Nostrum Oil & Fuel PLC mentioned it has appointed David Roberts as the corporate’s chief working officer.
Roberts succeeds Robert Tinkhof, who retired from the position earlier this month. Tinkhof joined the corporate in February 2019, in keeping with a information launch.
The corporate’s oblique subsidiary Nostrum Oil & Fuel Coöperatief UA entered into an employment contract with Roberts with preliminary compensation of $396,000 per yr plus customary advantages. The employment settlement could also be terminated by both social gathering with six months’ discover or instantly in sure circumstances specified within the settlement, in keeping with the discharge.
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David has a 50 p.c shareholding in RD Vitality Caspian Holdings Restricted, which holds round 32 million unusual shares of Nostrum, representing 18.88 p.c of the corporate’s unusual share capital, the discharge mentioned.
First Half Operational and Monetary Outcomes
For the primary half of the yr, Nostrum reported a 39 p.c enhance in common every day titled manufacturing volumes to 16,974 barrels of oil equal (boepd), in contrast with 12,220 boepd within the prior-year interval.
The corporate additionally reported a 65 p.c enhance in whole processed volumes, together with third-party condensate tolling volumes, to 24,619 boepd, in contrast with 14,919 boepd within the first half of 2024, in keeping with its most up-to-date operational replace.
Nostrum mentioned manufacturing from Kazakhstan’s maturing Chinarveskoye discipline continues to say no, however its titled manufacturing and processed volumes elevated because of the persevering with ramp-up of manufacturing by Ural Oil & Fuel LLP, and manufacturing from nicely No. 301, which was accomplished and put into manufacturing in Might 2024.
Nostrum CEO Viktor Gladun mentioned, “I’m happy to step into [the] CEO place and look ahead to lead Nostrum, and want to emphasize that well being and security stays our prime precedence”.
“Throughout H1 2025, Nostrum delivered sturdy income efficiency, regardless of weaker product costs and the persevering with decline of manufacturing from the mature Chinarevskoye discipline. This was achieved by way of persevering with the ramp-up in third-party volumes processed at our services with most uptime, in addition to lively nicely workover and intervention works to keep up manufacturing ranges,” Gladun continued.
“We’ll proceed to rigorously assess our choices of growing and monetizing our Stepnoy Leopard property, and endeavor that essentially the most optimum nicely workover and drilling marketing campaign is executed on the Chinarvskoye discipline, whereas making certain compliance with license necessities. These efforts along with tight price self-discipline and prudent capital allocation are all geared toward producing long-term worth for our shareholders, stakeholders and the advantage of Kazakhstan,” he mentioned.
For the primary half, Nostrum reported income of $64.1 million down from $65.3 million within the prior-year interval.
The corporate posted EBITDA of $22.4 million and an EBITDA margin of 35 p.c for the interval, which have been achieved as a consequence of “the secure operational and monetary efficiency, regardless of comparatively weaker product costs and the persevering with decline of manufacturing from the mature Chinarevskoye discipline,” Gladun mentioned.
“On our upstream enterprise, we’ve got launched our 2025 limited-scale drilling program for the Chinarevskoye discipline together with nicely workover and intervention works, and we proceed to rigorously assess Stepnoy Leopard growth choices, with a view to make sure compliance with license necessities and obtain essentially the most favorable outcomes from each of those fields,” Gladun added.
London-based Nostrum Oil & Fuel describes itself as an unbiased mixed-asset vitality firm with world-class gasoline processing services and an export hub in north-west Kazakhstan.
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