Financial Results for 6M ended 30 June 2026

Nostrum Oil & Gas PLC

11 August 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, 11 August 2026

Financial Results 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 export hub in north-west Kazakhstan, is pleased to announce its unaudited results for the six months ended 30 June 2026 ("H1 2026").

Viktor Gladun, Chief Executive Officer of Nostrum Oil & Gas PLC, commented:

"I am pleased to report Nostrum's strong results for the first half of 2026, reflecting continued operational resilience and disciplined financial management.

During the period, the Group delivered revenue of US$72.6 million, a 13.3% increase year-on-year. EBITDA rose by 16.4% to US$27.7 million, with an improved margin of 38.1%. This performance was driven by higher product prices, an improved crude oil export ratio and operational growth, with average daily processed volumes increasing by over 5%, supported by higher third-party feedstock and the effective management of the expected decline at the Chinarevskoye field through well workovers.

The Group generated positive net cash flow of US$11.1 million after coupon payments, demonstrating the strength of our cash generation and financial discipline. We have also taken further steps to strengthen our financial position. Following the launch of the consent solicitation in June 2026, we are pleased to confirm that the required approvals have been obtained to support the implementation of a long-term standstill in respect for the bonds. This provides Nostrum with a stable platform for the realisation of long-term value for all our stakeholders and enhances our financial flexibility as we move forward.

Looking ahead, we remain firmly focused on maintaining safe and reliable operations, safeguarding our financial resilience, and executing our strategic priorities to deliver sustainable long-term value for all our stakeholders and the benefit of Kazakhstan."

H1 2026 Highlights:

Financial

·      A 13.3% increase in revenue to US$72.6 million (H1 2025: US$64.1 million), driven by stronger Brent crude oil prices, a higher oil export ratio and increased product volumes from Ural Oil & Gas LLP ("Ural O&G") feedstock. The average Brent crude oil price increased by 28.2% to US$92.2/bbl in H1 2026 (H1 2025: US$71.9/bbl).

·      A 16.4% increase in EBITDA¹ of US$27.7 million (H1 2025: US$23.8 million) and an EBITDA margin of 38.1% (H1 2025: 37.1%). EBITDA improvement, mainly driven by increase in revenues and effective cost control, despite inflationary pressures and operational demands.

·      The Group generated US$22.6 million of operating cash flow (H1 2025: US$10.0 million operating cash outflow), and a net increase in cash and cash equivalents of US$11.1 million (H1 2025: net decrease of US$14.5 million). This was achieved after cash coupon payments totalling US$25.2 million, of which US$15.6 million were funded from debt service retention account ("DSRA") as well as the limited capital expenditures on the Chinarevskoye and Stepnoy Leopard fields.

·      The unrestricted cash and cash equivalents balance was US$154.4 million as at 30 June 2026 (31 December 2025: US$143.3 million, 31 March 2026: US$151.3 million). The restricted cash balance (DSRA and asset liquidation fund) was US$11.0 million as at 30 June 2026 (31 December 2025: US$26.6 million, 31 March 2026: US$26.6 million).

·      Net debt² was US$606.1 million as at 30 June 2026 (31 December 2025: US$541.5 million, 31 March 2026: 576.2 million). The Group's net debt increased primarily due to a US$31.6 million payment-in-kind coupon capitalised on Senior Unsecured Notes (SUNs), US$45.7 million amortisation of fair value adjustment and arrangement fees and a US$15.6 million reduction in DSRA. This was partially offset by an US$11.1 million increase in unrestricted cash and a US$16.6 million payment for accrued FY 2025 cash coupons.

·      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 all been satisfied with tender offer launched on 24 July 2026.

·      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.

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 increase was achieved through continuing to process the ramping up feedstock from Ural O&G, while production from the Chinarevskoye field was at 6,182 boepd in H1 2026 (H1 2025: 7,028 boepd), which is within the expected decline range managed through well workovers of ESP failures and flow assurance well servicing.

·      The split of the titled output product volumes (i.e. Chinarevskoye production and dry gas and LPG produced from Ural O&G feedstock) 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.

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.

The Company's H1 2026 Interim Financial report is available to download on its website:

Download: H1 2026 Interim Financial report

Notes to press release

¹ EBITDA is a non-IFRS measure and is defined as profit / loss before tax and depreciation, depletion and amortisation, share-based compensation, foreign exchange gains / losses, finance costs, interest income, other income, other expenses, and one-off items.

² Net debt is defined as total debt (notes payable and accumulated interest) less cash and cash equivalents and DSRA. 

LEI: 2138007VWEP4MM3J8B29

Further information

For further information please visit www.nostrumoilandgas.com

Further enquiries

Nostrum Oil & Gas PLC

Elena Zhuravleva

Chief Financial Officer

[e-mail]                                                                                                     

TEAM LEWIS                                                                                         

Galyna Kulachek

+ 44 (0) 20 7802 2664

[e-mail]

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.

 

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