REG - Nostrum Oil & Gas - Re-entry drilling at the Chinarevskoye Field

Nostrum Oil & GasAnnouncement

19/12/2023 07:00

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RNS Number : 1954X  Nostrum Oil & Gas PLC  19 December 2023

 

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London, 19 December 2023

 

 

Commencement of re-entry drilling operations at the Chinarevskoye Field

Nostrum Oil & Gas PLC (LSE: NOG) ("Nostrum", or the "Company" and together
with its subsidiaries, the "Group"), an independent oil and gas company
engaging in the production, development and exploration of oil and gas in the
pre-Caspian Basin, announces that it has commenced well No.301 re-entry
drilling, the first of a two well re-entry drilling programme at its
Chinarevskoye field, to be executed over 2023-2024. This is in line with the
licence commitments and field development plan of the Company's subsidiary
Zhaikmunai LLP. The programme will leverage existing wellbores to reduce costs
and carries a level of uncertainties and risks as the planned subsurface
targets contain multiple exploration, appraisal, and development objectives.

The well No.301 drilling and completion duration is estimated at 90 days with
start-up expected mid-2024. After drilling well No.301 the rig will move to
well No.41 for a sidetrack, with a 90 day drilling and completion duration and
if successful, the well will be completed and brought on line in Q3 2024.

 

LEI: 2138007VWEP4MM3J8B29

 

Further information

For further information please visit www.nog.co.uk (http://www.nog.co.uk)

 

Further enquiries

Nostrum Oil & Gas Plc

Petro Mychalkiw

Chief Financial Officer

ir@nog.co.uk (mailto:ir@nog.co.uk)

 

Instinctif Partners -
UK
 

Guy Scarborough

Vivian Lai

+ 44 (0) 207 457 2020

nostrum@instinctif.com (mailto:nostrum@instinctif.com)

 

About Nostrum Oil & Gas

Nostrum Oil & Gas PLC is an independent oil and gas company currently
engaging in the production, development and exploration of oil and gas in the
pre-Caspian Basin. Its shares are listed on the London Stock Exchange (ticker
symbol: NOG) and the Astana International Exchange (ticker symbol: NOG). The
principal producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye
field that is being operated by a wholly-owned subsidiary of Nostrum Oil &
Gas PLC - Zhaikmunai LLP, who is the sole holder of the subsoil use rights
with respect to the development of the field.

 

Forward-Looking Statements

Some of the statements in this document are forward-looking. Forward-looking
statements include statements regarding the intent, belief and current
expectations of the Company or its officers with respect to various matters.
When used in this document, the words "expects", "believes", "anticipates",
"plans", "may", "will", "should" and similar expressions, and the negatives
thereof, are intended to identify forward-looking statements. Such statements
are not promises nor guarantees and are subject to risks and uncertainties
that could cause actual outcomes to differ materially from those suggested by
any such statements.

 

No part of this announcement constitutes, or shall be taken to constitute, an
invitation or inducement to invest in the Company or any other entity, and
shareholders of the Company are cautioned not to place undue reliance on the
forward-looking statements. Save as required by the relevant listing rules and
applicable law, the Company does not undertake to update or change any
forward-looking statements to reflect events occurring after the date of this
announcement.

 

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