- 2015 production projected at 40,000-42,000 barrels a day
- Output next year expected to rebound to about 45,000 barrels
Nostrum Oil & Gas Plc, an explorer in Kazakhstan, lowered its projection for output this year after repairs to an export pipeline. Shares of Nostrum fell 3 percent in London trading.
Nostrum set a new target of 40,000 to 42,000 barrels of oil equivalent a day, down from a previous forecast of 45,000, the company said in a statement. Production has returned to “normal levels” after repairs were completed and Nostrum expects output to rebound to about 45,000 barrels a day in 2016.
The company withdrew its offer for Tethys Petroleum Ltd. this month after failing to gain the backing of a major Tethys shareholder. Nostrum expects nine-month revenue to exceed $370 million, while net debt rose 5.6 percent to $750 million during the third quarter.
“Whilst we remain in a strong financial position with over $200 million of cash on our balance sheet, we are also continuing to seek to reduce costs across the business and to ensure that we are operating as efficiently as possible in this low oil price environment," Chief Executive Officer Kai-Uwe Kessel said in the statement.