Update on operations at the Stepnoy Leopard Fields

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

London, 2 April 2024

Update on the Appraisal Campaign 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, is pleased to provide an update on its appraisal operations at the Stepnoy Leopard Fields which commenced in September 2023 and are expected to conclude in April 2024.

The objective of the appraisal campaign was to re-enter the existing Tepl-72 & 74 wells in the Artinskian carbonate reservoir (Teplovskoye) and take representative fluid samples, and conduct Extended Well Testing. The well appraisal operations are nearly complete and significant data has been collected that includes well flow rates, fluid contacts, and fluid and reservoir properties across a logged interval with c. 50-meter of net-pay.The flow-rate and pressure build-up tests confirm high well productivity potential with peak rate indications of c. 20 mmcfd and 600 bcpd in a 3 ½" tubing. The Company believes that the positive results obtained to date support the commercial potential of the field.

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 depleting resource base in the Chinarevskoye field.

Arfan Khan, Chief Executive Officer, commented:

"The Nostrum team has been successfully executing the remote well re-entry and testing operations at the Stepnoy Leopard fields. High quality appraisal data has been captured that had been designed to support the assessment of the commerciality potential of this field. The Company is now well positioned to move forward with the next phase of maturing this important resource play with an initial development scheme."

LEI: 2138007VWEP4MM3J8B29

Further information

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

Further enquiries

Nostrum Oil & Gas PLC                                                

Petro Mychalkiw

Chief Financial Officer

[email protected]                                                                                                     

Instinctif Partners - UK                                                                                        

Guy Scarborough

Vivian Lai

+ 44 (0) 207 457 2020

[email protected]

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.