REG - Nostrum Oil & Gas - Update on operations at the Chinarevskoye Field

Nostrum Oil & GasAnnouncement

02/04/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240402:nRSB8377Ia&default-theme=true

RNS Number : 8377I  Nostrum Oil & Gas PLC  02 April 2024

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF THAT JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

London, 2 April 2024

 

Update on 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, is pleased to provide an update on its well No.301 re-entry
drilling operations, the first of a two well re-entry drilling programme at
its Chinarevskoye field to be completed in 2024.

 

The well No.301, reaching a total depth of 4,980 meters, has been drilled on
time and on budget and is awaiting completion operations with start-up
expected mid-2024. It had multiple in-fill targets  across the Carboniferous
and Devonian age reservoirs. Hydrocarbons (oil, gas-condensate) have been
encountered across 3 key intervals. The results are in line with the Company's
expectations of initial well rates of 400 to 700 boepd. The drilling rig will
now move  to the next well, No.41, with expected spud mid-April and start-up
in  Q3 2024.

 

Arfan Khan, Chief Executive Officer, commented:

"The successful re-entry drilling of the well No.301 is the result of
extensive subsurface studies completed over the past few years that placed
priority on balancing the geologic risks with potential rewards. The
value-accretive production from this well will help to convert our 2P reserves
to PDP at lower costs by leveraging existing wellbores, in conjunction with
slowing the overall field-level production decline. The next well, a
sidetrack, carries a higher level of geologic risk as it is step-out from the
existing well control in the targeted Devonian reservoir."

 

 

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)

 

Notifying person

Thomas Hartnett

Company Secretary

 

 

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). 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLBFLFBZZLXBBX