1st Quarter Results

Nostrum Oil & Gas PLC (LSE: NOG) ("Nostrum", or the "Company" and together with its subsidiaries, the "Group"), an independent energy company with gas processing infrastructure and export hub in north-west Kazakhstan, is pleased to announce its unaudited results for the first quarter ended 31 March 2026 ("Q1 2026").

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

"I am pleased to report a solid start to 2026, with revenue increasing by 9.3% to US$32.8 million, supported by higher exports, increased third-party feedstock, and a stronger Brent price. This performance helped offset the continued decline in Chinarevskoye production. As a result, the Group generated US$10.2 million in operating cash flow and strengthened its cash position, with unrestricted cash increasing to US$151.3 million at the end of the quarter.

Looking ahead, we remain focused on maintaining safe and reliable operations, preserving financial resilience, and executing our strategic priorities in a disciplined manner to drive long-term value."

Q1 2026 Highlights:

Financial

• A 9.3% increase in revenue: US$32.8 million (Q1 2025: US$30.0 million), resulting from higher exports and product volumes from Ural Oil & Gas LLP ("Ural O&G") feedstock partially offset by the impact of a continued decline in Chinarevskoye production. In addition, the average Brent crude oil price increased by 6.3% to US$80.7/bbl in Q1 2026 (Q1 2025: US$75.9/bbl).
• EBITDA1 of US$11.3 million (Q1 2025: US$11.4 million) and an EBITDA margin of 34.4% (Q1 2025: 38.0%).
• The Group generated US$10.2 million of operating cash flow (Q1 2025: US$0.1 million). After limited capital expenditures on the Chinarevskoye and Stepnoy Leopard fields, the Group's unrestricted cash and cash equivalents balance increased by US$8.0 million during Q1 2026.
• The unrestricted cash and cash equivalents balance was US$151.3 million as at 31 March 2026 (31 December 2025: US$143.3 million). The restricted cash balance (debt service retention account ("DSRA") and asset liquidation fund) was US$26.6 million as at 31 March 2026 (31 December 2025: US$26.6 million).
• Net debt2 was US$576.2 million as at 31 March 2026 (31 December 2025: US$541.5 million). The Group's net debt increased primarily due to US$15.8 million payment in kind coupon on Senior Unsecured Notes (SUNs), US$4.3 million accrued cash coupon and US$22.7 million amortisation of fair value adjustment and arrangement fees. This was partially offset by the US$8.0 million increase in unrestricted cash.
• The accrued interest on the Group's Notes, which was due for payment on 30 June 2025 and 31 December 2025, remains outstanding as a result of the continuing payment administration issue which currently does not permit the Group to make payments on the Notes through the clearing systems. The Group has applied for the applicable regulatory licences to make such payments. The delay in the coupon payments does not reflect any issue of the Group's and Issuer's solvency or liquidity. All underlying funds for making the interest payments are available and secured. For further details please refer to the Company's press releases dated 10 July 2025, 22 July 2025, 30 July 2025, 2 September 2025, 16 September 2025, 24 September 2025, 6 October 2025 and 2 January 2026.
• The Group remains focused on maximising facility uptime, controlling costs where possible and improving efficiencies across the business. At the same time, capital allocation remains disciplined and focused on preserving liquidity while assessing development opportunities across the asset base.

Operational

Production and sales

• An 11.2% increase in average daily processed volumes (i.e. Chinarevskoye and Ural O&G feedstock, including condensate tolling) to 26,708 boepd in Q1 2026 (Q1 2025: 24,009 boepd). This includes an 8.4% increase in average daily titled output product volumes (i.e. Chinarevskoye production and dry gas and LPG processed from Ural O&G feedstock) to 18,243 boepd in Q1 2026 (Q1 2025: 16,830 boepd). These increases were achieved through continuing to process the ramping up feedstock from Ural O&G and managing the expected decline in Chinarevskoye production through well workovers.
• The split of the titled output product volumes (i.e. Chinarevskoye production and dry gas and LPG processed from Ural O&G feedstock) was as follows:

• A 13.4% increase in average daily sales volumes to 16,021 boepd for Q1 2026 (Q1 2025: 14,128 boepd). The difference between titled output product and sales volumes was primarily due to the internal consumption of dry gas produced and the timing of product deliveries, which leads to inventory increases or decreases at period end.

Chinarevskoye field

A comprehensive review and assessment of the future development plans for the Chinarevskoye field is underway.

Processing of Ural O&G feedstock

Throughout Q1 2026, the Company continued processing raw gas and condensate volumes from Ural O&G, resulting in increases in titled output product and processed volumes.

Stepnoy Leopard Fields

HSE and ESG

• Zero fatalities among employees and contractors during operations in Q1 2026 (Q1 2025: zero).
• Zero Total Recordable Incidents Rate (incidents per million man-hours) in Q1 2026 (Q1 2025:one).
• Zero Lost Time Injury (incidents per million man-hours) in Q1 2026 (Q1 2025: zero).
• 948 tonnes of air emissions emitted in Q1 2026 against 4,954 tonnes permitted for 2026 under the Kazakhstan Environmental Code.

The Company's unaudited Q1 2026 Interim condensed consolidated financial statements are available to download on its website: Q1 2026 Interim condensed consolidated financial statements

Notes to press release