olivLaw · European equity research
NOSTRUM OIL & GAS PLC NOG.L
United Kingdom · London Stock Exchange · ISIN GB00BQVVS097 · Vertical: Listed companies from United Kingdom
NOSTRUM OIL & GAS PLC is a UK-listed oil and gas exploration and production company active in Kazakhstan, centred on the Chinarevskoye field. Its gas processing infrastructure is heavily under-utilised, and development plans are currently under reassessment, so the future of activity depends on the outcome of that review. Proven and probable reserves were valued at a NPV10 of 220.4 million USD, and installed gas treatment capacity is 4.2 billion cubic meters per year.
At the close of 05 Nov 2026, NOSTRUM OIL & GAS PLC (NOG.L) stock was 0.01 GBP (−13.04% on the day), with beta -0.47, 52-week range 0.01–0.04 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 30.2
- weak (30–45)
- Bollinger (20, 2)
- 0.00 – 0.01
- in the lower half of the band · %B 0.01 · band width 63.1%
- SMA 50 / 200
- 0.01 / 0.03
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −37.5% | −0.6% | −36.9 pp | — |
| 3 months | −87.5% | −4.2% | −83.3 pp | — |
| 6 months | −85.6% | +4.3% | −90.0 pp | — |
| Year to date | −86.3% | +7.5% | −93.8 pp | — |
| 1 year | unavailable | +9.9% | unavailable | +5.8% |
| 3 years | −95.9% | +49.8% | −145.7 pp | +26.3% |
| 5 years | −99.3% | +42.8% | −142.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 119.6 m | 137.1 m | 118.0 m |
| Revenue YoY | unavailable | +14.6% | −13.9% |
| Net income | 831.7 m | -26.1 m | -213.7 m |
| Net income YoY | unavailable | −103.1% | unavailable |
| Diluted EPS | 4.92 | -0.15 | -1.29 |
| Diluted EPS YoY | unavailable | −103.0% | unavailable |
| net % | 695.2% | -19.1% | -181.1% |
| Free cash flow | -15.9 m | 6.3 m | -9.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 143.3 m USD
- Financial debt
- 0 USD
- Net debt
- -143.3 m USD
- Equity
- -306.8 m USD
- Total assets
- 501.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.27x
- ROE
- unavailable
- ROA
- -38.6%
- FCF margin
- -8.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 119.6 m | 137.1 m | 118.0 m | esef· 12 May 2026verified |
| Cost of revenue | 77.6 m | 72.0 m | 79.3 m | esef· 12 May 2026verified |
| Gross profit | 42.0 m | 65.1 m | 38.8 m | esef· 12 May 2026verified |
| Interest expense | 102.8 m | 117.2 m | 146.6 m | esef· 12 May 2026verified |
| Pre-tax income | 836.3 m | 1.8 m | -232.9 m | esef· 12 May 2026verified |
| Income tax | 4.7 m | 28.4 m | -18.6 m | esef· 12 May 2026verified |
| Net income | 831.7 m | -26.1 m | -213.7 m | esef· 12 May 2026verified |
| Diluted EPS | 4.92 | -0.15 | -1.29 | esef· 12 May 2026verified |
| Weighted average diluted shares | 169.1 m | 169.1 bn | 166.0 bn | esef· 12 May 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 161.7 m | 150.4 m | 143.3 m | esef· 12 May 2026verified |
| Inventories | 29.9 m | 30.6 m | 31.8 m | esef· 12 May 2026verified |
| Current assets | 216.5 m | 202.8 m | 196.5 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 252.6 m | 372.9 m | 275.0 m | esef· 12 May 2026verified |
| Total assets | 519.3 m | 606.0 m | 501.8 m | esef· 12 May 2026verified |
| Long-term debt | 471.6 m | 571.2 m | 0 | esef· 12 May 2026verified |
| Current liabilities | 43.1 m | 27.7 m | 732.7 m | esef· 12 May 2026verified |
| Equity | -65.7 m | -92.5 m | -306.8 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 169.0 m | 174.2 m | 165.7 m | esef· 12 May 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -2.2 m | 33.1 m | 13.5 m | esef· 12 May 2026verified |
| Capex | 13.7 m | 26.8 m | 22.9 m | esef· 12 May 2026verified |
| Free cash flow | -15.9 m ≈ | 6.3 m ≈ | -9.4 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -28.1 m | -26.5 m | -19.0 m | esef· 12 May 2026verified |
| Financing cash flow | -41.6 m | -17.7 m | -1.7 m | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -181.1% | 6 (vs peers) | 60% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial6/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NOSTRUM OIL & GAS PLC (NOG.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 118.0 m USD in 2025; YoY growth -13.9%; net margin -181.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -181.1%
- Current ratio: 0.3x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for NOG.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
NOSTRUM OIL & GAS PLC is a UK-listed oil and gas exploration and production company active in Kazakhstan, centred on the Chinarevskoye field. Its gas processing infrastructure is heavily under-utilised, and development plans are currently under reassessment, so the future of activity depends on the outcome of that review. Proven and probable reserves were valued at a NPV10 of 220.4 million USD 1, and installed gas treatment capacity is 4.2 billion cubic meters per year 1.
SWOT
Strengths
- Extensive owned infrastructure, including treatment facilities, pipelines and a loading terminal, already built and operational.
- Direct access to the KTO export pipeline, which allows optimisation of crude sales margins.
- Proven and probable reserves with positive NPV10 in the scenarios reported.
Weaknesses
- The main field is described as mature and declining, with limited production volumes.
- Dependence on a single country and a single geographic area increases exposure to local risks.
