Nostrum Oil & Gas

Nostrum Oil & Gas is an independent oil and gas company, engaged in the production, development and exploration of oil and gas. Co. operates three exploration concessions and are primarily conducted through its oil and gas producing subsidiary Zhaikmunai LLP located in Kazakhstan. Zhaikmunai LLP carries out its activities in accordance with the Contract for Additional Exploration, Production and Production-Sharing of Crude Hydrocarbons in the Chinarevskoye oil and gas condensate field for the exploration and production of hydrocarbons in Chinarevskoye oil and gas condensate field.
  • TickerNOG
  • ISINGB00BGP6Q951
  • ExchangeLondon Stock Exchange
  • SectorOil & Gas Producers
  • CountryUnited Kingdom

Analysts

Philip Morrish

Value Indicator - UK Basic Resources 12082019

Currently '(TM)Value Indicator - UK basic resources' is a value anlaysis of the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 12082019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provdes the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Basic Resources 05082019

Currently '(TM)Value Indicator - UK Basic REsources' is a value analysis of the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 05082019

Currently '(TM)Value Indicator - Uk main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilties sectors of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Research Team

Focus: upgrading CD Projekt to BUY, with higher PLN 304 PT; Arcelik’s 2Q19 results – in line, FY19E guidance revised down on weaker Turkey market & stronger TRY; Nostrum Oil & Gas’s 2Q19 operational update; PGNiG – preliminary 2Q numbers

HEADLINES: • CD Projekt: hype should make it, not break it (upgraded to BUY) • Arcelik: 2Q19 results - in line; FY19E guidance revised down on weaker Turkey market & stronger TRY NEGATIVE • Nostrum Oil & Gas: 2Q19 operational update • PGNiG: preliminary 2Q numbers, weakness in E&P and distribution • NIS: 2Q19 results review - approaching final phase of main capex cycle NEUTRAL • Bank Millennium: additional takeaways after 2Q19 results • BIM: 1:2 split effective as of 24 July, new price target at TRY 49.2 • National Bank: announces pricing for Project Symbol • Ciech: confirms Romanian pla...

Kiti Pantskhava

Nostrum Oil & Gas: Upside constrained by uncertainty

Reiterate Hold. In July, S&P downgraded Nostrum Oil to CCC+ from B-, sending bond prices to their all-time lows. Bonds have recovered some of the losses since, but valuations remain cheap for a company that has no short-term liquidity issues and will be free-cash-flow neutral in 2019, according to our forecasts (Table 1). Uncertainty about future production and potential corporate transactions that could result in a change of control will continue to weigh over bond prices. We believe that at current levels, downside risk to NOGLN 22s and 25s is low and upside risk is high. The results of test...

Kiti Pantskhava

Nostrum Oil: The company is on sale

Nostrum says it will consider bids from third parties who want to acquire the company, and is also open to other options including farm-outs of stakes in some assets.

Kiti Pantskhava

Nostrum Oil & Gas: Downgrading to hold

We downgrade the NOGLN 22s and 25s to hold as further growth requires stronger fundamental signals. Nostrum reported Q1 results on 21 May, which, after the publication of an operational update in April, did not add much new information. What was interesting is the conference call that followed.

Kiti Pantskhava

Nostrum Oil & Gas: Revisiting the investment case under US$70/bbl

Bonds have rallied, but we still see upside. Over the past month, NOGLN 22s and NOGLN 25s have rallied, with the bond prices increasing 12.3% and 6.6%, respectively. We continue to see upside in NOGLN bonds that could generate a 10-16% return in a range of outcomes.

Kiti Pantskhava

Nostrum: Results and reserves in line with our expectations; reiterate Buy

Reiterate Buy on NOGLN 22s and NOGLN 25s. Nostrum Oil’s FY 18 results were in line with January’s operating update and management guidance. The 16% yoy reduction in 2P reserves falls within the range of outcomes underlying our Buy recommendation on the bonds. We also reiterate our view that the current bond prices reflect a negative scenario in which the company will not be able to recover hydrocarbon output losses over 2017-18 and incorporates a maturity extension with a partial write-down of the bonds’ principal. Any positive news, such as successful appraisal wells, higher oil prices or pro...

Research Team

The Rear-View Mirror – EME markets: Another strong month for ASE index, up 7.4% mom

EME Equity Market – May 2019 Market performance – ASE index the best performer, up 7.4% mom in May. In May, the MSCI EME improved by 0.9% mom. The ASE index rose by 7.4% in May, following a mom rise of 7.2% in April; while Moscow’s index gained 4.1%; and Bucharest’s BET index was up 0.6% mom. On the other hand, the worst performer was Turkey’s ISE30, down 4.8% mom; while the WIG20 index saw mom losses of 4.1%; the BUX index fell 3.8% in May; and Prague’s PX index dropped 2.3% mom.

