Nostrum Oil & Gas commences re-entry drilling at Chinarevskoye field in Kazakhstan

ALMATY. Dec 19 (Interfax) - Nostrum Oil & Gas plc, the parent company of Kazakhstan-based Zhaikmunay LLP, has commenced well No.301 re-entry drilling, the first of a two well re-entry drilling program at its Chinarevskoye field, to be carried out in 2023-2024, the company said in a statement.

"The program will leverage existing wellbores to reduce costs and carries a level of uncertainties and risks as the planned subsurface targets contain multiple exploration, appraisal, and development objectives," the statement says.

The well No.301 drilling and completion duration is estimated at 90 days with start-up expected mid-2024. After drilling well No.301 the rig will move to well No.41 for a sidetrack, with a 90 day drilling and completion duration and if successful, the well will be completed and brought on line in Q3 2024, the company said.

The board of directors of Nostrum Oil & Gas approved a limited-scale drilling program at the Chinarevskoye field in August 2023. Nostrum said the company stopped drilling at the field in early 2020, as it began "a process that led to financial restructuring of the company, however, it continued to evaluate opportunities for further exploration and production by studying the subsurface and updating its geological and reservoir models."

Nostrum Oil & Gas 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 (LSE).

Zhaikmunai LLP specializes in exploration, production and sale of crude oil and gas condensate in northwest Kazakhstan. Zhaikmunai licensed area also includes the Chinarevskoye field located in the north part of the Caspian Sea. The Chinarevskoye field covers an area of 324 sq. km and lies in West Kazakhstan region closer to the Kazakh-Russian border and not far from the large pipelines.