11th Mar 2021 11:46
(Alliance News) - Nostrum Oil & Gas PLC on Thursday said the audit has confirmed the management estimates of the Chinarevskoye reserve volumes of 39 million barrels of oil equivalent.
Chinarevskoye is located in in north-western Kazakhstan.
The London-based exploration and production company said the audit was completed by Ryder Scott. This audit has confirmed management estimates of the Rostoshinskoye contingent resources, also located in Kazakhstan, at 31 million barrels of oil equivalent.
The company launched an internal review of reserves at the end of December and estimated Chinarevskoye total proven plus probable reserves to be 39 million barrels of oil equivalent, a 91 million barrels reduction from previously reported levels after adjusting for 2020 production.
Nostrum explained: "The revisions in reserves are mainly due to the downgrade of reserves attributed to the development of the Biyski-Afoninski West & North-West reservoirs to the contingent resources category. In addition, there has been a reduction in the development drilling programme across the Chinarevskoye reservoirs due to reservoir performance concerns and a less favourable product pricing outlook."
Nostrum shares were trading up 1.1% London on Thursday at 9.50 pence each.
By Evelina Grecenko; [email protected]
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