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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

London, 2 April 2024

Approval of Investment in Stepnoy Leopard Initial Field Development Phase

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, is pleased to announce that it has made a final investment decision ("FID") for the initial field development phase of the Kamensko-Teplovsko-Tokarevskoe area in the West Kazakhstan Region (the "Stepnoy Leopard Fields") owned by its 80% subsidiary Positiv Invest LLP ("PI"), with first production targeted for the end of 2026.

During the initial development phase the Company will drill 4 development wells across the key reservoirs, targeting recoverable resource potential between 30 mmboe and 50 mmboe. The wells will produce the raw sour gas and liquids full-well-stream to the Company's Chinarevskoye processing facilities via a 120-km multiphase trunkline.

The forecast total capital budget for this initial field development phase is US$100 million gross. The full amount (including 20% minority partner carry) is planned  to be financed from the Company's own cash reserves and forecast project cashflows. The project related capital expenditures and contractual commitments will commence later in 2024 and ramp-up gradually over the 3 year execution period prior to startup at the end of 2026. Early cash generation will also strengthen the self-financing capacity and help spur further development of the remaining resource base.

Arfan Khan, Chief Executive Officer, commented:

"We are delighted to announce the FID for the initial field development phase of the Stepnoy Leopard Fields. The decision was taken on the heels of successfully completing the previously announced well appraisal operations which commenced in Q4 2023. The field is located approximately 100 km west of our world-class full-process infrastructure and represents an attractive upstream tie-back project that could deliver material reserves addition to the Group's depleting resource base at Chinarevskoye. The project will also increase meanginfully the utilization of our 4.2 bcma processing facilities, in conjunction with the additional production from Ural Oil & Gas which commenced in Q4 2023. Reaching this important milestone is a result of our staff's commitment and exceptional teamwork. It also delivers on our promises to transform the Company from a single-asset to a multi mixed-asset upstream-midstream energy company"

LEI: 2138007VWEP4MM3J8B29

Further information

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

Further enquiries

Nostrum Oil & Gas PLC                                                

Petro Mychalkiw

Chief Financial Officer

ir@nog.co.uk                                                                                                     

Instinctif Partners - UK                                                                                        

Guy Scarborough

Vivian Lai

+ 44 (0) 207 457 2020

nostrum@instinctif.com

Notifying person

Thomas Hartnett

Company 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). 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.