Nostrum Oil & Gas PLC
31 July 2026
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, 31 July 2026
Operational Update for the six months ended 30 June 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 six months ended 30 June 2026 ("H1 2026").
Viktor Gladun, Chief Executive Officer of Nostrum Oil & Gas PLC, commented:
"Nostrum continues to demonstrate strong operational resilience and disciplined financial management, underpinned by our commitment to the highest standards of health, safety and environmental performance.
I am pleased to report that during H1 2026 the Group generated an EBITDA of over US$27 million, which is approximately 14% improvement compared to H1 2025, and a corresponding free cashflow of over US$11 million after the payment of coupon on bonds. This was a result of improved export volumes, higher product prices, and an operational growth, increasing average daily processed volumes by over 5% driven by higher third-party feedstock and effective operational management of the expected decline at Chinarevskoye field through well workovers.
We have taken further steps on the implementation of the extension of the maturity date of our bonds to 31 December 2030, and we are pleased to confirm that the majority bondholders supported the long-term standstill, which provides Nostrum a stable platform for realization of the longer-term value for all our stakeholders.
Looking ahead, we remain firmly focused on maintaining safe and reliable operations, safeguarding our financial resilience, and executing on our strategic priorities with discipline to create sustainable long‑term value for all our stakeholders."
H1 2026 Highlights:
Operational
Production and sales
· A 5.2% increase in average daily processed volumes (i.e. Chinarevskoye and Ural Oil & Gas LLP ("Ural O&G") feedstock, including condensate tolling) to 25,898 boepd in H1 2026 (H1 2025: 24,619 boepd). This includes a 4.8% increase in average daily titled output product volumes (i.e. Chinarevskoye production and dry gas and LPG produced from Ural O&G feedstock) to 17,790 boepd in H1 2026 (H1 2025: 16,974 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 of ESP failures and flow assurance well servicing.
· The split of the titled output product volumes was as follows:
|
Products |
H1 2026 volumes (boepd) |
H1 2025 volumes (boepd) |
Y-on-Y change (%) |
|
H1 2026 product mix (%) |
H1 2025 product mix (%) |
|
Crude Oil |
1,917 |
2,476 |
(22.6)% |
10.8% |
14.6% |
|
|
Stabilised Condensate |
1,691 |
1,598 |
5.8% |
9.5% |
9.4% |
|
|
LPG (Liquid Petroleum Gas) |
3,370 |
3,165 |
6.5% |
18.9% |
18.6% |
|
|
Dry Gas |
10,812 |
9,735 |
11.1% |
60.8% |
57.4% |
|
|
Total |
17,790 |
16,974 |
4.8% |
|
100.0% |
100.0% |
*Stabilised condensate volumes exclude Ural O&G processed volumes for which Nostrum receives a tolling fee
· A 1.8% increase in average daily sales volumes to 15,837 boepd for H1 2026 (H1 2025: 15,555 boepd). The difference between titled output product volumes 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 Field
A comprehensive review and assessment of potential well workovers and new drilling prospects is underway. In June 2026, the company successfully completed the planned maintenance of Gas Treatment Unit 3 within planned timeline and without cost overruns.
Processing of Ural O&G products
Throughout H1 2026, the Company continued processing raw gas and condensate volumes from Ural O&G, resulting in increased processed and titled output product 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
· H1 2026 revenue is estimated at approximately US$72 million (H1 2025: US$64.1 million). The increase was mainly driven by higher export volumes, stronger Brent crude oil price and increased sales and processed volumes. The average Brent crude oil price was US$92.2/bbl in H1 2026 (H1 2025: US$71.9/bbl).
· In H1 2026, the Group generated a net operating cash flow of approximately US$22 million, and a free cashflow of approximately US$11 million.
· In June 2026, following the receipt of the applicable regulatory licence, Nostrum made interest payments in the total amount of US$25.2 million, of which US$15.6 million were funded out of DSRA.
· The unrestricted cash and cash equivalents balance as at 30 June 2026 was in excess of US$154 million (31 December 2025: US$143.3 million, 31 March 2026: US$151.3 million).
· The Group remains focused on maximising facility uptime, controlling costs where possible and improving efficiencies across the business. At the same time, capital allocation remains disciplined and focused on preserving liquidity while assessing development opportunities across the asset base.
· On 26 June 2026, Nostrum launched a consent solicitation regarding certain amendments to the terms of the transaction announced on 30 March 2026, that seeks to implement a long-term standstill (including among others in respect of non-payment of principal of SSNs and SUNs) as described in more detailed in the relevant announcement and the consent solicitation memorandum. On 20 July 2026, The Group announced that the relevant meetings were held and the necessary approvals were obtained. The consent conditions as defined in the consent solicitation have therefore been satisfied, other than the consent condition relating to the tender offer, and such tender offer was launched on 24 July 2026.
HSE and ESG
· Zero fatalities among employees and contractors during operations in H1 2026 (H1 2025: zero).
· Total Recordable Incidents (incidents per million man-hours) of 3.0 in H1 2026 (H1 2025: 1.3).
· Lost Time Injury (incidents per million man-hours) of 2.3 in H1 2026 (H1 2025: zero)
· 1,871 tonnes of air emissions emitted in H1 2026 against 4,954 tonnes permitted for 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 H1 2026 Financial Results
Nostrum plans to release its H1 2026 interim financial report including unaudited interim condensed consolidated accounts on or around 11 August 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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
ENDRNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.