Oil and gas independent Nostrum said it suffered a drop in profits in the first half of 2015.
The company, which operates in the pre-Caspian Basin, announced its operational update for the first half of the year.
The firm reported a turnover of $270million, significantly down on last year’s $445million.
Operational production averaged 44,337 barrels of oil per day. The company remained on track to complete six production and two appraisal wells.
Its cash position totals $240million. It’s net debt tops out at $720million.
The firm confirmed it had the necessary funds to see it maintain current production through 2016..
Chief executive Kai-Uwe Kessel said: “We continued to demonstrate that we have a cash generative business even at low oil prices, that we are able to maintain our production levels and meet our drilling targets even in the context of the current more difficult oil price environment.
“We have booked all export gas revenue from Q1 in Q2 and we continue to export 75% of our dry gas. Whilst the oil price environment has an impact on profitability, it also highlights our low cost operating structure and the cash generative nature of our business.”
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