Nostrum Oil & Gas (NOG) Q1 2025 TU earnings summary

Operational performance

• Achieved a 41% year-over-year increase in average daily titled production to 16,830 boepd in Q1 2025, driven by ramp-up from Ural O&G and new well No. 301.

• Total processed volumes rose 68% to 24,009 boepd, including third-party condensate tolling.

• Average daily sales volumes increased 47% to 14,128 boepd, with inventory build-up affecting Q1 sales.

• Continued processing of Ural O&G products under a new agreement, securing fixed processing fees until May 2031.

• Limited-scale drilling campaign planned for H2 2025 at Chinarevskoye, and Stepnoy Leopard fields development plan approved through 2044.

Financial highlights

• Q1 2025 revenue estimated at $30 million, slightly down from $31.7 million in Q1 2024 due to lower Brent prices and inventory build-up.

• Unrestricted cash and equivalents stood at over $148 million as of 31 March 2025, with restricted cash above $26 million.

• Net operating cash flow impacted by deferred crude oil sales; capex on Chinarevskoye and Stepnoy Leopard fields reduced cash by ~$2 million.

• Focus remains on maximizing facility uptime, cost control, and efficient resource allocation for growth.

Health, safety, and ESG

• Zero fatalities and lost time injuries among employees and contractors in Q1 2025.

• One total recordable incident reported in Q1 2025.

• Air emissions totaled 1,109 tonnes, well below the 5,188 tonnes permitted for FY 2025.

• Safety and sustainable operations remain a top priority.