Zhaikmunai announces results of well 41 testing and license extension

11.10.19, 14:44
/KASE, October 11, 2019/ – Zhaikmunai (Oral), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated October 11, 2019: quote Zhaikmunai LLP, a subsidiary of Nostrum Oil & Gas PLC (LSE: NOG) ("Nostrum", or "the Company", together with 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, today updates the market on the testing of Well 41 and recent licence extensions. Drilling Following extensive testing on Well 41 in the Frasnian reservoir Nostrum has so far been unable to sustain a commercial flow of hydrocarbons from the well. The Company will now consider whether there are alternative approaches it can take to perforate other reservoirs. The Company does not forecast any production from this well in 2019. Licence extensions The Company has obtained an extension of the Rostoshinskoye field subsoil use contract for appraisal activity for a three-year period until 16 August 2022. In addition, the Company has obtained an extension of the mining permit for the Chinarevskoye field to include the northern area of the field, which permit is valid for the duration of the licence. unquote The full press release is available on KASE website at http://kase.kz/files/emitters/ZHMN/zhmn_reliz_111019_1.pdf [2019-10-11]