(Alliance News) - Nostrum Oil & Gas PLC on Monday said it completed its acquisition of 80% of Positive Invest LLP for USD20 million.
The independent oil and gas company focused on the Caspian Basin said Positive Invest holds the Stepnoy Leopard Fields in the West Kazakhstan region.
The Stepnoy Leopard Fields hold between 50 and 150 million barrels of oil equivalent, but several have not been developed due to a lack of related infrastructure, Nostrum explained.
The oil and gas explorer will launch an appraisal programme for the re-classification of hydrocarbon resources into reserves.
Nostrum first announced its plans to acquire a majority stake in Positive Invest back in March.
Chief Executive Officer Arfan Khan said: "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."
Shares in Nostrum were up 13% at 9.90 pence each in London on Monday.
By Sabrina Penty; Alliance News reporter
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