Nostrum Oil and Gas improves cash position despite weakened oil prices
Nostrum Oil & Gas has surpassed its production target for the first three quarters of 2014, reporting an improved cash position despite weakened oil prices.
The independent oil and gas exploration and production company, which operates in Kazakhstan, released its operational update for the first three quarters ended 30 September.
Its average daily production totalled 45,2014 barrels of oil equivalent, beating its original target of 45,000 barrels per day.
Chief executive officer, Kai-Uwe Kessel, said: "I am very pleased with the strong performance of the company during the third quarter. While we have seen a significant decline in the oil price, which has naturally impacted revenue, our low cost base has allowed us to maintain healthy margins at current oil price levels."
The report outlined a positive outlook for the firm's nine-month results, for which revenue is expected to be in excess of $620m, while its cash position is set to increase by around $58m.
Nostrum shares were trading flat at 670p per share on Friday morning as of 10.30.