REG - Nostrum Oil & Gas - Gas lift system expansion

Nostrum Oil & GasAnnouncement

24/07/2023 09:00

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RNS Number : 9456G  Nostrum Oil & Gas PLC  24 July 2023

 

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

FOR IMMEDIATE RELEASE

 

 

London, 24 July 2023

 

Gas lift system expansion

 

Nostrum Oil & Gas PLC (LSE: NOG) ("Nostrum" or the "Company"), an
independent oil and gas company engaging in the production, development and
exploration of oil and gas in the pre-Caspian Basin, today announces
successful start-up of the new compressor doubling its Gas lift capacity,
which helps slowing down production decline from maturing Chinarevkoye field.

As the demand for gas lift has been growing due to the majority of the
producing wells requiring it to sustain production, in early 2022 Nostrum
funded the addition of further compression to raise the capacity of the system
from 500 to 900 thousand m3/ day for circa US$8 million. Notwithstanding the
significant delays in delivery of the new compressor due to the sanctions on
Russia, the Company managed to successfully complete and commence the project
in line with budget and without any major HSE incidents. The initial
production gains exceed management's expectations and further updates on
production guidance will be provided as part of Q3 2023 operational update.

Arfan Khan, Chief Executive Officer, commented:

"We are pleased to announce the successful launch of expansion of our Gas lift
system without any major HSE incidents and on target with our cost estimates,
despite challenges and delays experienced due to the sanctions on Russia. As
mentioned earlier, this was an important milestone for the Company to reduce
the production decline from our maturing field, and we are keen to maintain
the production gains, which are so far exceeding expectations."

 

LEI: 2138007VWEP4MM3J8B29

 

Further information

For further information please visit www.nostrumoilandgas.com
(http://www.nostrumoilandgas.com)

 

Further enquiries

Nostrum Oil & Gas PLC

Ulugbek Makhmadiyarov - Head of Finance

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)

 

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) and the Astana International Exchange (ticker symbol: NOG). The
principal producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye
field, which is operated by Zhaikmunai LLP, a wholly-owned subsidiary of
Nostrum Oil & Gas PLC and 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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