- Nostrum Oil & Gas said it had not received any binding offers for the company after commencing a strategic review last June.

Nostrum said it continued to work on the review and with adviser Goldman Sachs on a formal sale process.

'However, to-date the company has not received any binding offer for the company or its assets,' it said.

Following an analysis of its operational and financial performance, Nostrum said it would focus on commercialising the spare capacity in its gas processing infrastructure.

It would also focus on 'lower-risk reservoir management' and 're-organising to a lower cost base'.

Nostrum forecast average sales volumes for 2020 of 19,000 barrels of oil equivalent per day (boepd) and production of 20,000 boepd.

Capex spending would be limited, ensuring the company could still end the year with over $75m of cash.

'Whilst continuing to explore a full sale of the company, we see significant value in our unique infrastructure and we also recognise the need to prudently manage risk and liquidity,' executive chairman Atul Gupta said.

At 2:04pm: [LON:NOG] Nostrum Oil Gas Plc share price was -2.72p at 13.5p

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