Nostrum Oil & Gas Plc (LSE:NOG) moved higher in Friday’s trade as it secured government approval for its full-field development plan at the Stepnoy Leopard fields in Kazakhstan.
The fields contain 138 million barrels of oil equivalent of proved and probable gross reserves, and, development is expected to proceed in phases.
Stepnoy Leopard is expected to improve utilisation of Nostrum’s gas processing facilities, it said.
Chief executive Arfan Khan described it as a key project milestone in the Company's mixed-asset strategy.
“Together with the recently announced new UOG processing agreement extension, future production from the SL Fields will improve materially the utilization of our world-class 4.2 bcma gas processing facilities and the resulting cashflows,” Khan said.
In London, Nostrum shares were up around 6% to 3.45p, valuing the company at just under £6 million.