N Nostrum Oil & Gas PLC announced that the Nostrum Board of Directors has approved a limited-scale drilling programme for the Chinarevskoye field. As was previously communicated, the Company stopped the drilling activities in the field in early 2020 as it entered into the process which resulted in its financial restructuring, however it continued evaluating further exploration and production opportunities through subsurface studies, updating its geologic and reservoir models. Completion of this work and re-processing of the 3D seismic has allowed the Company to formulate a limited-scale two-well drilling programme to be executed over 2023-2024, which is in line with the commitments of the Company's subsidiary Zhaikmunai LLP under the analysis of the Field Development Plan and obligations under its production sharing agreement for the field.

The programme 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 total cost of the programme is estimated at around USD 26 million.