Nostrum Oil & Gas says 2018 revenue may fall; sees lower 2019 output

Nostrum Oil & Gas said it may report a fall in annual revenue, while forecasting lower output in 2019.

Revenue for the year through December was expected to be 'in excess' of $389m, compared to revenue of $405m on-year, the company said.

Average production was 31,254 barrels of oil per day, with sales volumes of 29,516 boepd.

The company said its 2019 production guidance remained unchanged at 30,000 boepd, corresponding to sales volumes of 28,000 boepd.

The guidance remained contingent on the performance of future wells.

'Given that we are not drilling in proven areas of the field there is a range of possible outcomes from the Northern wells and therefore, the above production guidance does not include any additional production from new wells planned this year,' Nostrum said.

At 9:37am: (LON:NOG) Nostrum Oil Gas Plc share price was +11.3p at 131.9p