Nostrum Oil & Gas reports annual loss

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14 April 2016, Oil, Gas

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Revenue for the year ended December 31, 2015 was $448.9 million, compared to $781.88 million for the year ended December 31, 2014.

Gross profit for the year ended December 31, 2015 was $262.33 million, compared to $559.96 million for the year ended December 31, 2014.

Profit before income tax for the year ended December 31, 2015 was $72.28 million, compared to $311.7 million for the year ended December 31, 2014.

Frank Monstrey, Chairman of Nostrum Oil and Gas PLC commented: "2015 was a challenging year for Nostrum as we adapted to the falling oil price. We reacted quickly in cutting costs and took steps to protect the financial stability of the Company whilst not deviating from our strategy to double our processing capacity and reach a production level in excess of 100,000 boepd in the near future. In 2016 we need to remain vigilant on cost cutting and ensure that each dollar we invest will deliver future returns for shareholders in the new oil price environment. Whilst the industry is still adapting to the low oil prices I believe at Nostrum we have made quick decisive decisions that will protect our stakeholders under all possible oil price scenarios. With these solid foundations I look forward to completing our near-term initiatives and seeing Nostrum prosper under any oil price scenario over the coming years."

Source: MarketLine

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