Nostrum Oil & Gas boosted revenue for the first nine months of the year, though the rise was due to higher prices amid a disappointing production performance. Revenue for the nine months through September was in excess of $303m, compared to $241.5m in the previous corresponding period. Output over the same period averaged 44,879 boepd, which was dragged down by a lower figure of 41,265 boepd in the third quarter. "Financially it was a strong quarter with the successful bond refinancing completed, higher oil prices and continued implementation of our cost saving programme," chief executive Kai-Uwe Kessel said. "However, from an operational perspective it was disappointing to announce earlier this month the delay to the GTU3 tie-in due to the inability to be able to complete hydro-testing prior to the winter period as a result of the non-delivery of critical equipment." "In addition the loss of two production wells after the Q4 shut down last year and the delay from Q1 in the drilling schedule has meant production is behind our 2017 targets as we haven't yet been able to bring on the new production wells."
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