NOSTRUM OIL & GAS PLC (United Kingdom) announces assessing strategic and operational options

24.06.19, 15:01
/KASE, June 24, 2019/ – NOSTRUM OIL & GAS PLC (United Kingdom), whose shares are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with a communiqué of June 24, 2019: quote Nostrum Oil & Gas PLC (LSE: NOG) ("Nostrum", or "the Company"), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, announces that its Board has commenced a strategic review to optimise its value and that of its assets, together with the consideration of appropriate sources of finance required to pursue the range of growth opportunities available to it. The Company has also announced today that it has entered in to an agreement to acquire 50% of Positive Invest LLP, the owner of the Stepnoy Leopard licences. Management estimates that the Stepnoy Leopard licences could hold up to 452 mmboe of in place volumes, and up to 200 mmboe of Contingent Resources of which over 20% are estimated to be liquids. The licences are located within 60km-120km of the Company's infrastructure. Nostrum has the right to acquire a further 50% of Positive Invest LLP subject to certain conditions being met by the sellers. This acquisition secures additional undeveloped, material gas condensate resource that can be processed through Nostrum's infrastructure in the future. unquote The full version is available on – http://kase.kz/files/emitters/GB_NTRM/gb_ntrm_reliz_240619_1.pdf [2019-06-24]