Update on operations 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."