NOSTRUM OIL & GAS PLC provides update regarding subsoil use contracts

08.10.20 18:15
/KASE, October 8, 2020/ – NOSTRUM OIL & GAS PLC (United Kingdom), whose shares are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following communiqué dated October 8, 2020: 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, today announces the disposal of its rights and obligations under the subsoil use contracts for both the Darinskoye and Yuzhno-Gremyachenskoye fields. The exploration periods under the contracts for both fields are due to expire on December 31, 2021 and the Company decided that disposal of its interest in the fields was the most cost-effective option for the Company. Reserves of 5 million barrels of oil equivalent in respect of the Darinskoye field were reclassified from probable reserves to contingent resources as at December 31, 2019. No reserves are attributed to the Yuzhno-Gremyachenskoye field. The Company will continue to review its options in relation to the exploration period under the subsoil use contract for the Rostoshinskoye field, which is not due to expire until August 16, 2022. Further announcements may be made regarding such subsoil use contract when appropriate. unquote Full version of the press release is available at: - https://kase.kz/files/emitters/GB_NTRM/gb_ntrm_reliz_081020.pdf – in Russian; - https://kase.kz/files/emitters/GB_NTRM/gb_ntrm_reliz_081020_en.pdf – in English. [2020-10-08]