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
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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
Further enquiries
Nostrum Oil & Gas PLC
Petro Mychalkiw
Chief Financial Officer
ir@nog.co.uk
Instinctif Partners -
UK
Guy Scarborough
Vivian Lai
+ 44 (0) 207 457 2020
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.
