REG - Nostrum Oil & Gas - Appraisal Programme at the Stepnoy Leopard Fields

Nostrum Oil & GasAnnouncement

01/08/2023 14:15

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RNS Number : 9497H  Nostrum Oil & Gas PLC  01 August 2023

 

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London, 1 August 2023

 

Commencement of Appraisal Programme 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, today is pleased to announce that on 31 July 2023, the
Board of Directors of Nostrum approved an appraisal programme for the Stepnoy
Leopard fields.

 

The appraisal programme would allow re-classification of certain of the
contingent resources to proven reserves and help determine the commercially
viable development schemes. The scope of work consists of re-entering two
wells in the Teplovskoye reservoir, taking representative samples, and
conducting extended production well testing in both wells. Rig operations are
expected to start mid-September 2023.

 

The estimated cost of the appraisal programme is expected to be around US$6
million.

 

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 rapidly depleting resource base in the Chinarevskoye field.

 

LEI: 2138007VWEP4MM3J8B29

 

Further information

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

 

Further enquiries

Nostrum Oil & Gas PLC
 

Ulugbek Makhmadiyarov

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

 

Instinctif Partners -
UK
 

Tim McCall

Galyna Kulachek

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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