Research Team

The Rear-View Mirror – EME markets: Greek equities stand out in April

EME Equity Market – April 2019 Market performance – Greece up 7.2% mom in EUR terms in April 2019. The MSCI EME gained 2.4% in April, and was outperformed by the Greek ASE index, which rose 7.2%. The second-best performing market in EME was Romania, with the BET index up 5.3% mom, followed by the Russian MOEX (+4.1% mom), the Polish WIG20 (+1.4% mom) and the Hungarian BUX (+1.3% mom). The Czech PX index was flat mom; while the Turkish ISE30 dropped by 4.5% mom, but this was related to the depreciation of the TRY against the EUR, as the index was up 1.2% mom in TRY terms.

Research Team

The Rear-View Mirror – EME markets: Turkish ISE30 plummets in March

EME Equity Market – March 2019 Market performance – Turkish ISE index down 13.9% in March. In March, the MSCI EME remained flat, following February’s 1.6% mom contraction. Bucharest’s BET index was the best performer in March, +4.2% mom; followed by the MOEX index (2.1% mom); the ASE index (+2.0% mom); and Budapest’s BUX (+1.5% mom). In negative territory, the worst performer was the Turkish ISE30, -13.9% mom; while the WIG20 and the Czech PX lost 0.9% mom and 0.5% mom, respectively.

Ondrej Slama

WOOD Flash – Nostrum Oil & Gas: 4Q18 results – analyst breakfast and conference call takeaways

Nostrum Oil & Gas (NOG) reported its 4Q18 financial results this morning (26 March), and held a breakfast for analysts and a conference call following the results. The results were broadly in line with the numbers released in the company’s January operating update, except for the 4Q18 net loss of -USD 132m, which missed our expectations due to a USD 150m fixed assets impairment. The results show operational improvements, but nothing that would change our view on the stock was presented today: the company still has a tough year ahead. NOG is awaiting two independent studies, which are assessing...

Research Team

The Rear-View Mirror – EME markets: ASE rallied in February

EME Equity Market – February 2019 Market performance – ASE Index up 11.5% mom in February. The ASE index outperformed its rivals in February, rising by 11.5%, following a mom gain of 3.5% in January. Bucharest was the second-best performer, up 10.2% in February, while Prague’s PX recorded a mom gain of 3.2%. The MSCI EME was in correction mode in February, losing 1.6% mom, following January’s double-digit growth of 11.3% mom; while the MOEX and BUX both lost 1.3% mom in February; and the Turkish ISE30 was down 2.1% mom. Last but not least, the worst performer was the WIG20, which recorded a lo...

1 director bought

A director at Nostrum Oil & Gas bought 1,538,000 shares at 3.250USD and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names o...

Ildar Davletshin ...
  • Raffaella Tenconi

EME Macro: Kazakhstan – ready to take off again

Kazakhstan shares many similarities with other emerging and frontier markets, so it is arguably not a unique market for a seasoned investor. Yet, a few things catch our eye each time we travel to this country, and each time we leave convinced that it offers a few compelling investment opportunities that are hard to find elsewhere. In this report, we share our thoughts on the country’s ambitious plans to transform itself from a state-dependent economy, heavily reliant on natural resources, into a modern, vibrant market. We discuss Kazakhstan’s current and future macroeconomic issues, as well as...

Research Team

Focus: upgrading CD Projekt to BUY, with higher PLN 304 PT; Arcelik’s 2Q19 results – in line, FY19E guidance revised down on weaker Turkey market & stronger TRY; Nostrum Oil & Gas’s 2Q19 operational update; PGNiG – preliminary 2Q numbers

HEADLINES: • CD Projekt: hype should make it, not break it (upgraded to BUY) • Arcelik: 2Q19 results - in line; FY19E guidance revised down on weaker Turkey market & stronger TRY NEGATIVE • Nostrum Oil & Gas: 2Q19 operational update • PGNiG: preliminary 2Q numbers, weakness in E&P and distribution • NIS: 2Q19 results review - approaching final phase of main capex cycle NEUTRAL • Bank Millennium: additional takeaways after 2Q19 results • BIM: 1:2 split effective as of 24 July, new price target at TRY 49.2 • National Bank: announces pricing for Project Symbol • Ciech: confirms Romanian pla...

