/KASE, August 21, 2023/ – Zhaikmunai LLP (Oral), whose bonds are officially
listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the
following press release dated August 21, 2023:
quote
Zhaikmunai LLP, a subsidiary of Nostrum Oil & Gas PLC ("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, announces that the Nostrum Board of Directors has
approved a limited-scale drilling programme for the Chinarevskoye field.
As was previously communicated, the Company stopped the drilling activities in
the field in early 2020 as it entered into the process which resulted in its
financial restructuring, however it continued evaluating further exploration
and production opportunities through subsurface studies, updating its geologic
and reservoir models. Completion of this work and re-processing of the 3D
seismic has allowed the Company to formulate a limited-scale two-well drilling
programme to be executed over 2023-2024, which is in line with the commitments
of the Company’s subsidiary Zhaikmunai LLP under the analysis of the Field
Development Plan and obligations under its production sharing agreement for the
field. The programme will leverage existing wellbores to reduce costs and
carries a level of uncertainties and risks as the planned subsurface targets
contain multiple exploration, appraisal, and development objectives.
The total cost of the programme is estimated at around US$26 million.
unquote
The complete press release is available on:
-
https://kase.kz/files/emitters/ZHMN/zhmn_relizs_210823.pdf – in Russian;
-
https://kase.kz/files/emitters/ZHMN/zhmn_reliz_210823_en.pdf – in English.
[2023-08-21]