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| Date | 30 Apr 2026 |
| Time | 07:00:07 |
| Category | Corporate updates |
| ID | 4823C |
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
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
Further enquiries
Nostrum Oil & Gas PLC
Elena Zhuravleva
Chief Financial Officer
TEAM LEWIS
Galyna Kulachek
+ 44 (0) 20 7802 2664
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.