REG - Nostrum Oil & Gas - Drilling Update at the Chinarevskoye Field

Nostrum Oil & GasAnnouncement

21/08/2023 07:00

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RNS Number : 9033J  Nostrum Oil & Gas PLC  21 August 2023

 

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London, 21 August 2023

 

Drilling Update 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 the Nostrum Board of Directors has approved
a limited-scale drilling programme for the Chinarevskoye field.

 

As was previously communicated, the Company stopped the drilling activities in
the field in early 2020 as it entered into the process which resulted in its
financial restructuring, however it continued evaluating further exploration
and production opportunities through subsurface studies, updating its geologic
and reservoir models. Completion of this work and re-processing of the 3D
seismic has allowed the Company to formulate a limited-scale two-well drilling
programme to be executed over 2023-2024, which is in line with the commitments
of the Company's subsidiary Zhaikmunai LLP under the analysis of the Field
Development Plan and obligations under its production sharing agreement for
the field. 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 total cost of the programme is estimated at around US$26 million.

 

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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