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London, 1 August 2023

Commencement of Appraisal Programme at the Stepnoy Leopard Fields

Nostrum Oil & Gas PLC (LSE: NOG) ("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, today is pleased to announce that on 31 July 2023, the Board of Directors of Nostrum approved an appraisal programme for the Stepnoy Leopard fields.  

The appraisal programme would allow re-classification of certain of the contingent resources to proven reserves and help determine the commercially viable development schemes. The scope of work consists of re-entering two wells in the Teplovskoye reservoir, taking representative samples, and conducting extended production well testing in both wells. Rig operations are expected to start mid-September 2023.

The estimated cost of the appraisal programme is expected to be around US$6 million.

The Stepnoy Leopard fields, located about 100 km west of our world-class full-process infrastructure, are potentially an attractive Nostrum-operated upstream tie-back project that could deliver material reserves in addition to the Group's rapidly depleting resource base in the Chinarevskoye field.

LEI: 2138007VWEP4MM3J8B29

Further information

For further information please visit www.nog.co.uk

Further enquiries

Nostrum Oil & Gas PLC                                                

Ulugbek Makhmadiyarov

[email protected]                                                                                                     

Instinctif Partners - UK                                                                                        

Tim McCall

Galyna Kulachek

Vivian Lai

+ 44 (0) 207 457 2020

[email protected]

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 that is being operated by a wholly-owned subsidiary of Nostrum Oil & Gas PLC - Zhaikmunai LLP, who is 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.