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Nostrum Oil & Gas posts $360m loss on falling revenue; reserves writedown
StockMarketWire.com
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Oil company Nostrum Oil & Gas booked a full-year loss after its revenue fell on lower output and prices, and it wrote down the value of its assets following a reserves downgrade.
Pre-tax losses for the year through December amounted to $360.2 million, compared to year-on-year losses of $1.34 billion year-on-year.
Revenue slumped to $175.9 million, down from $322.1 million.
Nostrum Oil & Gas booked a $244.9 million impairment following the reduction in its proven and probable reserves estimates.
At 8:53am: (LON:NOG) Nostrum Oil Gas Plc share price was 0p at 9.57p
Story provided by StockMarketWire.com
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