Nostrum Oil & Gas (LSE:NOG) reported first-quarter revenue rose 9.3% to US$32.8 million, unrestricted cash increased to US$151.3 million and EBITDA was US$11.3 million as net debt increased to US$576.2 million.
Nostrum, an independent energy company with gas processing infrastructure and an export hub in north-west Kazakhstan, recorded the revenue gain driven by higher exports, increased Ural O&G feedstock and a 6.3% rise in average Brent to US$80.7/bbl, partly offset by continued decline at Chinarevskoye.
Processed volumes increased 11.2% to 26,708 boepd, titled output rose 8.4% to 18,243 boepd and average daily sales volumes climbed 13.4% to 16,021 boepd.
EBITDA was US$11.3 million (Q1 2025: US$11.4 million) with an EBITDA margin of 34.4% (Q1 2025: 38.0%), operating cash flow improved to US$10.2 million and unrestricted cash rose by US$8.0 million in the quarter.
Net debt was US$576.2 million at 31 March (31 December 2025: US$541.5 million), the increase reflecting a US$15.8 million payment‑in‑kind coupon on Senior Unsecured Notes, US$4.3 million accrued cash coupon and US$22.7 million of amortisation of fair value adjustments and arrangement fees, partially offset by higher cash.
The accrued interest on the Group’s Notes remains unpaid because of a continuing payment administration issue that prevents payments through the clearing systems, and the company has applied for the necessary regulatory licences while stating the underlying funds are available and secured.
Management said comprehensive reviews of future development plans for the Chinarevskoye and Stepnoy Leopard fields are underway as the group evaluates project economics, infrastructure access and capital allocation priorities.
"I am pleased to report a solid start to 2026, with revenue increasing by 9.3% to US$32.8 million and unrestricted cash rising to US$151.3 million," said Viktor Gladun, Chief Executive Officer.
