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Nostrum Oil & Gas production hit by pipeline repairs

Production guidance for the year is now around 41,000 boepd from 45,000 boepd.

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Production is now back to normal levels

Nostrum Oil & Gas (LON:NOG) cut its production target for the year as repair work on its gas export pipeline overran.

Production guidance for the year is now around 41,000 boepd from 45,000 boepd.

Nostrum’s scheduled maintenance period overran though the work now been completed.

Production is back to normal levels, though third quarter production was lower than expected.

In a trading update, the Kazakh oil and gas producer said revenues for the nine months to September are expected to be in excess of US$370mln.

Nostrum said it continues to look for ways to reduce costs in the current low oil price environment.

Its drilling targets for the year remain on track, with Nostrum focusing on the completion of its GTU3 gas treatment facility.

The company saw its offer for Tethys Petroleum (LON:TPL) spiked earlier this month after Tethys’s largest shareholder, Pope Asset Management, rejected the deal.

Nostrum shares dropped 6% to 450p.

Quick facts: Nostrum Oil & Gas Plc

Price: 8.58 GBX

LSE:NOG
Market: LSE
Market Cap: £15.89 m
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