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(Alliance News) - Nostrum Oil & Gas PLC on Monday said it is considering the sale of the company as part of a wider strategic review to optimise value and pursue available growth opportunities.
The exploration company also said it has bought 50% stake in a company holding oil exploration licences in north western Kazakhstan.
Shares in Nostrum Oil were trading 2.3% higher at 57.60 pence each on Monday morning in London.
Nostrum Oil has has agreed to buy for USD500,000 a 50% stake in Positive Invest LLP, which holds the subsoil use rights to the Stepnoy Leopard licences in Kazakhstan. The company has the right to buy the remaining 50% at a price of USD0.27 cent per barrel of oil of proven and probable reserves.
The aggregate consideration for 100% acquisition of Positive Invest is capped at USD52.9 million.
The company estimates that the Stepnoy Leopard licences could hold up to 452 million barrels of oil equivalent in place volumes of which up to 200 mmboe could be reported as contingent resources and over 20% estimated to be liquids.
The UK listed company said it has identified a range of operational and strategic opportunities to deliver shareholder value including agreements with third party gas suppliers, bolt-on acquisitions, farming down stakes in some assets and a corporate transaction. As a result, the company has launched a business review process.
"No decision has been taken yet, and there can be no certainty that this review of options will result in any agreement(s) or transaction(s) being concluded," Nostrum said, adding that it is not in receipt of any takeover offers.
