StockMarketWire.com - Nostrum Oil & Gas posted lower first-half earnings as its sales slipped.

Ebitda fell 2.7% to $110.2m in the six months through June, while revenue fell 9% to $174.2m.

Pre-tax profit more than doubled to $27.1m, up from $11.9nm on-year, and was boosted by lower operating and finance costs, as well as an absence of losses on derivative financial instruments.

'Financially the first half was strong with oil prices averaging $66.20 per barrel and this meant we continued to generate operating cashflow in excess of our target and remain on course to end the year with over $100m of cash,' chief executive Kai-Uwe Kessel said. At 9:25am: [LON:NOG] Nostrum Oil Gas Plc share price was -1.25p at 36.25p



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