Research Team

Focus: keeping our BUY on Ferrexpo, with higher GBp 303 PT; Alpha Bank – softer 1Q19, due to lower NII; Eurobank – weak first quarter, outlook remains unchanged; Wizz Air’s 4Q FY19 results; Gazprom’s 1Q19 results and conference call

HEADLINES: • Ferrexpo: dividends and growth (stays BUY) • Alpha Bank: softer 1Q19, due to lower NII • Eurobank: weak first quarter, outlook remains unchanged • Wizz Air: 4Q FY19 results NEUTRAL • Gazprom: 1Q19 results and conference call highlights • Famur: 1Q19 EBIT 15% above consensus, new contract won POSITIVE • Famur: first signs of market slowdown may appear in 2H20E NEUTRAL • Sarantis: 4M19 trading update - strong growth, driven by foreign operations POSITIVE • Nostrum Oil & Gas: announces start of hot commissioning at GTU3 POSITIVE • Kety: shareholders approve DPS of PLN 24.0 (6.9...

Research Team

Focus: keeping our BUY on Sberbank, with higher PTs (RUB 277/commons / RUB 235/prefs); Nostrum Oil & Gas’ 1Q19 results in line with preliminary numbers; Inter Cars – 1Q19 beat vs. expectations on other operating income

HEADLINES: • Sberbank: no thrill, but inexpensive (stays BUY) • Nostrum Oil & Gas: 1Q19 results in line with preliminary numbers NEUTRAL • Inter Cars: 1Q19 beat vs. expectations on other operating income, adjusted in line NEUTRAL • Coca-Cola HBC: CCBA franchising process comes to an end • Famur: management proposes PLN 0.36 DPS (a 7.7% dividend yield) POSITIVE • PGNiG: announces dividend proposal of PLN 0.18 • Athens Exchange Group: 1Q19 results review NEUTRAL • Wirtualna Polska: key takeaways from 1Q19 earnings call POSITIVE • EME Strategy: Eurobank added to MSCI Greece from 22 May close...

Research Team

Focus: Benefit Systems issues profit warning on higher fitness loss and MSSF 16 implementation; Orange Polska: 1Q19 results review - soft as expected, plus acquisition of BlueSoft; GPW’s strong 1Q19 results - 6% beat on EBIT and EBITDA

HEADLINES: • Benefit Systems: profit warning on higher fitness loss and MSSF 16 implementation NEGATIVE • Orange Polska: 1Q19 results review - soft as expected NEUTRAL • Orange Polska: concludes a preliminary agreement to acquire 100% of the shares of BlueSoft NEUTRAL • GPW: strong 1Q19 results - 6% beat on EBIT and EBITDA driven by better revenues than expected POSITIVE • mBank: neutral 1Q19 numbers - weak start to 2019E makes our PLN 1.3bn net income look ambitious NEUTRAL • Santander Bank Polska: neutral numbers, affected by restructuring reserve and BFG NEUTRAL • Lotos Q1 results, in line...

Research Team

Focus: Romanian politics – revised ordinance published by the government; Ciech’s 4Q18 EBITDA misses consensus by 4%, bottom line in negative territory; CD Projekt – 4Q18 beat on net income on R&D tax relief; Medicalgorithmics’ 4Q18 results

HEADLINES: • Romanian politics: revised ordinance published by the government POSITIVE • Ciech: 4Q18 EBITDA misses consensus by 4%, bottom line in negative territory NEGATIVE • CD Projekt: 4Q18 beat on net income on R&D tax relief NEUTRAL • Medicalgorithmics: 4Q18 results not good, but better than expected on higher revenue NEUTRAL • Hungary macro: Hungary begins monetary tightening • Nostrum Oil & Gas: 4Q18 results - analyst breakfast and conference call takeaways • Wirtualna Polska: key takeaways from 4Q18 earnings call POSITIVE • Kofola: 4Q18 results call highlights NEUTRAL • Eurocash: sa...

Philip Morrish

Value Indicator - UK Basic Resources 12082019

Currently '(TM)Value Indicator - UK basic resources' is a value anlaysis of the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 12082019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provdes the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Basic Resources 05082019

Currently '(TM)Value Indicator - UK Basic REsources' is a value analysis of the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 05082019

Currently '(TM)Value Indicator - Uk main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilties sectors of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Basic Resources 29072019

Currently '(TM)Value Indicator - UK Basic Resources' is a value analysis of th Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices

Nostrum Oil & Gas PLC (NOG) - Oil & Gas - Deals and Alliances Profile

Summary Nostrum Oil & Gas PLC (Nostrum) is an independent oil and gas company. It produces, develops, and explores for oil and gas in the pre-Caspian Basin. The company produces crude oil, stabilized liquid condensate, LPG and dry gas. Nostrum has commercial hydrocarbon reserves in the Ardatovski, Lower Permian, Bobrikovski, Tournaisian, Mulinski, Bashkirian, and Biski-Afoninski reservoirs. It also has interests in oil treatment facilities, raw gas processing units, gas pipelines, rail loading terminals, and oil storage facilities. Nostrum is headquartered in Amsterdam, Noord-Holland, the Net...

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