Nostrum Oil & Gas PLC Acquisition of the Stepnoy Leopard Fields (2501G)
17 Julio 2023 - 6:27AM
UK Regulatory
TIDMNOG
RNS Number : 2501G
Nostrum Oil & Gas PLC
17 July 2023
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 RELEVANT LAWS OF THAT
JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
London, 17 July 2023
Completion of Acquisition of the Stepnoy Leopard Fields
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 that it has completed the
acquisition of an 80% interest in Positive Invest LLP ("Positive
Invest"), which holds the subsoil use right to the contract No. 25
for estimation, development and production of hydrocarbons for the
area "Kamenskoe" and the development area
"Kamensko-Teplovsko-Tokarevskoe" (the "Stepnoy Leopard Fields") in
the West Kazakhstan region of the Republic of Kazakhstan dated 3
March 1995 (as amended from time to time, the "Positive Invest
Contract"). The purchase price for the acquisition was US$20
million (less a modest amount of debt owed to Nostrum Oil & Gas
Coöperatief U.A.).
Management estimates that the Stepnoy Leopard Fields hold
between 50 mmboe and 150 mmboe of recoverable volumes which are
considered contingent resources, with over 20% estimated to be
liquids. There are eight fields within the licences with over 100
wells drilled in the Soviet era which have confirmed hydrocarbons
to be present. The resources are considered by management to be
contingent due to the appraisal and development risks, noting the
fields have not previously been developed in part due to the lack
of related infrastructure.
Nostrum will now launch an appraisal programme with the
intention of preparing a technical expert's report which could
allow re-classification of certain of the hydrocarbon resources
into reserves.
The acquisition of the Positive Invest assets enables Nostrum to
tie-in further resources in the region that can be processed at the
Company's gas treatment facilities. An affiliate of the Company
will be the operator of the Positive Invest Contract.
Arfan Khan, Chief Executive Officer commented:
"We are delighted to announce the completion of the acquisition
of a majority interest in Positive Invest and look forward to
launching an appraisal programme which would allow
re-classification of certain of the contingent resources to proven
reserves and help determine the commercially viable development
schemes. The Stepnoy Leopard field, located about 100 km west of
our world-class full-process infrastructure, is an attractive
upstream tie-back project that could deliver material reserves
addition to the Group's rapidly depleting resource base at
Chinarevskoye."
Key Highlights of the Stepnoy Leopard Fields
-- The Stepnoy Leopard Fields are located approximately 60-120km
west of Nostrum's Chinarevskoye field and within 10km of its oil
and condensate loading terminal at Beles;
-- The Fields consist of two licences with eight fields shown to contain hydrocarbons;
-- In excess of 100 wells across the eight fields were drilled
during the Soviet era, confirming the existence of hydrocarbons at
the Stepnoy Leopard fields at a depth of around 3,000 metres. The
fields were not previously developed with their own standalone
infrastructure;
-- Nostrum and Positive Invest will work to determine the field
development plans for each of the eight fields under the Positive
Invest Contract and submit them to the Republic of Kazakhstan's
Ministry of Energy (the "Ministry of Energy") for approval for
tieback to Nostrum's existing infrastructure, thereby improving the
fields' economic viability; and
-- The Positive Invest Contract is currently due to expire in December 2044.
LEI: 2138007VWEP4MM3J8B29
Further information
For further information please visit www.nog.co.uk
Further enquiries
Ulugbek Makhmadiyarov - Head of Finance
ir@nog.co.uk
Instinctif Partners - UK
Tim McCall
Galyna Kulachek
Vivian Lai
+ 44 (0) 207 457 2020
nostrum@instinctif.com
Notifying person
Thomas Hartnett
Comp any 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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