Positive Invest

History

2023: Nostrum Oil & Gas bought 80% Positive Invest

On July 18, 2023, the independent oil and gas company Nostrum Oil & Gas announced the acquisition of an 80 percent stake in Positive Invest LLP, which owns licenses for a large group of gas condensate fields in Kazakhstan. The transaction amounted to $20 million (minus a small debt to Nostrum Oil & Gas Coöperatief U.A.).

Positive Invest has the rights to evaluate, develop and produce hydrocarbons at the Kamenskoye and Kamenskoye-Teplovsko-Tokarevskoye fields of the Stepnoy Leopard project in the West Kazakhstan region of the Republic of Kazakhstan. It is estimated that the recoverable reserves at these sites are 50-150 million barrels of oil equivalent with a share of liquid hydrocarbons of more than 20%. In Soviet times, more than 100 wells were drilled at the fields, which confirmed the presence of reserves at a depth of about 3000 m. However, the development of facilities was never carried out - partly due to the lack of the necessary infrastructure. Management therefore classifies resources as contingent due to associated risks.

After completion of the transaction, Nostrum intends to begin an assessment to prepare a report on the basis of which some hydrocarbon resources can be reclassified into reserves. In addition, the acquisition of Positive Invest assets allowed Nostrum to gain access to additional resources that can be processed at the nearby gas processing facilities of the company.

The Stepnoy Leopard fields are located about 60-120 km west of the Chinarevskoye field and 10 km from the company-owned loading terminal for transporting oil and condensate in Beles. The Stepnoy Leopard project can provide a significant increase in reserves to the group's rapidly depleting resource base at the Chinarevskoye field.^[1]

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