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Nostrum Oil & Gas PLC on Friday said the Kazakh Ministry of Energy has approved the development plan for the Stepnoy Leopard fields.
The Kazakhstan-focused oil & gas company holds an 80% working interest in the fields.
The firm said the Ministry of Energy of the Republic of Kazakhstan has approved a phased, full-field development plan extending until 2044.
In July, an independent third-party evaluation reported 138 million barrels of oil equivalent in reserves and resources at the Stepnoy Leonard fields.
Chief Executive Officer Arfan Khan said: ‘Obtaining the FDP approval for the SL Fields is a key project milestone in the company’s mixed-asset strategy. Together with the recently announced new UOG processing agreement extension, future production from the SL Fields will improve materially the utilization of our world class 4.2 [billion cubic metres per annum] gas processing facilities and the resulting cashflows.
‘A phased full-field development plan also allows the company to deploy optimum capital allocation, whilst meeting its target production start-up date between late 2026 and early 2027.’
Shares in Nostrum Oil & Gas were up 5.9% to 3.44 pence in London on Friday afternoon.
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