- The internal audit function was only recently established and control processes are still being formalised.
Opportunities
- Processing gas from third parties could use the under-utilised plant capacity.
- Developing contingent resources in the western fields could extend the production base.
- Acquiring nearby assets with resource potential could complement existing infrastructure.
Threats
- Lower oil and gas prices could reduce the economic viability of operations.
- Sanctions and trade restrictions on Russia could affect the company's transport routes.
- Government-imposed domestic sales prices could reduce revenues.
Risks
- Geopolitical riskhigh
Operations in Kazakhstan and transport routes through the region are exposed to political change and international sanctions 1.
- Price volatilityhigh
Oil, gas and LPG prices are volatile, and the government could impose sales at administrative prices 1.
- Under-utilised processing capacityhigh
The main field supplies only a small share of plant capacity, and attracting other volumes depends on uncertain negotiations 1.
- Reassessment of subsurface modelmedium
The company is reassessing the subsurface model and development plan, which could defer investment and affect output predictability 1.
- Internal controls in developmentmedium
The internal audit function was established at the end of 2025 and control processes are still being formalised 1.
Investment thesis
What would need to be true (bull case)
- If processing of third-party gas materialises, the under-utilised infrastructure could generate additional revenue without major new plant investment 1.
- Contingent resources in the western fields could extend the production base if appraisals and approvals are favourable 1.
- Direct access to the KTO pipeline and the loading terminal could support better margins in periods of high crude prices 1.
What would break the thesis
- If oil prices remain below expectations, existing operations could become uneconomic 1.
- If third-party gas is not attracted, the company could be left with large unused capacity and limited cash flow 1.
- Restrictions from sanctions and from the Kazakh government could limit revenues and export options 1.
What to watch
- Results of the subsurface model reassessment and drilling plan2026
- Progress on third-party gas processing contracts2026
- Status of formalising the internal audit functionNext 10-K
- Brent price trend and its effect on revenuesQ1 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group operates only in Kazakhstan, where it owns and runs the Chinarevskoye field and associated infrastructure, including raw gas treatment facilities, an oil treatment facility and an automated rail loading terminal at Beles near Uralsk 1. The company says it currently uses only a fraction of its capacity, so cash flow depends on finding new resources or processing third-party gas 1. From 2025 the group also established a dedicated internal audit function, still being formalised 1.
Owned infrastructure includes a 120 km liquids pipeline to the rail terminal and a 17 km dry gas pipeline linked to the Orenburg-Novopskov gas pipeline, both used to evacuate production 1. Crude sales can go through the KTO pipeline, which allows the company to maximise netbacks across commodity cycles 1. Liquids storage exceeds 35,000 cubic meters at the field and terminal 1.
The company says it is reassessing the subsurface model and development approach, and a phased drilling campaign is still under review, initially focused on the eastern Artinskian fields and Kamenskoye 1. Contingent resources in the western fields and post-licence opportunities are reported separately as development potential, subject to further appraisal and approvals 1.
Segments
Hydrocarbon production and reserves
The core activity is production of dry gas, condensate, oil and LPG from the Chinarevskoye field and associated Stepnoy Leopard structures, where reserves have been identified in only five of eight structures 1. Proven and probable reserves carry a NPV10 of 220.4 million USD at a 10% discount rate 1.
Processing and infrastructure
This covers raw gas and oil treatment and the low-pressure system, which was expanded in Q4 2025 to 58,400 standard cubic metres per hour 1. Processing infrastructure is significantly under-utilised, and the company links its potential to attracting gas from other sources 1.
Transport and logistics
This includes the liquids pipeline, the rail loading terminal and export pipelines that allow crude and condensate sales via the KazTransOil network 1. Activity depends on these routes being available, and on sanctions and trade restrictions affecting transit through Russia 1.
Market context
Oil and gas prices are driven by global demand, OPEC decisions and geopolitical events 1. In Kazakhstan the domestic dry gas price is linked directly to crude pricing, so international price volatility passes through to the company's revenues 1. For the long term the company uses an outlook of 70 USD per barrel for oil 1.
The local market is affected by the possibility that the Kazakh government requires sales at prices set administratively, potentially below international levels 1. The company has said such provisions could reduce the economic viability of its operations 1.
Trends
- Decline in Brent priceheadwind
The average Brent crude price fell during 2025, which could reduce the company's margins and revenues if the trend continues 1.
- Reassessment of field developmentmixed
Reassessing the subsurface model and drilling plan could lead to more efficient development, but also to delays in cash generation 1.
- Processing third-party gastailwind
Attracting gas volumes from other sources could use the under-utilised plant capacity, if agreements can be concluded 1.
- Sanctions and transit through Russiaheadwind
Sanctions imposed on Russia by the US, UK and EU have increased uncertainty and could affect the company's logistics routes 1.
Competitive position
The company does not name direct competitors in its sources, but competition for access to pipelines, processing capacity and new resources in the region is a relevant factor 1. A diversification strategy for feedstock sources could reduce dependence on a single field 1.
Without source data on named rivals, the company's ability to use its own infrastructure depends on the outcome of negotiations with other producers in the region 1.
- Local gas and condensate producers in Kazakhstan
Not named in the analysed sources; they could compete for processing capacity and pipeline access.
- KazTransOil pipeline operator
Export crude network used by the company; its role is as a service provider rather than a direct competitor.
- Other resource developers in the Uralsk region
They could compete for land, licences and service providers in the operating area.
- Gas treatment operators in Kazakhstan
They could attract the same third-party gas volumes the company is targeting.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / NOSTRUM OIL & GAS PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.