Nostrum Appoints New COO | Rigzone

Nostrum Oil & Gas PLC said it has appointed David Roberts as the company’s chief operating officer.

Roberts succeeds Robert Tinkhof, who retired from the role earlier this month. Tinkhof joined the company in February 2019, according to a news release.

The company’s indirect subsidiary Nostrum Oil & Gas Coöperatief UA entered into an employment contract with Roberts with initial compensation of $396,000 per year plus customary benefits. The employment agreement may be terminated by either party with six months’ notice or immediately in certain circumstances specified in the agreement, according to the release.

David has a 50 percent shareholding in RD Energy Caspian Holdings Limited, which holds around 32 million ordinary shares of Nostrum, representing 18.88 percent of the company’s ordinary share capital, the release said.

First Half Operational and Financial Results

For the first half of the year, Nostrum reported a 39 percent increase in average daily titled production volumes to 16,974 barrels of oil equivalent (boepd), compared with 12,220 boepd in the prior-year period.

The company also reported a 65 percent increase in total processed volumes, including third-party condensate tolling volumes, to 24,619 boepd, compared with 14,919 boepd in the first half of 2024, according to its most recent operational update.

Nostrum said production from Kazakhstan’s maturing Chinarveskoye field continues to decline, but its titled production and processed volumes increased due to the continuing ramp-up of production by Ural Oil & Gas LLP, and production from well No. 301, which was completed and put into production in May 2024.

Nostrum CEO Viktor Gladun said, “I am pleased to step into [the] CEO position and look forward to lead Nostrum, and would like to emphasize that health and safety remains our top priority”.

“During H1 2025, Nostrum delivered strong revenue performance, despite weaker product prices and the continuing decline of production from the mature Chinarevskoye field. This was achieved through continuing the ramp-up in third-party volumes processed at our facilities with maximum uptime, as well as active well workover and intervention works to maintain production levels,” Gladun continued.

“We will continue to carefully assess our options of developing and monetizing our Stepnoy Leopard assets, and endeavor that the most optimal well workover and drilling campaign is executed at the Chinarvskoye field, while ensuring compliance with license requirements. These efforts together with tight cost discipline and prudent capital allocation are all aimed at generating long-term value for our shareholders, stakeholders and the benefit of Kazakhstan,” he said.

For the first half, Nostrum reported revenue of $64.1 million down from $65.3 million in the prior-year period.

The company posted EBITDA of $22.4 million and an EBITDA margin of 35 percent for the period, which were achieved due to “the stable operational and financial performance, despite relatively weaker product prices and the continuing decline of production from the mature Chinarevskoye field,” Gladun said.

“On our upstream business, we have launched our 2025 limited-scale drilling program for the Chinarevskoye field along with well workover and intervention works, and we continue to carefully assess Stepnoy Leopard development options, with a view to ensure compliance with license requirements and achieve the most favorable outcomes from both of these fields,” Gladun added.

London-based Nostrum Oil & Gas describes itself as an independent mixed-asset energy company with world-class gas processing facilities and an export hub in north-west Kazakhstan.

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