(Alliance News) - Nostrum Oil & Gas PLC said on Friday it had agreed to acquire 80% of Positive Invest LLC for USD20 million.
Positive Invest holds the Stepnoy Leopard Fields in West Kazakhstan, which are estimated to hold between 50 and 150 million barrels of oil equivalent of recoverable volumes. These are considered contingent resources, with over 20% estimated to be liquids, Nostrum said.
The London-based oil and gas exploration company, which operates in Kazakhstan, said that the acquisition will enable Nostrum to tie-in further resources in the region that can be processed at its gas treatment facilities.
If the acquisition is completed, Nostrum plans to implement an appraisal programme in 2023, with the intention of preparing a technical expert's report which could allow the re-classification of certain hydrocarbon resources.
Chief Executive Officer Arfan Khan said: "We are pleased to announce the proposed acquisition of a majority interest in Positive Invest, whose assets are complementary to our own and which we know well. We look forward to working with the relevant stakeholders to appraise the known potential and develop additional resources which can be part of the continuing expansion of operations at our world-class gas treatment facility in Kazakhstan."
Shares in Nostrum Oil & Gas were down 4.3% at 15.50 pence at midday on Friday in London.
By Sabrina Penty; Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Nostrum Oil&gas (NOG)