Financial results for Q3 and 9M 2025

Nostrum Oil & Gas PLC (LSE: NOG) ("Nostrum", or the "Company" and together with its subsidiaries, the "Group"), an independent mixed-asset energy company with world-class gas processing facilities and export hub in north-west Kazakhstan, is pleased to announce its financial results for the third quarter and nine months ended 30 September 2025 (the "Results").

Viktor Gladun, Chief Executive Officer of Nostrum Oil & Gas, commented:

"Nostrum remains firmly focused on strengthening its commitment to strong leadership, strategic growth and the highest standards of health and safety. I am pleased to welcome Robert Wynne to the Board of Directors as a Non-Executive Director, bringing extensive commercial experience and technical expertise in the oil and gas industry.

During the first nine months of 2025, Nostrum demonstrated resilience and disciplined execution despite a challenging environment marked by weaker oil prices and the natural production decline of the mature Chinarevskoye field. We delivered an EBITDA of US$26.8 million, complemented by a 28% reduction in operating expenses per barrel processed, which reflects our improved processing efficiencies and growth in third-party volume processing.

Looking ahead, we remain deeply committed to create sustainable value for all our stakeholders and contributing positively to Kazakhstan's energy sector."

9M 2025 Highlights:

Financial

• Revenue of US$85.5 million (9M 2024: US$101.4 million). The increase in titled production and processed volumes from Ural Oil & Gas LLP ("Ural O&G") feedstock and continued well workovers had a positive impact on revenues. However, this was offset by natural production decline at the Chinarevskoye field and a 14% decrease in the average Brent crude oil price (US$70.95/bbl in 9M 2025 vs US$82.6/bbl in 9M 2024).
• EBITDA1 of US$26.8 million (9M 2024: 34.7 million) and an EBITDA margin of 31.3% (9M 2024: 34.2%).
• A 28% reduction in average operating expenses per barrel of processed volumes: US$4.7 during 9M 2025: (9M 2024: US$6.5).
• The Group's net positive operating cashflow was US$21.6 million, before one-off items. After limited capital expenditures on the Chinarevskoye and Stepnoy Leopard fields and one-off payments under the management incentive plan, the Group's unrestricted cash and cash equivalents balance reduced by US$3.1 million during 9M 2025.
• The unrestricted cash and cash equivalents balance of US$147.3 million as at 30 September 2025 (30 June 2025: US$135.9 million, 31 December 2024: US$150.4 million). The Group's restricted cash balance (debt service retention account ("DSRA") and asset liquidation fund) was US$26.3 million as at 30 September 2025 (30 June 2025: US$26.1 million, 31 December 2024: US$25.9 million).
• Net debt2 of US$501.3 million as at 30 September 2025 (30 June 2025: US$473.1million, 31 December 2024: US$404.2 million). The Group's net debt mainly increased due to US$42.7 million payment-in-kind interest capitalised on its Senior Unsecured Notes (SUNs), US$14.2 million accrued cash interest and a US$50.1 million amortisation of the fair value adjustment. The increase was partially offset by the cancellation of US$5,628,000 Senior Secured Notes (SSNs) and US$9,629,836 SUNs in April 2025, pursuant to the terms of the holding period trust deed dated 9 February 2023.
• With respect to the US$8.3 million delayed SSN and SUN coupon payment, please refer to the Company's press releases dated 10 July, 22 July, 30 July, 2 September, 16 September, 24 September and 6 October 2025.
• The Group remains focused on maximising facility uptime with the annual plant maintenance completed earlier than planned, controlling costs wherever possible, and improving efficiencies across all facets of the business. At the same time, we are committed to allocating and utilising resources efficiently to support our growth projects.

Operational

• Production and sales
• A 33% increase in average processed volumes (including third party condensate tolling volumes) to 23,596 boepd in 9M 2025 (9M 2024: 17,748 boepd). An 18.5% increase in average daily titled production volumes (i.e. final products processed and owned by Nostrum) to 16,300 boepd in 9M 2025 (9M 2024: 13,758 boepd). These increases were achieved through continuing to process ramping up feedstock from Ural O&G, and managing expected decline in Chinarevskoye production through well workovers.
• The titled production volume split was as follows:

*Stabilised condensate volumes exclude Ural O&G processed volumes for which Nostrum receives a fixed tolling fee

• A 19.9% increase in average daily sales volumes to 14,339 boepd in 9M 2025 (9M 2024: 11,956 boepd), reflecting the increase in titled production. The difference between titled production and sales volumes is primarily due to the internal consumption of dry gas produced and timing of product deliveries, which may lead to inventory increases or decreases at the period end.
• Chinarevskoye drilling and workover programme

The Company's Chinarevskoye limited-scale drilling programme for 2025 is targeting the most economic subsurface opportunities while also ensuring compliance with license obligations. On 13 October 2025, the Company successfully completed drilling operations on well No.116_1, which was followed by well completion and testing over the following three weeks. In parallel, the Company continues to carry out optimised well workovers to minimise production decline and enhance operational efficiency.

Stepnoy Leopard Fields

In April 2025, the Company received formal approval from Kazakhstan's Ministry of Energy for a phased Full-Field Development Plan (FDP) for the Stepnoy Leopard Fields. The Company is actively progressing with detailed design and engineering activities, alongside selective procurement, to ensure compliance with license commitments. Key development projects, including the pipeline to Chinarevskoye and the sour gas treatment infrastructure, continue to undergo rigorous review to ensure alignment with project objectives and regulatory requirements.

Processing of Ural O&G products

Throughout 9M 2025, the Company continued processing raw gas and condensate volumes from Ural O&G, resulting in increases in titled production and processed volumes. As announced on 21 March 2025, the Company signed a new agreement with Ural O&G, extending third-party hydrocarbon processing terms through May 2031, strengthening cash flows, supporting efficient plant operations, and facilitating cost-effective development of the Rozhkovskoye field.

HSE and ESG

• Zero fatalities among employees and contractors during operations in 9M 2025 (9M 2024: zero).
• Total Recordable Incidents Rate (incidents per million man-hours) of 0.81 in 9M 2025 (9M 2024:0.84).
• Zero Lost Time Injury Rate (incidents per million man-hours) in 9M 2025 (9M 2024: zero).
• 3,087 tonnes of air emissions emitted in 9M 2025 against 5,188 tonnes permitted for 2025 under Kazakhstan's Environmental Code.
• Safety of all staff and contractors, along with a commitment to sustainable operations, remains the Group's priority.

Notes to press release

The Company's 9M 2025 interim condensed consolidated financial statements are available to download from its website:

Download: 9M 2025 Interim Condensed Consolidated Financial Statements