Nostrum Oil & Gas PLC on Tuesday said it has started re-drilling at well number 301 at the Chinarevskoye field in Kazakhstan.

The Kazakhstan-focused oil and gas development, production and exploration company said this marked the start of the re-entry well drilling programme at its Chinarevskoye field operations, to be executed over 2023 and 2024. It targets mid-2024 for the start-up of the well.

After completing the 301 well, Nostrum Oil said the rig will move to well number 41 for a sidetrack, expecting to bring that well on line in the third quarter of 2024.

‘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,’ Nostrum Oil said.

Shares were unchanged at 10.30 pence each on Tuesday morning in London. The stock is up from just 0.26p a year ago.

Copyright 2023 Alliance News Ltd. All Rights Reserved.