Nostrum Oil & Gas lifts processing volumes but revenue slips on lower prices and field decline

An update from Nostrum Oil & Gas ( (GB:NOG) ) is now available.

Nostrum Oil & Gas reported that 2025 was a year of operational progress driven by increased third‑party processing and stable plant performance, despite weaker oil prices and natural decline at its mature Chinarevskoye field. Average processed volumes rose 23.2% to 24,431 boepd and titled production grew 12.9% to 16,867 boepd, with sales volumes up 16.2%, supported by the ramp-up of feedstock from Ural Oil & Gas under an extended tolling agreement that now runs to 2031. A limited drilling and workover programme, including bringing well 116_1 onstream in November, helped mitigate decline, while the company continued to review further well workovers and new drilling opportunities and reassessed development options for the Stepnoy Leopard fields.

Financially, revenue is estimated at about US$118 million for 2025, down from US$137.1 million, as higher volumes were more than offset by lower Brent prices and underlying Chinarevskoye depletion, though the group still delivered healthy operating cash flow and ended the year with over US$143 million in unrestricted cash and more than US$26 million in restricted balances. Nostrum highlighted strong operational discipline, early completion of annual plant maintenance, and continued cost control, alongside steady health and safety performance with no fatalities or lost-time injuries. Looking ahead, it guided 2026 Chinarevskoye production at 5,000–6,000 boepd and is prioritising maximising asset value, progressing Stepnoy Leopard, deepening strategic partnerships and restructuring debt maturing in June 2026, developments that will be closely watched by creditors and shareholders as the company navigates field decline and capital allocation.

The most recent analyst rating on (GB:NOG) stock is a Hold with a £3.50 price target. To see the full list of analyst forecasts on Nostrum Oil & Gas stock, see the GB:NOG Stock Forecast page.

Spark’s Take on GB:NOG Stock

According to Spark, TipRanks’ AI Analyst, GB:NOG is a Neutral.

The score is held down primarily by weak financial performance (declining revenue, large net losses, and a highly leveraged balance sheet with negative equity) and limited valuation support due to losses. Technical indicators are neutral-to-slightly positive, providing only modest offset.

To see Spark’s full report on GB:NOG stock, click here.

More about Nostrum Oil & Gas

Nostrum Oil & Gas PLC is an independent mixed-asset energy company operating world-class gas processing facilities and an export hub in north-west Kazakhstan. Listed on the London Stock Exchange, the group’s principal producing asset is the Chinarevskoye field, complemented by an 80% stake in Positiv Invest LLP, which holds subsoil rights to the Stepnoy Leopard fields (Kamenskoe and Kamensko-Teplovsko-Tokarevskoe) in West Kazakhstan.

Average Trading Volume: 25,828

Technical Sentiment Signal: Strong Sell

Current Market Cap: £5.48M

See more data about NOG stock on TipRanks’ Stock Analysis page.