London, March 15, 2023 (GLOBE NEWSWIRE) -- EMOV, an independent international energy company set up to acquire and operate conventional energy assets, is pleased to announce that it has become the largest shareholder of Nostrum Oil & Gas (“Nostrum”), a UK-listed independent oil and gas company.
The EMOV Group is now the owner of 18.9% of Nostrum’s issued shares.
Assets
Nostrum’s primary production asset is the Chinarevskoye field in north-west Kazakhstan which was developed under a Production Sharing Agreement. Daily production of natural gas and condensate averaged 13,200 BOE/day in 2022.
The area covered by the Production Sharing Agreement is positioned at the crossroads of several regional pipelines where Nostrum also owns and operates an energy infrastructure hub. This hub consists of three fully-commissioned gas treatment units with a combined processing capacity of more than 10 million m3 per day and an oil treatment facility with a throughput capacity of 8,000 barrels per day.
Nostrum’s strategic infrastructure hub provides the critical processing, treatment, storage and transportation capabilities required to unlock additional oil and gas reserves in this resource-rich region.
Acquisition rationale
EMOV’s focus is the acquisition and management of high-demand energy assets in two target regions, Europe and the Caspian, where the EMOV team has extensive operating experience.
The Nostrum investment gives EMOV an immediate presence in the Caspian region as it continues to evaluate additional acquisition opportunities.
Bill Burkett, an EMOV Non-Executive Director, said: “EMOV is pleased to become Nostrum’s largest shareholder and looks forward to a productive working relationship with Nostrum and key stakeholders in Kazakhstan. With a strong leadership team and restructured balance sheet, the company is well-positioned to leverage its reserves and infrastructure to build shareholder value.”
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