Operational Update for the quarter ended 31 March 2026

 

Nostrum Oil & Gas PLC (LSE: NOG) ("Nostrum", or the "Company" and together
with its subsidiaries, the "Group"), an independent energy company with gas
processing infrastructure and an export hub in north-west Kazakhstan, today
announces its operational update for the quarter ended 31 March 2026 ("Q1
2026").

 

Viktor Gladun, Chief Executive Officer of Nostrum Oil & Gas PLC,
commented:

 

"I am pleased to report a positive start to 2026, with over 11% increase in
average daily processed volumes compared to Q1 2025. This was driven by higher
third-party feedstock and effective management of the expected decline at
Chinarevskoye through well workovers. As a result, the Group generated over
US$10 million net operating cash flow.

 

Moving forward, we will continue to focus on safe and reliable operations,
financial resilience and disciplined execution of our strategic objectives to
support long-term value creation."

 

Q1 2026 Highlights:

 

Operational

 

Production and sales

·       A 11.2% increase in average daily processed volumes (i.e.
Chinarevskoye and Ural O&G feedstock, including condensate tolling) to
26,708 boepd in Q1 2026 (Q1 2025: 24,009 boepd). This includes an 8.4%
increase in average daily titled production volumes (i.e. Chinarevskoye
production and dry gas and LPG produced from Ural O&G feedstock) to 18,243
boepd in Q1 2026 (Q1 2025: 16,830 boepd). These increases were achieved
through continuing to process the ramping up feedstock from Ural O&G and
managing the expected decline in Chinarevskoye production through well
workovers.

 

·       The split of the titled production volumes (i.e. Chinarevskoye
production and dry gas and LPG produced from Ural O&G feedstock) was as
follows:

 

 Products                    Q1 2026 volumes (boepd)  Q1 2025 volumes (boepd)  Y-on-Y change (%)      Q1 2026 product mix     Q1 2025 product mix
                                                                                                      (%)                     (%)
 Crude Oil                   1,885                    2,650                    (28.9)%                10.3%                   15.7%
 Stabilised Condensate       1,756                    1,678                    4.6%                   9.6%                    10.0%
 LPG (Liquid Petroleum Gas)  3,513                    3,077                    14.2%                  19.3%                   18.3%
 Dry Gas                     11,089                   9,425                    17.7%                  60.8%                   56.0%
 Total                       18,243                   16,830                   8.4%                   100.0%                  100.0%

*Stabilised condensate volumes exclude Ural O&G processed volumes for
which Nostrum receives a tolling fee

 

·       A 13.4% increase in average daily sales volumes to 16,021 boepd
for Q1 2026 (Q1 2025: 14,128 boepd). The difference between titled production
and sales volumes was primarily due to the internal consumption of dry gas
produced and the timing of product deliveries, which leads to inventory
increases or decreases at period end.

 

Chinarevskoye drilling programme

 

A comprehensive review and assessment of potential well workovers and new
drilling prospects is underway.

 

Processing of Ural O&G products

 

Throughout Q1 2026, the Company continued processing raw gas and condensate
volumes from Ural O&G, resulting in increases in titled production and
processed volumes.

 

Stepnoy Leopard Fields

 

A comprehensive review of the overall development strategy for the Stepnoy
Leopard Fields is underway, considering project economics, infrastructure
access, sales delivery points, compliance with regulatory and license
requirements and capital allocation priorities.

 

Financial

·       Q1 2026 revenue is estimated to be approximately US$32.8
million (Q1 2025: US$30.0 million). The positive movement in revenues was
driven by the increase in titled production and processed volumes from Ural
O&G feedstock and continued well workover, all of which has more than
offset the impact of continuing decline in Chinarevskoye production. In
addition, the average Brent crude oil price increased to US$80.2/bbl in Q1
2026 (Q1 2025: US$75.9/bbl).

 

·       The unrestricted cash and cash equivalents balance as at 31
March 2026 was in excess of US$151 million (31 December 2025: US$143.3
million). The restricted cash balance (debt service retention account and
asset liquidation fund) was in excess of US$26.6 million as at 31 March 2026
(31 December 2025: US$26.6 million).

 

·       In Q1 2026, the Group generated a healthy net operating cash
flow, resulting in an approximate US$8 million increase in the Group's
unrestricted cash and cash equivalents balance by the end of Q1 2026.

 

·       The Group remains focused on maximising facility uptime,
controlling costs where possible, and improving efficiency across the
business. At the same time, capital allocation remains disciplined and focused
on preserving liquidity while assessing development opportunities across the
asset base.

 

HSE and ESG

·       Zero fatalities among employees and contractors during
operations for Q1 2026 (Q1 2025: zero).

 

·       Zero Total Recordable Incidents (incidents per million
man-hours) in Q1 2026 (Q1 2025: one).

 

·       Zero Lost Time Injury (incidents per million man-hours) in Q1
2026 (Q1 2025: zero)

 

·       948 tonnes of air emissions emitted in Q1 2026 against 4,954
tonnes permitted for FY 2026 under the Kazakhstan Environmental Code.

 

·       The safety of all employees and contractors, together with a
commitment to responsible operations, remains the Group's priority.

 

Release of Nostrum's Q1 2026 Financial Results

Nostrum plans to release its unaudited interim condensed consolidated accounts
for the period ending
31 March 2026 on or around 26 May 2026.

 

 

LEI: 2138007VWEP4MM3J8B29

 

Further information

For further information please visit www.nostrumoilandgas.com
(http://www.nostrumoilandgas.com)

 

Further enquiries

Nostrum Oil & Gas PLC

 

Elena Zhuravleva

Chief Financial Officer

ir@nog.co.uk (mailto:ir@nog.co.uk)
 
 

 

TEAM
LEWIS
 
 

Galyna Kulachek

+ 44 (0) 20 7802 2664

nostrum@teamlewis.com (mailto:nostrum@teamlewis.com)

 

 

About Nostrum Oil & Gas

 

Nostrum Oil & Gas PLC is an independent energy company with gas processing
infrastructure and an export hub in north-west Kazakhstan. Its shares are
listed on the London Stock Exchange (ticker symbol: NOG). The principal
producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye field which
is operated by its wholly-owned subsidiary Zhaikmunai LLP, which is the sole
holder of the subsoil use rights with respect to the development of the
Chinarevskoye field. The Company also owns an 80% interest in Positiv Invest
LLP, which holds the subsoil use rights for the "Kamenskoe" and
"Kamensko-Teplovsko-Tokarevskoe" areas in the West Kazakhstan region (the
Stepnoy Leopard fields).

 

Forward-Looking Statements

 

Some of the statements in this document are forward-looking. Forward-looking
statements include statements regarding the intent, belief and current
expectations of the Company or its officers with respect to various matters.
When used in this document, the words "expects", "believes", "anticipates",
"plans", "may", "will", "should" and similar expressions, and the negatives
thereof, are intended to identify forward-looking statements. Such statements
are not promises nor guarantees and are subject to risks and uncertainties
that could cause actual outcomes to differ materially from those suggested by
any such statements.

 

No part of this announcement constitutes, or shall be taken to constitute, an
invitation or inducement to invest in the Company or any other entity, and
shareholders of the Company are cautioned not to place undue reliance on the
forward-looking statements. Save as required by the relevant listing rules and
applicable law, the Company does not undertake to update or change any
forward-looking statements to reflect events occurring after the date of this
announcement.

 

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