Nostrum Oil & Gas PLC Gas lift system expansion (9456G)
24 Luglio 2023 - 10:00AM
UK Regulatory
TIDMNOG
RNS Number : 9456G
Nostrum Oil & Gas PLC
24 July 2023
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JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
London, 24 July 2023
Gas lift system expansion
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 successful start-up of the new
compressor doubling its Gas lift capacity, which helps slowing down
production decline from maturing Chinarevkoye field .
As the demand for gas lift has been growing due to the majority
of the producing wells requiring it to sustain production, in early
2022 Nostrum funded the addition of further compression to raise
the capacity of the system from 500 to 900 thousand m3/ day for
circa US$8 million. Notwithstanding the significant delays in
delivery of the new compressor due to the sanctions on Russia, the
Company managed to successfully complete and commence the project
in line with budget and without any major HSE incidents. The
initial production gains exceed management's expectations and
further updates on production guidance will be provided as part of
Q3 2023 operational update.
Arfan Khan, Chief Executive Officer, commented:
"We are pleased to announce the successful launch of expansion
of our Gas lift system without any major HSE incidents and on
target with our cost estimates, despite challenges and delays
experienced due to the sanctions on Russia. As mentioned earlier,
this was an important milestone for the Company to reduce the
production decline from our maturing field, and we are keen to
maintain the production gains, which are so far exceeding
expectations ."
LEI: 2138007VWEP4MM3J8B29
Further information
For further information please visit
www.nostrumoilandgas.com
Further enquiries
Nostrum Oil & Gas PLC
Ulugbek Makhmadiyarov - Head of Finance
ir@nog.co.uk
Instinctif Partners - UK
Tim McCall
Galyna Kulachek
Vivian Lai
+ 44 (0) 207 457 2020
nostrum@instinctif.com
Notifying person
Thomas Hartnett
Comp any 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) and the Astana
International Exchange (ticker symbol: NOG). The principal
producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye
field, which is operated by Zhaikmunai LLP, a wholly-owned
subsidiary of Nostrum Oil & Gas PLC and 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.
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