REG - Nostrum Oil & Gas - Update on operations at the Stepnoy Leopard Fields

Nostrum Oil & GasAnnouncement

02/04/2024 07:00

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RNS Number : 8961I  Nostrum Oil & Gas PLC  02 April 2024

 

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

London, 2 April 2024

 

Update on the Appraisal Campaign at the Stepnoy Leopard Fields

 

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 appraisal operations
at the Stepnoy Leopard Fields which commenced in September 2023 and are
expected to conclude in April 2024.

 

The objective of the appraisal campaign was to re-enter the existing Tepl-72
& 74 wells in the Artinskian carbonate reservoir (Teplovskoye) and take
representative fluid samples, and conduct Extended Well Testing. The well
appraisal operations are nearly complete and significant data has been
collected that includes well flow rates, fluid contacts, and fluid and
reservoir properties across a logged interval with c. 50-meter of net-pay.The
flow-rate and pressure build-up tests confirm high well productivity potential
with peak rate indications of c. 20 mmcfd and 600 bcpd in a 3 ½" tubing. The
Company believes that the positive results obtained to date support the
commercial potential of the field.

 

The Stepnoy Leopard fields, located about 100 km west of our world-class
full-process infrastructure, are potentially an attractive Nostrum-operated
upstream tie-back project that could deliver material reserves in addition to
the Group's depleting resource base in the Chinarevskoye field.

 

Arfan Khan, Chief Executive Officer, commented:

"The Nostrum team has been successfully executing the remote well re-entry and
testing operations at the Stepnoy Leopard fields. High quality appraisal data
has been captured that had been designed to support the assessment of the
commerciality potential of this field. The Company is now well positioned to
move forward with the next phase of maturing this important resource play with
an initial development scheme."

 

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.

 

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