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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
London, 2 April 2024
Update on re-entry drilling operations at the Chinarevskoye Field
Nostrum Oil & Gas PLC (LSE: NOG) ("Nostrum", or the "Company" and together with its subsidiaries, the "Group"), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, is pleased to provide an update on its well No.301 re-entry drilling operations, the first of a two well re-entry drilling programme at its Chinarevskoye field to be completed in 2024.
The well No.301, reaching a total depth of 4,980 meters, has been drilled on time and on budget and is awaiting completion operations with start-up expected mid-2024. It had multiple in-fill targets across the Carboniferous and Devonian age reservoirs. Hydrocarbons (oil, gas-condensate) have been encountered across 3 key intervals. The results are in line with the Company's expectations of initial well rates of 400 to 700 boepd. The drilling rig will now move to the next well, No.41, with expected spud mid-April and start-up in Q3 2024.
Arfan Khan, Chief Executive Officer, commented:
"The successful re-entry drilling of the well No.301 is the result of extensive subsurface studies completed over the past few years that placed priority on balancing the geologic risks with potential rewards. The value-accretive production from this well will help to convert our 2P reserves to PDP at lower costs by leveraging existing wellbores, in conjunction with slowing the overall field-level production decline. The next well, a sidetrack, carries a higher level of geologic risk as it is step-out from the existing well control in the targeted Devonian reservoir."
LEI: 2138007VWEP4MM3J8B29
Further information
For further information please visit www.nog.co.uk
Further enquiries
Nostrum Oil & Gas PLC
Petro Mychalkiw
Chief Financial Officer
ir@nog.co.uk
Instinctif Partners - UK
Guy Scarborough
Vivian Lai
+ 44 (0) 207 457 2020
nostrum@instinctif.com
Notifying person
Thomas Hartnett
Company 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). The principal producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye field that is being operated by a wholly-owned subsidiary of Nostrum Oil & Gas PLC - Zhaikmunai LLP, who is 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.