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 re-entry drilling
operations 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, is pleased to provide an update on its well
No.301 re-entry drilling operations, the first of a two well
re-entry drilling programme at its Chinarevskoye field to be
completed in 2024.
The well No.301, reaching a total
depth of 4,980 meters, has been drilled on time and on budget and
is awaiting completion operations with start-up expected mid-2024.
It had multiple in-fill targets across the Carboniferous and
Devonian age reservoirs. Hydrocarbons (oil, gas-condensate) have
been encountered across 3 key intervals. The results are in line
with the Company's expectations of initial well rates of 400 to 700
boepd. The drilling rig will now move to the next well,
No.41, with expected spud mid-April and start-up in Q3
2024.
Arfan Khan, Chief Executive Officer,
commented:
"The successful re-entry drilling of
the well No.301 is the result of extensive subsurface studies
completed over the past few years that placed priority on balancing
the geologic risks with potential rewards. The value-accretive
production from this well will help to convert our 2P reserves to
PDP at lower costs by leveraging existing wellbores, in conjunction
with slowing the overall field-level production decline. The next
well, a sidetrack, carries a higher level of geologic risk as it is
step-out from the existing well control in the targeted Devonian
reservoir."
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.
