August 21, 2018 / 7:01 AM / a month ago

UPDATE 1-Revenue dips at Kazakh-focussed oil firm Nostrum

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Aug 21 (Reuters) - Nostrum Oil & Gas Plc reported an 8.8 percent drop in first-half revenue on Tuesday as it strove to stabilise production from two of its wells and complete a gas treatment plant in Kazakhstan.

The company said the GTU3 plant, which it had expected to open last year, was now in the final stages to achieve completion before the end of 2018, having been delayed by supply issues.

“The first half of 2018 was challenging from an operational perspective.. The critical focus for the team was on demonstrating we can stabilise production,” Chief Executive Officer Kai-Uwe Kessel said.

Revenue dipped to $191.5 million for the six months ended June 30, from $210 million a year earlier. Earnings before interest, taxation, depreciation and amortisation (EBITDA) fell to $113.2 million in the first half from $120.6 million a year earlier.

Nostrum has been looking to improve its balance sheet by refinancing its debt due in 2019 and tightening cost control as it targets a ramp-up in production over the next three years. (Reporting by Justin George Varghese in Bengaluru; Editing by Patrick Graham)

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