BAKU, Azerbaijan, October 31. Revenues of Kazakhstan-based Nostrum Oil & Gas company expected to be in excess of $155 million over 9M2022 against average 9M2022 Brent prices of $102.5 per barrel (bbl), Trend reports citing the company.
This is compared to revenues of $142.7 million over 9M2021 with average Brent price of $67.9/bbl.
“Exported crude oil and condensate currently face a large Urals discount which has been widening during 1H2022, and slightly narrowed down in 3Q2022. The Company is working on reduction of this discount and optimising netbacks,” the company said.
The Group’s unrestricted cash position as at September 30, 2022 was in excess of $210 million (June 30, 2022: $208.7 million). A total of $22.7 million remains held in a restricted account as at September 30, 2022 under the terms of the Forbearance Agreement.
“Continued focus on cost optimisation to help manage our liquidity by achieving our FY2022 operating costs and general administrative expenses basis of $45.5 million. The $725 million 8 percent senior notes maturity date was July 25, 2022. Due to the ongoing restructuring, which includes the previously announced lock-up agreements and forbearance agreements entered into by certain holders of the notes, the Company did not take any further action following the maturity date of those notes,” the company said.