(Alliance News) - Nostrum Oil & Gas PLC on Thursday said it has disposed of its rights and obligations under the subsoil use contracts for the Darinskoye and Yuzhno-Gremyachenskoye fields in the pre-Caspian basin.
The Kazakhstan-focused exploration and production company said the exploration periods under the contracts for both fields were due to expire on December 31, however, Nostrum decided the disposal of its interest in the fields was the most cost-effective option.
Nostrum noted that reserves of 5 million barrels of oil equivalent in respect of the Darinskoye field were reclassified from probable reserves to contingent resources as at December 31, 2019. No reserves are attributed to the Yuzhno-Gremyachenskoye field.
"The company will continue to review its options in relation to the exploration period under the subsoil use contract for the Rostoshinskoye field, which is not due to expire until August 16, 2022," it added.
Shares in Nostrum Oil & Gas were trading 9.7% higher at 9.87 pence each on Thursday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Nostrum Oil&gas (NOG)